Freshworks (NASDAQ:FRSH – Get Free Report) released its quarterly earnings results on Tuesday. The company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.04, FiscalAI reports. The company had revenue of $245.43 million during the quarter, compared to analysts’ expectations of $245.06 million. Freshworks had a return on equity of 5.52% and a net margin of 20.49%.
Freshworks Stock Down 0.4%
Freshworks stock traded down $0.06 during mid-day trading on Tuesday, reaching $14.15. 6,310,561 shares of the company’s stock were exchanged, compared to its average volume of 9,755,207. Freshworks has a twelve month low of $6.79 and a twelve month high of $15.51. The company has a market cap of $3.69 billion, a P/E ratio of 22.11, a P/E/G ratio of 10.25 and a beta of 0.90. The company has a fifty day moving average of $13.45 and a 200-day moving average of $10.46.
Analysts Set New Price Targets
FRSH has been the subject of a number of recent research reports. UBS Group increased their target price on shares of Freshworks from $11.00 to $14.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. Wall Street Zen upgraded shares of Freshworks from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Piper Sandler boosted their price target on shares of Freshworks from $10.00 to $12.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 5th. Zacks Research cut shares of Freshworks from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 10th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Freshworks in a report on Tuesday, October 13th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $14.85.
Check Out Our Latest Stock Analysis on Freshworks
Insider Buying and Selling
In related news, CAO Philippa Lawrence sold 52,767 shares of the company’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $13.25, for a total transaction of $699,162.75. Following the sale, the chief accounting officer directly owned 389,296 shares in the company, valued at approximately $5,158,172. This represents a 11.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 8.54% of the stock is owned by insiders.
About Freshworks
Freshworks Inc (NASDAQ:FRSH) develops cloud-based customer and employee engagement software for businesses of various sizes. Its products are designed to help organizations manage customer support, IT service operations, sales activities, and marketing workflows through user-friendly, artificial intelligence-enabled applications.
The company’s product portfolio includes Freshdesk for customer service and support, Freshservice for IT and enterprise service management, Freshsales for customer relationship management, and Freshmarketer for marketing automation and customer engagement.
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