Freshworks (NASDAQ:FRSH) Updates Q3 2024 Earnings Guidance

Freshworks (NASDAQ:FRSH) issued an update on its third quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 0.070-0.080 for the period, compared to the consensus earnings per share estimate of 0.080. The company issued revenue guidance of $180.0 million-$183.0 million, compared to the consensus revenue estimate of $178.7 million. Freshworks also updated its FY 2024 guidance to 0.320-0.340 EPS.

Freshworks Trading Down 0.2 %

FRSH stock traded down $0.03 during trading on Tuesday, reaching $13.28. The stock had a trading volume of 4,937,020 shares, compared to its average volume of 2,628,720. The firm has a fifty day moving average price of $12.87 and a 200 day moving average price of $16.73. The company has a market capitalization of $3.97 billion, a P/E ratio of -33.20 and a beta of 0.74. Freshworks has a 1-year low of $11.90 and a 1-year high of $24.98.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.02. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. The firm had revenue of $165.14 million during the quarter, compared to the consensus estimate of $163.53 million. Sell-side analysts predict that Freshworks will post -0.34 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Cantor Fitzgerald cut their price target on shares of Freshworks from $25.00 to $19.00 and set an overweight rating on the stock in a report on Thursday, May 2nd. Barclays lowered their price target on Freshworks from $20.00 to $15.00 and set an equal weight rating for the company in a report on Friday, May 3rd. JMP Securities reduced their price objective on Freshworks from $29.00 to $21.00 and set a market outperform rating on the stock in a research note on Thursday, May 2nd. Piper Sandler lowered their target price on shares of Freshworks from $22.00 to $17.00 and set an overweight rating for the company in a research note on Friday, July 12th. Finally, StockNews.com lowered shares of Freshworks from a buy rating to a hold rating in a report on Saturday, June 22nd. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $21.53.

Insider Transactions at Freshworks

In other Freshworks news, Director Jennifer H. Taylor sold 4,685 shares of the stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $12.28, for a total transaction of $57,531.80. Following the completion of the transaction, the director now directly owns 35,853 shares of the company’s stock, valued at approximately $440,274.84. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Barry L. Padgett sold 5,546 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $12.77, for a total transaction of $70,822.42. Following the completion of the sale, the director now owns 26,957 shares in the company, valued at approximately $344,240.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jennifer H. Taylor sold 4,685 shares of Freshworks stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $12.28, for a total value of $57,531.80. Following the completion of the transaction, the director now owns 35,853 shares in the company, valued at $440,274.84. The disclosure for this sale can be found here. Over the last quarter, insiders sold 34,296 shares of company stock valued at $443,630. 19.15% of the stock is currently owned by corporate insiders.

About Freshworks

Freshworks Inc, a software development company, provides software-as-a-service products worldwide. It offers Freshworks Customer Service Suite, which provides automated, personalized self-service on various channels, including web, chat, mobile messaging, email, and social; Freshdesk, a ticketing-centric customer service solution; Freshsuccess, a customer success solution; and Freshchat that provides agents with a modern conversational experience to proactively engage customers across digital messaging channels.