Freshworks (NASDAQ:FRSH) Issues Q1 Earnings Guidance

Freshworks (NASDAQ:FRSHGet Free Report) issued an update on its first quarter earnings guidance on Tuesday morning. The company provided EPS guidance of $0.07-$0.08 for the period, compared to the consensus EPS estimate of $0.06. The company issued revenue guidance of $162.5-$164.5 million, compared to the consensus revenue estimate of $163.04 million. Freshworks also updated its FY 2024 guidance to 0.290-0.310 EPS.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Morgan Stanley reduced their price objective on Freshworks from $24.00 to $22.00 and set an equal weight rating for the company in a research note on Wednesday, November 1st. UBS Group reduced their price objective on Freshworks from $27.00 to $22.00 and set a buy rating for the company in a research note on Thursday, November 2nd. Piper Sandler lifted their price objective on Freshworks from $24.00 to $28.00 and gave the company an overweight rating in a research note on Tuesday, January 2nd. Barclays reduced their price objective on Freshworks from $25.00 to $20.00 and set an equal weight rating for the company in a research note on Wednesday, November 1st. Finally, Jefferies Financial Group upgraded Freshworks from a hold rating to a buy rating and lifted their price objective for the company from $20.00 to $30.00 in a research note on Friday, January 5th. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $24.65.

Read Our Latest Analysis on FRSH

Freshworks Stock Performance

Shares of Freshworks stock traded up $0.16 during trading hours on Tuesday, reaching $21.82. 3,767,043 shares of the company were exchanged, compared to its average volume of 2,526,325. Freshworks has a 1 year low of $12.22 and a 1 year high of $24.98. The stock’s fifty day moving average is $22.37 and its 200 day moving average is $20.59. The firm has a market cap of $6.44 billion, a PE ratio of -38.00 and a beta of 0.99.

Insider Buying and Selling

In related news, Director Roxanne S. Austin sold 6,303 shares of the business’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $18.05, for a total transaction of $113,769.15. Following the completion of the transaction, the director now owns 106,713 shares in the company, valued at $1,926,169.65. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Freshworks news, Director Roxanne S. Austin sold 6,303 shares of the company’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $18.05, for a total value of $113,769.15. Following the completion of the transaction, the director now owns 106,713 shares in the company, valued at $1,926,169.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Johanna Flower sold 4,800 shares of the company’s stock in a transaction dated Wednesday, January 10th. The shares were sold at an average price of $23.15, for a total transaction of $111,120.00. Following the completion of the sale, the director now directly owns 23,451 shares of the company’s stock, valued at $542,890.65. The disclosure for this sale can be found here. Over the last quarter, insiders sold 219,589 shares of company stock worth $5,160,675. Corporate insiders own 26.66% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Freshworks by 37.9% in the third quarter. Vanguard Group Inc. now owns 12,599,434 shares of the company’s stock valued at $163,415,000 after purchasing an additional 3,460,129 shares during the last quarter. BlackRock Inc. grew its stake in Freshworks by 210.2% in the 2nd quarter. BlackRock Inc. now owns 11,984,191 shares of the company’s stock worth $210,682,000 after acquiring an additional 8,120,351 shares during the period. Alliancebernstein L.P. grew its stake in Freshworks by 35.0% in the 2nd quarter. Alliancebernstein L.P. now owns 4,794,336 shares of the company’s stock worth $84,284,000 after acquiring an additional 1,243,205 shares during the period. Morgan Stanley grew its stake in Freshworks by 38.7% in the 3rd quarter. Morgan Stanley now owns 3,988,906 shares of the company’s stock worth $79,459,000 after acquiring an additional 1,113,371 shares during the period. Finally, State Street Corp grew its stake in Freshworks by 239.7% in the 2nd quarter. State Street Corp now owns 3,294,195 shares of the company’s stock worth $57,912,000 after acquiring an additional 2,324,432 shares during the period. 57.35% of the stock is owned by hedge funds and other institutional investors.

Freshworks Company Profile

(Get Free Report)

Freshworks Inc, a software development company, provides modern software-as-a-service products worldwide. It offers Freshdesk Support Desk that enables businesses to delight their customers at every service engagement touchpoint across traditional channels, including email, and modern channels, such as messaging and social media; Freshdesk Contact Center that offers agents with cloud-based telephony system to connect with customers that supports complex call-flows, number and call management, IVR, and routing needs, as well as live dashboard and reports; and Freshdesk Customer Success, which helps customer success managers at business to business (B2B) subscription companies.

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