Freshworks (NASDAQ:FRSH) Releases FY 2024 Earnings Guidance

Freshworks (NASDAQ:FRSHGet Free Report) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 0.290-0.310 for the period, compared to the consensus estimate of 0.310. The company issued revenue guidance of $703.5 million-$711.5 million, compared to the consensus revenue estimate of $705.4 million. Freshworks also updated its FY24 guidance to $0.29-$0.31 EPS.

Freshworks Stock Up 0.7 %

Freshworks stock traded up $0.16 during trading hours on Tuesday, hitting $21.82. The stock had a trading volume of 3,767,043 shares, compared to its average volume of 2,526,325. The stock has a market cap of $6.44 billion, a price-to-earnings ratio of -38.00 and a beta of 0.99. Freshworks has a one year low of $12.22 and a one year high of $24.98. The business’s 50 day simple moving average is $22.37 and its 200-day simple moving average is $20.59.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Needham & Company LLC increased their price target on Freshworks from $25.00 to $30.00 and gave the company a buy rating in a research note on Thursday, December 28th. Jefferies Financial Group raised Freshworks from a hold rating to a buy rating and increased their price target for the company from $20.00 to $30.00 in a research note on Friday, January 5th. Morgan Stanley decreased their price target 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. Piper Sandler increased their price target on Freshworks from $24.00 to $28.00 and gave the company an overweight rating in a research note on Tuesday, January 2nd. Finally, Barclays decreased their price target 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. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $24.65.

Get Our Latest Analysis on FRSH

Insider Activity

In other Freshworks news, insider Srinivasagopalan Ramamurthy sold 175,000 shares of the business’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $24.02, for a total value of $4,203,500.00. Following the transaction, the insider now owns 585,188 shares of the company’s stock, valued at $14,056,215.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Freshworks news, insider Srinivasagopalan Ramamurthy sold 175,000 shares of the business’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $24.02, for a total value of $4,203,500.00. Following the transaction, the insider now owns 585,188 shares of the company’s stock, valued at $14,056,215.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Barry L. Padgett sold 14,060 shares of the business’s stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $23.23, for a total value of $326,613.80. Following the completion of the transaction, the director now directly owns 17,387 shares in the company, valued at approximately $403,900.01. The disclosure for this sale can be found here. Insiders have sold 219,589 shares of company stock worth $5,160,675 over the last 90 days. 26.66% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in FRSH. Vanguard Group Inc. raised its stake in shares of Freshworks by 37.9% during the 3rd 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 period. BlackRock Inc. raised its stake in shares of Freshworks by 210.2% during the 2nd quarter. BlackRock Inc. now owns 11,984,191 shares of the company’s stock valued at $210,682,000 after purchasing an additional 8,120,351 shares during the period. Alliancebernstein L.P. raised its stake in shares of Freshworks by 35.0% during the 2nd quarter. Alliancebernstein L.P. now owns 4,794,336 shares of the company’s stock valued at $84,284,000 after purchasing an additional 1,243,205 shares during the period. Morgan Stanley raised its stake in shares of Freshworks by 38.7% during the 3rd quarter. Morgan Stanley now owns 3,988,906 shares of the company’s stock valued at $79,459,000 after purchasing an additional 1,113,371 shares during the period. Finally, State Street Corp increased 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 last quarter. Hedge funds and other institutional investors own 57.35% of the company’s stock.

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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