Freshworks (NASDAQ:FRSH) Issues Earnings Results, Beats Estimates By $0.03 EPS

Freshworks (NASDAQ:FRSH) announced its earnings results on Tuesday. The company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.03, FiscalAI reports. The business had revenue of $222.74 million for the quarter, compared to analyst estimates of $218.76 million. Freshworks had a negative return on equity of 0.37% and a negative net margin of 3.65%.

Freshworks Stock Up 1.2%

Shares of NASDAQ:FRSH traded up $0.10 during trading on Tuesday, hitting $8.73. 12,624,821 shares of the company were exchanged, compared to its average volume of 5,067,364. The company has a market capitalization of $2.46 billion, a P/E ratio of -87.29 and a beta of 0.89. Freshworks has a 1-year low of $8.45 and a 1-year high of $18.77. The business’s 50 day moving average is $11.74 and its 200-day moving average is $12.10.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FRSH. Piper Sandler cut Freshworks from an “overweight” rating to a “neutral” rating and set a $12.00 price objective on the stock. in a research note on Monday, February 2nd. Cantor Fitzgerald reiterated an “overweight” rating on shares of Freshworks in a research note on Tuesday, January 20th. Wall Street Zen downgraded shares of Freshworks from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 20th. Canaccord Genuity Group lowered their target price on shares of Freshworks from $23.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. Finally, Needham & Company LLC reiterated a “buy” rating on shares of Freshworks in a research note on Monday, December 15th. Six research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Freshworks presently has a consensus rating of “Hold” and a consensus target price of $18.54.

Insider Buying and Selling

In other news, CAO Philippa Lawrence sold 5,846 shares of the business’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $12.06, for a total value of $70,502.76. Following the transaction, the chief accounting officer owned 392,711 shares in the company, valued at approximately $4,736,094.66. The trade was a 1.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mika Yamamoto sold 15,012 shares of the company’s stock in a transaction on Friday, December 5th. The shares were sold at an average price of $13.00, for a total transaction of $195,156.00. Following the sale, the insider directly owned 490,350 shares in the company, valued at $6,374,550. This trade represents a 2.97% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 22,267 shares of company stock worth $282,301 over the last three months. Insiders own 11.17% of the company’s stock.

Hedge Funds Weigh In On Freshworks

Several institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada lifted its holdings in shares of Freshworks by 120.8% in the 1st quarter. Royal Bank of Canada now owns 21,388 shares of the company’s stock worth $302,000 after purchasing an additional 11,703 shares in the last quarter. Amundi boosted its position in Freshworks by 1.3% in the first quarter. Amundi now owns 80,074 shares of the company’s stock worth $1,049,000 after purchasing an additional 1,040 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Freshworks by 35.1% during the first quarter. Goldman Sachs Group Inc. now owns 2,225,056 shares of the company’s stock worth $31,396,000 after buying an additional 578,628 shares during the last quarter. Woodline Partners LP lifted its stake in Freshworks by 13.5% in the first quarter. Woodline Partners LP now owns 21,569 shares of the company’s stock valued at $304,000 after purchasing an additional 2,571 shares during the last quarter. Finally, Focus Partners Wealth grew its stake in shares of Freshworks by 20.2% during the 1st quarter. Focus Partners Wealth now owns 12,399 shares of the company’s stock worth $175,000 after acquiring an additional 2,086 shares during the period. Institutional investors and hedge funds own 75.58% of the company’s stock.

Freshworks Company Profile

Freshworks, Inc is a global provider of cloud-based customer engagement software designed to help businesses streamline customer support, sales, marketing, and IT service operations. The company’s integrated suite of solutions enables organizations of all sizes to deliver seamless experiences across multiple channels, including email, chat, phone, and social media. Freshworks’ platform is built on modern, user-friendly interfaces and offers native automation, AI-powered insights, and analytics to improve efficiency and customer satisfaction.

The company’s flagship product, Freshdesk, serves as a helpdesk solution for customer support teams, while Freshservice addresses IT service management needs.