Freshworks (NASDAQ:FRSH) Announces Earnings Results

Freshworks (NASDAQ:FRSH) posted its earnings results on Tuesday. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.10), Zacks reports. Freshworks had a negative net margin of 14.80% and a negative return on equity of 8.57%.

Freshworks Stock Down 2.4 %

Shares of FRSH stock traded down $0.44 during trading hours on Tuesday, reaching $17.86. 6,282,423 shares of the stock traded hands, compared to its average volume of 3,971,174. Freshworks has a 1-year low of $10.81 and a 1-year high of $22.14. The business has a fifty day moving average price of $16.90 and a 200 day moving average price of $14.02. The firm has a market capitalization of $5.41 billion, a PE ratio of -52.53 and a beta of 0.91.

Insider Activity

In related news, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the company’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $16.08, for a total transaction of $13,426,800.00. Following the completion of the sale, the chairman now directly owns 551,137 shares of the company’s stock, valued at approximately $8,862,282.96. This represents a 60.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $15.85, for a total transaction of $133,663.05. Following the sale, the director now directly owns 24,187 shares of the company’s stock, valued at approximately $383,363.95. This represents a 25.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,727,211 shares of company stock worth $27,224,746 over the last 90 days. 19.15% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Needham & Company LLC reissued a “buy” rating and set a $20.00 target price on shares of Freshworks in a research note on Wednesday, January 15th. Wells Fargo & Company lowered shares of Freshworks from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $16.00 to $13.00 in a research note on Tuesday, January 21st. Oppenheimer raised shares of Freshworks from a “market perform” rating to an “outperform” rating and set a $22.00 price target for the company in a research note on Thursday, January 16th. Canaccord Genuity Group upped their price target on shares of Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Morgan Stanley upped their price target on shares of Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Monday, January 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Freshworks has an average rating of “Moderate Buy” and an average price target of $19.07.

Freshworks Company Profile

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.