Freshworks (NASDAQ:FRSH) Announces Quarterly Earnings Results

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

Freshworks Price Performance

Shares of NASDAQ FRSH traded up $0.10 during mid-day trading on Tuesday, reaching $8.73. 12,624,821 shares of the company traded hands, compared to its average volume of 5,067,364. The stock has a fifty day simple moving average of $11.74 and a 200-day simple moving average of $12.10. Freshworks has a fifty-two week low of $8.45 and a fifty-two week high of $18.77. The firm has a market cap of $2.46 billion, a PE ratio of -87.29 and a beta of 0.89.

Insiders Place Their Bets

In related news, CAO Philippa Lawrence sold 5,846 shares of Freshworks stock in a transaction dated Tuesday, December 2nd. The stock was 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 of the company’s stock, valued at approximately $4,736,094.66. This trade represents a 1.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 value of $195,156.00. Following the transaction, the insider directly owned 490,350 shares in the company, valued at $6,374,550. The trade was a 2.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 22,267 shares of company stock valued at $282,301 in the last quarter. 11.17% of the stock is currently owned by corporate insiders.

Institutional Trading of Freshworks

A number of institutional investors and hedge funds have recently modified their holdings of the company. EverSource Wealth Advisors LLC grew its stake in shares of Freshworks by 427.6% in the second quarter. EverSource Wealth Advisors LLC now owns 4,479 shares of the company’s stock worth $67,000 after acquiring an additional 3,630 shares during the last quarter. Shay Capital LLC acquired a new position in Freshworks in the third quarter valued at about $118,000. One68 Global Capital LLC acquired a new stake in Freshworks during the 3rd quarter valued at $118,000. Mercer Global Advisors Inc. ADV acquired a new stake in Freshworks in the 3rd quarter valued at about $122,000. Finally, Numerai GP LLC bought a new position in Freshworks in the 3rd quarter valued at $135,000. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FRSH. Cantor Fitzgerald reissued an “overweight” rating on shares of Freshworks in a report on Tuesday, January 20th. BTIG Research assumed coverage on Freshworks in a research note on Tuesday, December 16th. They set a “neutral” rating for the company. Oppenheimer lowered their target price on Freshworks from $19.00 to $18.00 and set an “outperform” rating on the stock in a report on Thursday, January 22nd. Wall Street Zen lowered Freshworks from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 20th. Finally, Piper Sandler cut shares of Freshworks from an “overweight” rating to a “neutral” rating and set a $12.00 price target on the stock. in a research report on Monday, February 2nd. Six analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $18.54.

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.