Freshworks (NASDAQ:FRSH) Announces Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Freshworks (NASDAQ:FRSH) announced its quarterly earnings results on Tuesday. The company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.04, FiscalAI reports. The company had revenue of $245.43 million for the quarter, compared to analysts’ expectations of $245.06 million. Freshworks had a net margin of 20.49% and a return on equity of 5.52%.

Freshworks Stock Down 0.4%

FRSH traded down $0.06 during trading hours on Tuesday, reaching $14.15. 6,271,673 shares of the company’s stock traded hands, compared to its average volume of 9,748,153. The firm has a 50-day moving average price of $13.45 and a 200 day moving average price of $10.46. The firm has a market capitalization of $3.69 billion, a PE ratio of 22.11, a PEG ratio of 10.25 and a beta of 0.90. Freshworks has a 52-week low of $6.79 and a 52-week high of $15.51.

Insider Buying and Selling at Freshworks

In other news, CAO Philippa Lawrence sold 3,492 shares of Freshworks stock in a transaction on Monday, October 5th. The stock was sold at an average price of $12.98, for a total transaction of $45,326.16. Following the completion of the sale, the chief accounting officer directly owned 379,639 shares in the company, valued at approximately $4,927,714.22. This trade represents a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 8.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. KeyCorp assumed coverage on shares of Freshworks in a research note on Monday, September 14th. They issued an “overweight” rating and a $18.00 price objective for the company. Piper Sandler boosted their target price on shares of Freshworks from $10.00 to $12.00 and gave the stock a “neutral” rating in a report on Wednesday, August 5th. Guggenheim assumed coverage on shares of Freshworks in a research report on Wednesday, July 22nd. They set a “buy” rating and a $25.00 target price on the stock. UBS Group increased their price target on shares of Freshworks from $11.00 to $14.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Finally, Robert W. Baird set a $13.00 price target on Freshworks in a research report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, Freshworks currently has an average rating of “Moderate Buy” and an average target price of $14.85.

Freshworks Company Profile

Freshworks Inc (NASDAQ:FRSH) develops cloud-based customer and employee engagement software for businesses of various sizes. Its products are designed to help organizations manage customer support, IT service operations, sales activities, and marketing workflows through user-friendly, artificial intelligence-enabled applications.

The company’s product portfolio includes Freshdesk for customer service and support, Freshservice for IT and enterprise service management, Freshsales for customer relationship management, and Freshmarketer for marketing automation and customer engagement.