FY2024 Earnings Forecast for Freshworks Issued By Scotiabank

Freshworks Inc. (NASDAQ:FRSH) – Investment analysts at Scotiabank upped their FY2024 earnings per share estimates for shares of Freshworks in a research report issued on Wednesday, January 8th. Scotiabank analyst N. Altmann now expects that the company will post earnings per share of ($0.35) for the year, up from their previous estimate of ($0.38). The consensus estimate for Freshworks’ current full-year earnings is ($0.36) per share. Scotiabank also issued estimates for Freshworks’ FY2025 earnings at ($0.19) EPS.

Several other analysts also recently weighed in on FRSH. Robert W. Baird cut their target price on Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Canaccord Genuity Group boosted their price objective on Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. JMP Securities boosted their price objective on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research note on Thursday, November 7th. Needham & Company LLC restated a “buy” rating and issued a $20.00 target price on shares of Freshworks in a report on Tuesday, December 17th. Finally, Wells Fargo & Company lifted their target price on Freshworks from $14.00 to $16.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 7th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.00.

Freshworks Trading Down 3.5 %

Shares of NASDAQ FRSH opened at $15.59 on Friday. The company has a market cap of $4.72 billion, a price-to-earnings ratio of -45.85 and a beta of 0.88. Freshworks has a 12-month low of $10.81 and a 12-month high of $23.93. The stock’s 50 day simple moving average is $15.93 and its 200 day simple moving average is $13.28.

Insider Activity

In related news, Director Zachary Nelson sold 8,433 shares of Freshworks stock in a transaction on Monday, November 4th. The stock was sold at an average price of $12.19, for a total transaction of $102,798.27. Following the completion of the sale, the director now owns 23,497 shares of the company’s stock, valued at approximately $286,428.43. This trade represents a 26.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of Freshworks stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $16.08, for a total value of $13,426,800.00. Following the sale, the chairman now directly owns 551,137 shares of the company’s stock, valued at approximately $8,862,282.96. The trade was a 60.24 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,697,478 shares of company stock worth $26,648,447. 19.15% of the stock is owned by corporate insiders.

Institutional Trading of Freshworks

A number of institutional investors have recently bought and sold shares of the company. Everence Capital Management Inc. acquired a new stake in Freshworks during the fourth quarter valued at $190,000. JPMorgan Chase & Co. lifted its position in shares of Freshworks by 49.8% in the third quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company’s stock worth $60,503,000 after buying an additional 1,752,995 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Freshworks by 18.1% in the third quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company’s stock worth $44,934,000 after buying an additional 604,658 shares during the last quarter. Tidal Investments LLC acquired a new stake in shares of Freshworks in the third quarter worth about $534,000. Finally, Geode Capital Management LLC lifted its position in shares of Freshworks by 1.5% in the third quarter. Geode Capital Management LLC now owns 4,594,212 shares of the company’s stock worth $52,750,000 after buying an additional 66,342 shares during the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

About Freshworks

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.