Freshworks (NASDAQ:FRSH) Issues Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Freshworks (NASDAQ:FRSH) announced its earnings results on Wednesday. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.01, reports. The business had revenue of $186.58 million during the quarter, compared to analysts’ expectations of $181.50 million. Freshworks had a negative net margin of 14.80% and a negative return on equity of 8.66%.

Freshworks Stock Performance

FRSH stock traded down $0.38 during midday trading on Friday, hitting $16.44. 10,459,693 shares of the stock were exchanged, compared to its average volume of 3,578,957. The stock’s 50-day moving average price is $11.64 and its 200-day moving average price is $12.61. Freshworks has a fifty-two week low of $10.81 and a fifty-two week high of $24.98.

Analyst Ratings Changes

Several equities analysts have commented on the stock. JMP Securities raised their target price on shares of Freshworks from $21.00 to $24.00 and gave the company a “market outperform” rating in a report on Thursday. Piper Sandler boosted their price target on shares of Freshworks from $13.00 to $18.00 and gave the company an “overweight” rating in a research note on Thursday. Robert W. Baird reduced their price target on shares of Freshworks from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday. Cantor Fitzgerald lowered their price target on shares of Freshworks from $19.00 to $18.00 and set an “overweight” rating on the stock in a report on Wednesday, July 31st. Finally, Wells Fargo & Company lifted their price target on shares of Freshworks from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Thursday. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $18.69.

Insiders Place Their Bets

In related news, Director Zachary Nelson sold 8,433 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $12.19, for a total value of $102,798.27. Following the transaction, the director now owns 23,497 shares in the company, valued at approximately $286,428.43. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Jennifer H. Taylor sold 4,685 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $11.17, for a total value of $52,331.45. Following the sale, the director now directly owns 35,853 shares of the company’s stock, valued at approximately $400,478.01. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Zachary Nelson sold 8,433 shares of the stock in a transaction dated Monday, November 4th. The shares were 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. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 40,153 shares of company stock valued at $459,383. Corporate insiders own 19.15% of the company’s stock.

Institutional Trading of Freshworks

Hedge funds and other institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC lifted its position in Freshworks by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,755 shares of the company’s stock worth $250,000 after buying an additional 1,160 shares in the last quarter. Private Advisor Group LLC acquired a new position in Freshworks in the 1st quarter valued at approximately $685,000. Quantbot Technologies LP acquired a new position in Freshworks during the first quarter worth $4,565,000. SG Americas Securities LLC acquired a new position in Freshworks during the 1st quarter valued at about $179,000. Finally, Oppenheimer & Co. Inc. purchased a new position in shares of Freshworks in the 1st quarter worth approximately $444,000. 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.