FY2024 Earnings Forecast for Freshworks Issued By Scotiabank

Freshworks Inc. (NASDAQ:FRSH - Free Report) - Research analysts at Scotiabank raised their FY2024 earnings estimates for Freshworks in a research note issued to investors on Wednesday, January 8th. Scotiabank analyst N. Altmann now forecasts that the company will post earnings per share of ($0.35) for the year, up from their prior forecast 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.

A number of other equities research analysts have also recently issued reports on FRSH. Wells Fargo & Company boosted their target price on shares of Freshworks from $14.00 to $16.00 and gave the company an "equal weight" rating in a report on Tuesday. JMP Securities boosted their price objective on Freshworks from $21.00 to $24.00 and gave the company 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 research note on Tuesday, December 17th. Canaccord Genuity Group upped their price target on Freshworks from $17.00 to $19.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Finally, Robert W. Baird cut their price objective on shares of Freshworks from $16.00 to $15.00 and set a "neutral" rating for the company in a research report on Thursday, November 7th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Freshworks presently has a consensus rating of "Moderate Buy" and an average target price of $19.00.

Freshworks Trading Down 3.5 %

Shares of FRSH stock traded down $0.56 during trading on Friday, reaching $15.59. 3,275,348 shares of the company's stock traded hands, compared to its average volume of 3,024,316. The firm's 50-day moving average is $15.86 and its 200 day moving average is $13.25. The company has a market capitalization of $4.72 billion, a P/E ratio of -45.85 and a beta of 0.88. Freshworks has a 1 year low of $10.81 and a 1 year high of $23.93.

Insider Buying and Selling

In other news, Director Zachary Nelson sold 8,433 shares of the business's stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $12.19, for a total value of $102,798.27. Following the completion of the sale, the director now directly owns 23,497 shares in the company, valued at approximately $286,428.43. The trade was a 26.41 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jennifer H. Taylor sold 4,690 shares of the stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $16.74, for a total transaction of $78,510.60. Following the transaction, the director now directly owns 36,689 shares in the company, valued at approximately $614,173.86. This represents a 11.33 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,697,478 shares of company stock worth $26,648,447. Corporate insiders own 19.15% of the company's stock.

Institutional Investors Weigh In On Freshworks

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. raised its holdings in Freshworks by 26.4% during the 2nd quarter. Principal Financial Group Inc. now owns 27,541 shares of the company's stock valued at $349,000 after buying an additional 5,745 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Freshworks by 23.9% in the second quarter. Rhumbline Advisers now owns 281,379 shares of the company's stock worth $3,571,000 after purchasing an additional 54,293 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Freshworks by 165.0% during the 2nd quarter. Victory Capital Management Inc. now owns 59,952 shares of the company's stock valued at $761,000 after purchasing an additional 37,330 shares during the period. Arizona State Retirement System raised its position in Freshworks by 9.9% during the 2nd quarter. Arizona State Retirement System now owns 48,855 shares of the company's stock valued at $620,000 after purchasing an additional 4,412 shares during the last quarter. Finally, Quest Partners LLC purchased a new stake in Freshworks in the 2nd quarter worth approximately $304,000. Institutional investors 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.