Freshworks (NASDAQ:FRSH) Releases Earnings Results, Beats Estimates By $0.04 EPS

Freshworks (NASDAQ:FRSH) released its earnings results on Tuesday. The company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates 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 Performance

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on FRSH shares. Wall Street Zen raised Freshworks from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Zacks Research downgraded Freshworks from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 10th. Guggenheim assumed coverage on Freshworks in a research note on Wednesday, July 22nd. They issued a “buy” rating and a $25.00 price objective for the company. Weiss Ratings upgraded Freshworks from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, September 29th. Finally, UBS Group lifted their target price on Freshworks from $11.00 to $14.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, Freshworks presently has an average rating of “Moderate Buy” and an average target price of $14.85.

Insider Buying and Selling at Freshworks

In other news, CAO Philippa Lawrence sold 52,767 shares of Freshworks stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $13.25, for a total value of $699,162.75. Following the sale, the chief accounting officer directly owned 389,296 shares of the company’s stock, valued at approximately $5,158,172. The trade was a 11.94% 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. 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. 8.54% of the stock is currently owned by insiders.

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.