Freshworks (NASDAQ:FRSH) Announces Earnings Results

Freshworks (NASDAQ:FRSH) issued its quarterly earnings results on Tuesday. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.10), Zacks reports. Freshworks had a negative net margin of 14.80% and a negative return on equity of 8.57%.

Freshworks Stock Down 2.4 %

Freshworks stock traded down $0.44 during midday trading on Tuesday, hitting $17.86. 6,282,423 shares of the stock were exchanged, compared to its average volume of 3,971,174. The company has a fifty day simple moving average of $16.90 and a two-hundred day simple moving average of $14.02. Freshworks has a 52 week low of $10.81 and a 52 week high of $22.14. The stock has a market capitalization of $5.41 billion, a PE ratio of -52.53 and a beta of 0.91.

Insider Buying and Selling

In other Freshworks news, insider Mika Yamamoto sold 5,718 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $16.95, for a total transaction of $96,920.10. Following the sale, the insider now directly owns 403,108 shares in the company, valued at approximately $6,832,680.60. This trade represents a 1.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Rathnagirish Mathrubootham sold 835,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $16.08, for a total transaction of $13,426,800.00. Following the sale, the chairman now owns 551,137 shares in the company, valued at $8,862,282.96. This trade represents a 60.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,727,211 shares of company stock valued at $27,224,746 in the last 90 days. 19.15% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Wells Fargo & Company cut shares of Freshworks from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $16.00 to $13.00 in a research note on Tuesday, January 21st. Robert W. Baird dropped their target price 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. JPMorgan Chase & Co. increased their target price on shares of Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, November 7th. Morgan Stanley increased their price objective on shares of Freshworks from $18.00 to $19.00 and gave the stock an “equal weight” rating in a report on Monday, January 13th. Finally, Oppenheimer raised shares of Freshworks from a “market perform” rating to an “outperform” rating and set a $22.00 price objective on the stock in a report on Thursday, January 16th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.07.

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.