FY2024 Earnings Forecast for Freshworks Issued By Scotiabank

Freshworks Inc. (NASDAQ:FRSH) – Research analysts at Scotiabank boosted their FY2024 earnings per share estimates for shares of Freshworks in a research note issued on Wednesday, January 8th. Scotiabank analyst N. Altmann now forecasts that the company will post earnings of ($0.35) per share 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.

A number of other research firms have also weighed in on FRSH. Wells Fargo & Company raised their price target 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 lifted their target price on Freshworks from $21.00 to $24.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 7th. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price target on shares of Freshworks in a report on Tuesday, December 17th. Canaccord Genuity Group raised their price objective on Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Piper Sandler upped their target price on Freshworks from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Freshworks has an average rating of “Moderate Buy” and an average price target of $19.00.

Freshworks Stock Down 3.5 %

Shares of NASDAQ:FRSH opened at $15.59 on Friday. The company has a market capitalization of $4.72 billion, a price-to-earnings ratio of -45.85 and a beta of 0.88. The company has a 50 day moving average of $15.86 and a two-hundred day moving average of $13.25. Freshworks has a 52-week low of $10.81 and a 52-week high of $23.93.

Hedge Funds Weigh In On Freshworks

Several hedge funds and other institutional investors have recently modified their holdings of the company. Amalgamated Bank boosted its stake in Freshworks by 29.1% during the 2nd quarter. Amalgamated Bank now owns 7,054 shares of the company’s stock valued at $90,000 after purchasing an additional 1,588 shares during the period. Covestor Ltd boosted its position in shares of Freshworks by 89.9% during the third quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after buying an additional 1,704 shares during the period. Quarry LP grew its holdings in Freshworks by 157.6% in the 2nd quarter. Quarry LP now owns 4,323 shares of the company’s stock worth $55,000 after buying an additional 2,645 shares in the last quarter. Blue Trust Inc. increased its position in Freshworks by 1,987.3% in the 3rd quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock valued at $38,000 after acquiring an additional 2,822 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Freshworks by 8.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 40,229 shares of the company’s stock valued at $462,000 after acquiring an additional 3,182 shares in the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

Insiders Place Their Bets

In other Freshworks news, insider Mika Yamamoto sold 5,718 shares of Freshworks stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $16.95, for a total value of $96,920.10. Following the completion of the transaction, the insider now directly owns 403,108 shares in the company, valued at $6,832,680.60. The trade was a 1.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Barry L. Padgett sold 2,345 shares of the stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total value of $40,568.50. Following the sale, the director now owns 26,957 shares in the company, valued at $466,356.10. The trade was a 8.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,697,478 shares of company stock valued at $26,648,447 over the last 90 days. 19.15% of the stock is owned by company insiders.

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.