FY2024 Earnings Forecast for Freshworks Issued By Scotiabank

Freshworks Inc. (NASDAQ:FRSH) – Analysts at Scotiabank upped their FY2024 earnings per share (EPS) estimates for Freshworks in a research report issued on Wednesday, January 8th. Scotiabank analyst N. Altmann now forecasts that the company will earn ($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.

FRSH has been the topic of a number of other reports. Needham & Company LLC restated a “buy” rating and issued a $20.00 price objective on shares of Freshworks in a report on Tuesday, December 17th. Robert W. Baird cut their price objective on Freshworks from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Canaccord Genuity Group raised their price objective on Freshworks from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Piper Sandler raised their price objective on Freshworks from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Finally, JPMorgan Chase & Co. raised their price objective on Freshworks from $17.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Seven analysts have rated the stock with a hold rating and eight have issued 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 Trading Down 3.5 %

NASDAQ FRSH opened at $15.59 on Friday. The business’s 50-day moving average price is $15.93 and its 200 day moving average price is $13.28. Freshworks has a twelve month low of $10.81 and a twelve month high of $23.93. The company has a market capitalization of $4.72 billion, a PE ratio of -45.85 and a beta of 0.88.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Blue Trust Inc. grew its position in shares of Freshworks by 1,987.3% in the 3rd quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock worth $38,000 after acquiring an additional 2,822 shares in the last quarter. Covestor Ltd grew its position in shares of Freshworks by 89.9% in the 3rd quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after acquiring an additional 1,704 shares in the last quarter. Quarry LP grew its position in shares of Freshworks by 157.6% in the 2nd quarter. Quarry LP now owns 4,323 shares of the company’s stock worth $55,000 after acquiring an additional 2,645 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Freshworks in the 3rd quarter worth approximately $57,000. Finally, Amalgamated Bank grew its position in shares of Freshworks by 29.1% in the 2nd quarter. Amalgamated Bank now owns 7,054 shares of the company’s stock worth $90,000 after acquiring an additional 1,588 shares in the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

Insider Buying and Selling at Freshworks

In other Freshworks news, Director Barry L. Padgett sold 2,345 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $17.30, for a total transaction of $40,568.50. Following the completion of the sale, the director now owns 26,957 shares in the company, valued at $466,356.10. This trade represents a 8.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $96,920.10. Following the sale, the insider now owns 403,108 shares of the company’s stock, valued at approximately $6,832,680.60. This trade represents a 1.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,697,478 shares of company stock worth $26,648,447 in the last 90 days. 19.15% of the stock is owned by corporate 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.