Freshworks Inc. $FRSH Stock Sold by WestBridge Capital Management LLC

WestBridge Capital Management LLC cut its holdings in Freshworks Inc. (NASDAQ:FRSH) by 10.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,047,091 shares of the company’s stock after selling 809,569 shares during the quarter. Freshworks accounts for approximately 100.0% of WestBridge Capital Management LLC’s holdings, making the stock its largest position. WestBridge Capital Management LLC’s holdings in Freshworks were worth $90,132,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Nykredit A S bought a new stake in shares of Freshworks in the 2nd quarter worth $28,000. Provenance Wealth Advisors LLC purchased a new position in shares of Freshworks in the third quarter worth $28,000. Root Financial Partners LLC bought a new position in shares of Freshworks during the third quarter valued at $29,000. Summit Securities Group LLC lifted its holdings in shares of Freshworks by 186.3% during the first quarter. Summit Securities Group LLC now owns 6,043 shares of the company’s stock valued at $49,000 after purchasing an additional 3,932 shares in the last quarter. Finally, Meeder Asset Management Inc. boosted its position in shares of Freshworks by 164.0% during the first quarter. Meeder Asset Management Inc. now owns 6,156 shares of the company’s stock valued at $49,000 after buying an additional 3,824 shares during the last quarter. 75.58% of the stock is currently owned by hedge funds and other institutional investors.

Freshworks Stock Performance

Shares of NASDAQ FRSH traded down $0.59 during midday trading on Friday, hitting $12.11. 5,446,919 shares of the stock traded hands, compared to its average volume of 7,619,666. Freshworks Inc. has a one year low of $6.79 and a one year high of $15.51. The firm has a market capitalization of $3.16 billion, a P/E ratio of 16.59, a PEG ratio of 9.47 and a beta of 0.80. The firm has a 50-day moving average of $13.45 and a two-hundred day moving average of $10.50.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings data on Tuesday, November 3rd. The company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.04. Freshworks had a return on equity of 5.52% and a net margin of 20.49%. The company had revenue of $245.43 million during the quarter, compared to analysts’ expectations of $245.06 million. During the same quarter in the prior year, the business earned $0.16 earnings per share. Freshworks’s revenue for the quarter was up 14.1% compared to the same quarter last year. Equities analysts forecast that Freshworks Inc. will post 0.06 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Cantor Fitzgerald lifted their price objective on Freshworks from $15.00 to $20.00 and gave the stock an “overweight” rating in a report on Wednesday. KeyCorp initiated coverage on Freshworks in a research report on Monday, September 14th. They issued an “overweight” rating and a $18.00 target price for the company. Robert W. Baird set a $13.00 target price on shares of Freshworks in a research note on Wednesday, August 5th. Wall Street Zen raised shares of Freshworks from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $15.00 price target on shares of Freshworks in a research note on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $15.92.

Insider Activity

In other news, CAO Philippa Lawrence sold 3,492 shares of the company’s stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $12.98, for a total transaction of $45,326.16. Following the completion of the sale, the chief accounting officer owned 379,639 shares of the company’s stock, valued at $4,927,714.22. This represents a 0.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 corporate 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.