Steadview Capital Management LLC Has $71.75 Million Stake in Freshworks Inc. (NASDAQ:FRSH)

Steadview Capital Management LLC lessened its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 9.8% in the fourth quarter, Holdings Channel.com reports. The fund owned 3,054,607 shares of the company’s stock after selling 333,500 shares during the period. Freshworks comprises approximately 24.6% of Steadview Capital Management LLC’s portfolio, making the stock its largest holding. Steadview Capital Management LLC’s holdings in Freshworks were worth $71,753,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in Freshworks by 14.6% in the third quarter. Vanguard Group Inc. now owns 18,530,801 shares of the company’s stock worth $369,134,000 after purchasing an additional 2,363,550 shares in the last quarter. Qube Research & Technologies Ltd bought a new position in Freshworks in the third quarter worth $2,445,000. Ninety One North America Inc. bought a new position in Freshworks in the fourth quarter worth $15,405,000. Neo Ivy Capital Management bought a new position in Freshworks in the third quarter worth $81,000. Finally, Calamos Advisors LLC raised its holdings in Freshworks by 39.7% in the fourth quarter. Calamos Advisors LLC now owns 36,804 shares of the company’s stock worth $865,000 after purchasing an additional 10,465 shares in the last quarter. Institutional investors own 75.58% of the company’s stock.

Freshworks Trading Down 4.4 %

Shares of Freshworks stock traded down $0.64 during trading on Friday, hitting $14.03. 6,974,887 shares of the company’s stock traded hands, compared to its average volume of 3,264,107. Freshworks Inc. has a 1 year low of $12.22 and a 1 year high of $24.98. The business has a 50-day simple moving average of $18.29 and a 200-day simple moving average of $19.97.

Freshworks (NASDAQ:FRSH) last announced its earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.04. The business had revenue of $160.11 million for the quarter, compared to analysts’ expectations of $158.11 million. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. On average, sell-side analysts predict that Freshworks Inc. will post -0.37 EPS for the current year.

Insiders Place Their Bets

In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $18.08, for a total value of $127,192.80. Following the transaction, the director now directly owns 19,991 shares of the company’s stock, valued at $361,437.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $18.08, for a total value of $127,192.80. Following the transaction, the director now directly owns 19,991 shares of the company’s stock, valued at $361,437.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Roxanne S. Austin sold 6,303 shares of the firm’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $21.54, for a total value of $135,766.62. Following the completion of the transaction, the director now directly owns 88,431 shares in the company, valued at $1,904,803.74. The disclosure for this sale can be found here. Over the last three months, insiders have sold 460,792 shares of company stock valued at $9,408,403. Insiders own 19.15% of the company’s stock.

Analyst Ratings Changes

FRSH has been the subject of a number of research reports. Morgan Stanley decreased their price objective on Freshworks from $22.00 to $18.00 and set an “equal weight” rating for the company in a report on Thursday. Needham & Company LLC reissued a “buy” rating and issued a $30.00 target price on shares of Freshworks in a research note on Thursday. JMP Securities cut their target price on Freshworks from $29.00 to $21.00 and set a “market outperform” rating on the stock in a research note on Thursday. Robert W. Baird cut Freshworks from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $28.00 to $16.00 in a research note on Thursday. Finally, Canaccord Genuity Group cut their target price on Freshworks from $27.00 to $20.00 and set a “buy” rating on the stock in a research note on Friday. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $22.59.

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.