Eminence Capital LP Makes New Investment in Freshworks Inc. (NASDAQ:FRSH)

Eminence Capital LP bought a new position in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 5,318,611 shares of the company's stock, valued at approximately $86,002,000. Eminence Capital LP owned about 1.76% of Freshworks at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of FRSH. Barclays PLC grew its holdings in Freshworks by 33.4% in the third quarter. Barclays PLC now owns 337,621 shares of the company's stock valued at $3,875,000 after purchasing an additional 84,568 shares during the period. Tidal Investments LLC purchased a new stake in Freshworks during the third quarter worth approximately $534,000. Franklin Resources Inc. grew its stake in Freshworks by 18.1% during the third quarter. Franklin Resources Inc. now owns 3,945,001 shares of the company's stock worth $44,934,000 after buying an additional 604,658 shares during the period. Everence Capital Management Inc. purchased a new stake in Freshworks during the fourth quarter worth approximately $190,000. Finally, Nisa Investment Advisors LLC grew its stake in Freshworks by 102.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 4,393 shares of the company's stock worth $71,000 after buying an additional 2,223 shares during the period. Institutional investors and hedge funds own 75.58% of the company's stock.

Insider Buying and Selling at Freshworks

In other news, insider Mika Yamamoto sold 3,574 shares of the firm's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $14.20, for a total value of $50,750.80. Following the sale, the insider now owns 611,604 shares in the company, valued at approximately $8,684,776.80. This trade represents a 0.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Johanna Flower sold 1,450 shares of the firm's stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $18.01, for a total transaction of $26,114.50. Following the completion of the sale, the director now owns 41,491 shares in the company, valued at approximately $747,252.91. The trade was a 3.38% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,883 shares of company stock worth $464,113 over the last 90 days. Insiders own 19.15% of the company's stock.

Freshworks Stock Performance

Shares of NASDAQ FRSH traded up $0.83 during mid-day trading on Monday, reaching $15.39. The company had a trading volume of 949,244 shares, compared to its average volume of 3,627,280. The stock has a fifty day moving average of $14.12 and a two-hundred day moving average of $15.56. The company has a market capitalization of $4.54 billion, a price-to-earnings ratio of -48.11 and a beta of 0.97. Freshworks Inc. has a 12-month low of $10.81 and a 12-month high of $19.77.

Freshworks (NASDAQ:FRSH - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.05. The firm had revenue of $196.27 million for the quarter, compared to analyst estimates of $191.90 million. Freshworks had a negative net margin of 13.24% and a negative return on equity of 6.63%. The company's revenue for the quarter was up 18.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.10 earnings per share. Sell-side analysts forecast that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. StockNews.com raised shares of Freshworks from a "hold" rating to a "buy" rating in a research report on Thursday, February 13th. JMP Securities reaffirmed a "market outperform" rating and issued a $27.00 price objective on shares of Freshworks in a report on Wednesday, April 30th. Scotiabank increased their target price on shares of Freshworks from $14.00 to $18.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 30th. Wells Fargo & Company increased their target price on shares of Freshworks from $11.00 to $12.00 and gave the company an "underweight" rating in a research report on Wednesday, April 30th. Finally, Jefferies Financial Group reduced their price objective on shares of Freshworks from $22.00 to $20.00 and set a "hold" rating for the company in a research report on Monday, March 31st. 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 presently has an average rating of "Moderate Buy" and a consensus target price of $20.21.

Freshworks Company Profile

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.