Freshworks Inc. $FRSH Stock: WestBridge Capital Management LLC Trims Position

Key Points

• WestBridge Capital Management cut its Freshworks stake by 10.3%, selling 809,569 shares in the third quarter. It retained 7.05 million shares, worth about $90.1 million, representing 2.7% of Freshworks.
• Analysts give Freshworks a consensus “Moderate Buy” rating and an average price target of $15.92; recent targets range from $17 to $25.
• Freshworks beat quarterly earnings expectations, reporting EPS of $0.22 versus $0.18 estimated, while revenue rose 14.1% year over year to $245.43 million. Shares recently traded at $12.11, down 4.6% that day.

WestBridge Capital Management LLC decreased its position in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 10.3% during the third quarter, according to its most recent filing with the SEC. The firm owned 7,047,091 shares of the company's stock after selling 809,569 shares during the period. Freshworks comprises about 100.0% of WestBridge Capital Management LLC's holdings, making the stock its largest holding. WestBridge Capital Management LLC owned about 2.70% of Freshworks worth $90,132,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Abel Hall LLC boosted its position in shares of Freshworks by 8.2% during the third quarter. Abel Hall LLC now owns 11,283 shares of the company's stock valued at $144,000 after purchasing an additional 855 shares in the last quarter. Signaturefd LLC raised its holdings in Freshworks by 8.7% in the third quarter. Signaturefd LLC now owns 11,479 shares of the company's stock worth $147,000 after purchasing an additional 916 shares in the last quarter. Parcion Private Wealth LLC raised its holdings in Freshworks by 5.5% in the third quarter. Parcion Private Wealth LLC now owns 27,367 shares of the company's stock worth $350,000 after purchasing an additional 1,417 shares in the last quarter. Sterling Capital Management LLC lifted its position in Freshworks by 7.5% during the third quarter. Sterling Capital Management LLC now owns 31,657 shares of the company's stock valued at $405,000 after buying an additional 2,218 shares during the period. Finally, Provenance Wealth Advisors LLC purchased a new position in Freshworks during the third quarter valued at $28,000. Institutional investors own 75.58% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on FRSH shares. KeyCorp began coverage on shares of Freshworks in a report on Monday, September 14th. They set an "overweight" rating and a $18.00 target price on the stock. Weiss Ratings upgraded shares of Freshworks from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, September 29th. Guggenheim started coverage on shares of Freshworks in a research report on Wednesday, July 22nd. They set a "buy" rating and a $25.00 price target for the company. Cantor Fitzgerald boosted their price objective on shares of Freshworks from $15.00 to $20.00 and gave the stock an "overweight" rating in a research note on Wednesday. Finally, UBS Group boosted their price objective on shares of Freshworks from $14.00 to $17.00 and gave the stock a "buy" rating in a research note on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $15.92.

Insider Activity

In related news, CAO Philippa Lawrence sold 52,767 shares of the company's stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $13.25, for a total value of $699,162.75. Following the transaction, the chief accounting officer owned 389,296 shares in the company, valued at $5,158,172. The trade was a 11.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 Trading Down 4.6%

NASDAQ:FRSH traded down $0.59 during trading hours on Friday, reaching $12.11. 5,446,919 shares of the company traded hands, compared to its average volume of 7,619,666. The business's 50-day moving average price is $13.45 and its two-hundred day moving average price is $10.50. The stock has a market capitalization of $3.16 billion, a P/E ratio of 16.59, a P/E/G ratio of 9.47 and a beta of 0.80. Freshworks Inc. has a 1 year low of $6.79 and a 1 year high of $15.51.

Freshworks (NASDAQ:FRSH - Get Free Report) last released its earnings results on Tuesday, November 3rd. The company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.18 by $0.04. Freshworks had a return on equity of 5.52% and a net margin of 20.49%. The business had revenue of $245.43 million for the quarter, compared to the consensus estimate of $245.06 million. During the same period in the previous year, the company posted $0.16 earnings per share. The company's revenue for the quarter was up 14.1% compared to the same quarter last year. As a group, equities analysts anticipate that Freshworks Inc. will post 0.06 EPS for the current year.

About Freshworks

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.

Want to see what other hedge funds are holding FRSH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freshworks Inc. (NASDAQ:FRSH - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.