WCM Investment Management LLC Takes $13.43 Million Position in Freshworks Inc. (NASDAQ:FRSH)

WCM Investment Management LLC bought a new position in Freshworks Inc. (NASDAQ:FRSH - Free Report) in the first quarter, according to its most recent filing with the SEC. The firm bought 923,995 shares of the company's stock, valued at approximately $13,426,000. WCM Investment Management LLC owned approximately 0.31% of Freshworks as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of FRSH. Covestor Ltd boosted its holdings in Freshworks by 30.2% in the fourth quarter. Covestor Ltd now owns 4,686 shares of the company's stock valued at $76,000 after purchasing an additional 1,087 shares during the last quarter. Arizona State Retirement System lifted its holdings in shares of Freshworks by 2.2% in the 4th quarter. Arizona State Retirement System now owns 51,704 shares of the company's stock valued at $836,000 after buying an additional 1,103 shares during the period. Xponance Inc. boosted its stake in shares of Freshworks by 10.2% in the fourth quarter. Xponance Inc. now owns 14,847 shares of the company's stock worth $240,000 after buying an additional 1,369 shares during the last quarter. Quarry LP grew its holdings in Freshworks by 47.8% during the fourth quarter. Quarry LP now owns 5,410 shares of the company's stock worth $87,000 after acquiring an additional 1,750 shares during the period. Finally, Envestnet Asset Management Inc. grew its holdings in Freshworks by 9.9% during the fourth quarter. Envestnet Asset Management Inc. now owns 22,439 shares of the company's stock worth $363,000 after acquiring an additional 2,019 shares during the period. Hedge funds and other institutional investors own 75.58% of the company's stock.

Analysts Set New Price Targets

FRSH has been the topic of several recent research reports. Scotiabank upped their price objective on Freshworks from $14.00 to $18.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 30th. Cantor Fitzgerald raised shares of Freshworks to an "overweight" rating and set a $20.00 price target on the stock in a report on Tuesday, June 3rd. Morgan Stanley raised their price target on shares of Freshworks from $14.00 to $18.00 and gave the company an "equal weight" rating in a research report on Thursday, May 1st. UBS Group decreased their price objective on shares of Freshworks from $22.00 to $19.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Finally, Needham & Company LLC restated a "buy" rating and set a $25.00 target price on shares of Freshworks in a research report on Monday, March 17th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $20.07.

Freshworks Stock Up 4.0%

Shares of Freshworks stock traded up $0.59 during trading hours on Thursday, reaching $15.34. 1,798,797 shares of the company's stock were exchanged, compared to its average volume of 3,284,518. The business has a fifty day moving average of $14.96 and a two-hundred day moving average of $15.55. The company has a market capitalization of $4.52 billion, a P/E ratio of -63.89 and a beta of 0.95. Freshworks Inc. has a 1 year low of $10.81 and a 1 year high of $19.77.

Freshworks (NASDAQ:FRSH - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.18 earnings per share for the quarter, topping analysts' consensus estimates 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 9.76% and a negative return on equity of 4.41%. Freshworks's quarterly revenue was up 18.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.10 earnings per share. As a group, research analysts predict that Freshworks Inc. will post -0.19 EPS for the current year.

Insider Transactions at Freshworks

In related news, insider Mika Yamamoto sold 4,289 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $15.05, for a total value of $64,549.45. Following the completion of the sale, the insider owned 570,487 shares of the company's stock, valued at approximately $8,585,829.35. This represents a 0.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Johanna Flower sold 8,000 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $14.80, for a total transaction of $118,400.00. Following the sale, the director owned 48,094 shares of the company's stock, valued at approximately $711,791.20. The trade was a 14.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 201,390 shares of company stock valued at $3,152,406. 11.17% of the stock is currently owned by company 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.