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

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

A number of other institutional investors have also made changes to their positions in the business. Covestor Ltd grew its holdings in Freshworks by 30.2% in the 4th quarter. Covestor Ltd now owns 4,686 shares of the company's stock valued at $76,000 after buying an additional 1,087 shares in the last quarter. Arizona State Retirement System grew its holdings in 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 in the last quarter. Xponance Inc. grew its holdings in Freshworks by 10.2% in the 4th quarter. Xponance Inc. now owns 14,847 shares of the company's stock valued at $240,000 after buying an additional 1,369 shares in the last quarter. Quarry LP grew its holdings in Freshworks by 47.8% in the 4th quarter. Quarry LP now owns 5,410 shares of the company's stock valued at $87,000 after buying an additional 1,750 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in Freshworks by 9.9% in the 4th quarter. Envestnet Asset Management Inc. now owns 22,439 shares of the company's stock valued at $363,000 after buying an additional 2,019 shares in the last quarter. 75.58% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Freshworks

In other Freshworks news, Director Zachary Nelson sold 8,433 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $14.69, for a total value of $123,880.77. Following the completion of the transaction, the director directly owned 24,890 shares in the company, valued at approximately $365,634.10. This trade represents a 25.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Rathnagirish Mathrubootham sold 70,997 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $16.01, for a total value of $1,136,661.97. Following the completion of the transaction, the chairman owned 724,515 shares of the company's stock, valued at $11,599,485.15. This represents a 8.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 201,390 shares of company stock valued at $3,152,406. 11.17% of the stock is currently owned by corporate insiders.

Freshworks Price Performance

Shares of FRSH stock traded up $0.59 on Friday, hitting $15.34. 1,798,797 shares of the company's stock were exchanged, compared to its average volume of 3,302,931. Freshworks Inc. has a 12 month low of $10.81 and a 12 month high of $19.77. The stock has a market cap of $4.52 billion, a P/E ratio of -63.89 and a beta of 0.95. The company has a 50 day moving average of $15.02 and a 200 day moving average of $15.52.

Freshworks (NASDAQ:FRSH - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.05. The business had revenue of $196.27 million during the quarter, compared to the consensus estimate of $191.90 million. Freshworks had a negative return on equity of 4.41% and a negative net margin of 9.76%. Freshworks's revenue for the quarter was up 18.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.10 EPS. Sell-side analysts predict that Freshworks Inc. will post -0.19 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have commented on FRSH. Needham & Company LLC reaffirmed a "buy" rating and issued a $25.00 price objective on shares of Freshworks in a report on Monday, March 17th. Morgan Stanley increased their target price on Freshworks from $14.00 to $18.00 and gave the stock an "equal weight" rating in a report on Thursday, May 1st. Wall Street Zen raised Freshworks from a "buy" rating to a "strong-buy" rating in a report on Sunday, June 29th. Piper Sandler reissued an "overweight" rating and set a $22.00 target price (up from $20.00) on shares of Freshworks in a report on Wednesday, April 30th. Finally, Scotiabank increased their target price on Freshworks from $14.00 to $18.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, five have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.07.

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.