WCM Investment Management LLC Sells 25,862 Shares of Freshworks Inc. $FRSH

Key Points

• WCM Investment Management LLC has reduced its stake in Freshworks Inc. by 2.8%, selling 25,862 shares during the second quarter, leaving it with 898,133 shares valued at approximately $13.31 million.
• Institutional investors collectively own 75.58% of Freshworks, with several funds significantly increasing their positions in the company during the first quarter.
• Freshworks reported a negative net margin of 7.02% and a revenue of $204.68 million for the last quarter, and analysts expect a per-share loss of -0.19 for the current fiscal year.

WCM Investment Management LLC lessened its position in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 2.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 898,133 shares of the company's stock after selling 25,862 shares during the period. WCM Investment Management LLC owned about 0.30% of Freshworks worth $13,310,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. DekaBank Deutsche Girozentrale lifted its position in Freshworks by 91.2% during the first quarter. DekaBank Deutsche Girozentrale now owns 5,899 shares of the company's stock valued at $84,000 after purchasing an additional 2,814 shares during the period. Liberty Mutual Group Asset Management Inc. bought a new position in Freshworks during the first quarter valued at approximately $106,000. US Bancorp DE lifted its position in Freshworks by 671.4% during the first quarter. US Bancorp DE now owns 8,331 shares of the company's stock valued at $118,000 after purchasing an additional 7,251 shares during the period. GAMMA Investing LLC lifted its position in Freshworks by 2,639.5% during the first quarter. GAMMA Investing LLC now owns 9,369 shares of the company's stock valued at $132,000 after purchasing an additional 9,027 shares during the period. Finally, Perbak Capital Partners LLP bought a new position in Freshworks during the first quarter valued at approximately $147,000. Institutional investors own 75.58% of the company's stock.

Freshworks Price Performance

Shares of FRSH stock opened at $10.90 on Friday. The company has a market capitalization of $3.18 billion, a price-to-earnings ratio of -60.55 and a beta of 0.91. Freshworks Inc. has a one year low of $10.84 and a one year high of $19.77. The company's fifty day moving average price is $12.56 and its 200-day moving average price is $13.70.

Freshworks (NASDAQ:FRSH - Get Free Report) last announced its quarterly earnings data on Thursday, September 11th. The company reported $0.18 EPS for the quarter. The firm had revenue of $204.68 million for the quarter. Freshworks had a negative net margin of 7.02% and a negative return on equity of 2.56%. Equities research analysts expect that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently weighed in on FRSH. Weiss Ratings restated a "sell (e+)" rating on shares of Freshworks in a research report on Wednesday, October 8th. Zacks Research upgraded shares of Freshworks from a "hold" rating to a "strong-buy" rating in a research report on Monday, September 29th. JMP Securities reiterated a "market outperform" rating and issued a $27.00 price target on shares of Freshworks in a research report on Friday, September 12th. Piper Sandler increased their price target on shares of Freshworks from $22.00 to $25.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Finally, Wells Fargo & Company assumed coverage on shares of Freshworks in a research report on Tuesday, September 30th. They issued an "equal weight" rating and a $13.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Freshworks currently has a consensus rating of "Moderate Buy" and an average price target of $20.07.

Insider Activity

In other news, insider Mika Yamamoto sold 4,289 shares of the firm's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $13.18, for a total transaction of $56,529.02. Following the sale, the insider directly owned 533,993 shares in the company, valued at $7,038,027.74. This trade represents a 0.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Philippa Lawrence sold 2,590 shares of the firm's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $12.53, for a total transaction of $32,452.70. Following the sale, the chief accounting officer owned 415,949 shares in the company, valued at $5,211,840.97. The trade was a 0.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 41,329 shares of company stock valued at $534,620 over the last 90 days. Company insiders own 11.17% of the company's stock.

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.

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