Steadview Capital Management LLC Sells 333,500 Shares of Freshworks Inc. (NASDAQ:FRSH)

Steadview Capital Management LLC decreased its stake in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 9.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,054,607 shares of the company's stock after selling 333,500 shares during the quarter. Freshworks makes up 24.6% of Steadview Capital Management LLC's investment portfolio, making the stock its biggest holding. Steadview Capital Management LLC owned approximately 1.03% of Freshworks worth $71,753,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the stock. Neo Ivy Capital Management acquired a new stake in shares of Freshworks in the 3rd quarter valued at $81,000. Jasper Ridge Partners L.P. acquired a new position in Freshworks in the 3rd quarter valued at about $217,000. Northside Capital Management LLC purchased a new stake in shares of Freshworks during the fourth quarter worth approximately $226,000. Xponance Inc. purchased a new position in Freshworks during the 4th quarter worth $231,000. Finally, Cary Street Partners Investment Advisory LLC purchased a new position in Freshworks during the third quarter worth about $287,000. Institutional investors and hedge funds own 75.58% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Jefferies Financial Group upgraded Freshworks from a "hold" rating to a "buy" rating and increased their price objective for the stock from $20.00 to $30.00 in a research report on Friday, January 5th. Morgan Stanley cut their price objective on Freshworks from $22.00 to $18.00 and set an "equal weight" rating for the company in a research report on Thursday. Piper Sandler dropped their price objective on Freshworks from $28.00 to $22.00 and set an "overweight" rating for the company in a research report on Thursday. Needham & Company LLC reiterated a "buy" rating and issued a $30.00 price target on shares of Freshworks in a report on Thursday. Finally, Robert W. Baird lowered shares of Freshworks from an "outperform" rating to a "neutral" rating and cut their price objective for the stock from $28.00 to $16.00 in a report on Thursday. Eight investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $22.59.

Insider Activity at Freshworks

In other Freshworks news, Director Roxanne S. Austin sold 6,303 shares of the firm's stock in a transaction on Friday, February 9th. The shares were sold at an average price of $21.54, for a total transaction of $135,766.62. Following the completion of the transaction, the director now directly owns 88,431 shares of the company's stock, valued at approximately $1,904,803.74. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Freshworks news, Director Roxanne S. Austin sold 6,303 shares of the company's stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $21.54, for a total transaction of $135,766.62. Following the sale, the director now owns 88,431 shares in the company, valued at $1,904,803.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $21.71, for a total value of $152,729.85. Following the completion of the transaction, the director now owns 19,490 shares of the company's stock, valued at approximately $423,127.90. The disclosure for this sale can be found here. Insiders have sold 460,792 shares of company stock valued at $9,408,403 over the last ninety days. Corporate insiders own 19.15% of the company's stock.

Freshworks Price Performance

Freshworks stock traded down $0.64 during midday trading on Friday, hitting $14.03. 6,974,887 shares of the company were exchanged, compared to its average volume of 3,264,107. The company's fifty day moving average price is $18.29 and its 200-day moving average price is $19.98. Freshworks Inc. has a fifty-two week low of $12.22 and a fifty-two week high of $24.98. The company has a market cap of $4.18 billion, a PE ratio of -35.07 and a beta of 0.88.

Freshworks (NASDAQ:FRSH - Get Free Report) last released its quarterly earnings results on Tuesday, February 6th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.04. The business had revenue of $160.11 million for the quarter, compared to analysts' expectations of $158.11 million. Freshworks had a negative return on equity of 10.66% and a negative net margin of 18.93%. On average, analysts expect that Freshworks Inc. will post -0.37 EPS for the current fiscal year.

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.