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

Steadview Capital Management LLC reduced its stake in Freshworks Inc. (NASDAQ:FRSH) by 9.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,054,607 shares of the company’s stock after selling 333,500 shares during the period. Freshworks comprises approximately 24.6% of Steadview Capital Management LLC’s investment portfolio, making the stock its largest position. Steadview Capital Management LLC owned 1.03% of Freshworks worth $71,753,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in FRSH. Neo Ivy Capital Management bought a new position in Freshworks in the 3rd quarter valued at approximately $81,000. Jasper Ridge Partners L.P. bought a new position in Freshworks in the 3rd quarter valued at approximately $217,000. Northside Capital Management LLC bought a new position in Freshworks in the 4th quarter valued at approximately $226,000. Xponance Inc. bought a new position in Freshworks in the 4th quarter valued at approximately $231,000. Finally, Cary Street Partners Investment Advisory LLC bought a new position in Freshworks in the 3rd quarter valued at approximately $287,000. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

FRSH has been the subject of several analyst reports. Morgan Stanley lowered their price target on shares of Freshworks from $22.00 to $18.00 and set an “equal weight” rating for the company in a report on Thursday. JMP Securities lowered their price target on shares of Freshworks from $29.00 to $21.00 and set a “market outperform” rating for the company in a report on Thursday. Cantor Fitzgerald lowered their price target on shares of Freshworks from $25.00 to $19.00 and set an “overweight” rating for the company in a report on Thursday. Robert W. Baird lowered shares of Freshworks from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $28.00 to $16.00 in a report on Thursday. Finally, Piper Sandler lowered their price target on shares of Freshworks from $28.00 to $22.00 and set an “overweight” rating for the company in a report on Thursday. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.59.

Insiders Place Their Bets

In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction on Monday, February 12th. The shares were sold at an average price of $21.71, for a total transaction of $152,729.85. Following the transaction, the director now directly owns 19,490 shares of the company’s stock, valued at approximately $423,127.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Johanna Flower sold 4,800 shares of Freshworks stock in a transaction on Monday, March 11th. The stock was sold at an average price of $19.05, for a total transaction of $91,440.00. Following the sale, the director now directly owns 23,451 shares in the company, valued at approximately $446,741.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jennifer H. Taylor sold 7,035 shares of Freshworks stock in a transaction 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 sale, the director now owns 19,490 shares in the company, valued at $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 in the last three months. 19.15% of the stock is currently owned by insiders.

Freshworks Stock Performance

NASDAQ FRSH traded down $0.64 during mid-day trading on Friday, hitting $14.03. The company’s stock had a trading volume of 6,974,887 shares, compared to its average volume of 3,264,107. The company’s 50 day simple moving average is $18.29 and its 200 day simple moving average is $19.97. Freshworks Inc. has a twelve month low of $12.22 and a twelve month high of $24.98.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.04. The business had revenue of $160.11 million during the quarter, compared to the consensus estimate of $158.11 million. Freshworks had a negative net margin of 18.93% and a negative return on equity of 10.66%. Sell-side analysts predict that Freshworks Inc. will post -0.37 earnings per share 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.