Peak XV Partners Operations LLC Reduces Stock Position in Freshworks Inc. (NASDAQ:FRSH)

Peak XV Partners Operations LLC lessened its holdings in Freshworks Inc. (NASDAQ:FRSH - Free Report) by 6.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,616,706 shares of the company's stock after selling 1,013,986 shares during the period. Freshworks comprises 95.9% of Peak XV Partners Operations LLC's holdings, making the stock its biggest holding. Peak XV Partners Operations LLC owned approximately 4.50% of Freshworks worth $220,182,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Arrowstreet Capital Limited Partnership acquired a new position in Freshworks in the 4th quarter worth about $61,530,000. Norges Bank acquired a new position in shares of Freshworks in the fourth quarter valued at approximately $57,527,000. JPMorgan Chase & Co. increased its stake in shares of Freshworks by 49.8% in the third quarter. JPMorgan Chase & Co. now owns 5,270,338 shares of the company's stock valued at $60,503,000 after buying an additional 1,752,995 shares during the period. Vanguard Group Inc. raised its holdings in Freshworks by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 25,063,879 shares of the company's stock valued at $405,283,000 after buying an additional 1,357,526 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Freshworks during the 4th quarter worth approximately $20,666,000. Institutional investors own 75.58% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on FRSH. Cantor Fitzgerald raised their price target on shares of Freshworks from $18.00 to $22.00 and gave the company an "overweight" rating in a research note on Wednesday, February 12th. Piper Sandler raised their target price on Freshworks from $20.00 to $24.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Needham & Company LLC reaffirmed a "buy" rating and set a $25.00 target price on shares of Freshworks in a report on Monday, March 17th. StockNews.com raised Freshworks from a "hold" rating to a "buy" rating in a research note on Thursday, February 13th. Finally, Jefferies Financial Group cut their price objective on Freshworks from $22.00 to $20.00 and set a "hold" rating on the stock in a research note on Monday, March 31st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, Freshworks presently has a consensus rating of "Moderate Buy" and an average price target of $21.14.

Insider Activity

In related news, Director Johanna Flower sold 21,400 shares of the stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $18.00, for a total value of $385,200.00. Following the transaction, the director now directly owns 41,491 shares in the company, valued at $746,838. This trade represents a 34.03 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jennifer H. Taylor sold 4,685 shares of the business's stock in a transaction on Friday, January 10th. The shares were sold at an average price of $15.49, for a total transaction of $72,570.65. Following the sale, the director now owns 37,286 shares of the company's stock, valued at $577,560.14. This trade represents a 11.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 55,262 shares of company stock worth $955,812 in the last three months. Company insiders own 19.15% of the company's stock.

Freshworks Stock Performance

Shares of Freshworks stock traded down $0.81 on Friday, reaching $12.29. 6,114,732 shares of the company's stock were exchanged, compared to its average volume of 3,270,273. The firm's 50-day moving average is $16.51 and its two-hundred day moving average is $15.17. The company has a market capitalization of $3.71 billion, a P/E ratio of -38.41 and a beta of 0.98. Freshworks Inc. has a 52 week low of $10.81 and a 52 week high of $19.77.

Freshworks (NASDAQ:FRSH - Get Free Report) last posted its quarterly earnings results on Tuesday, February 11th. The company reported ($0.02) EPS for the quarter, missing analysts' consensus estimates of $0.08 by ($0.10). Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. On average, analysts expect that Freshworks Inc. will post -0.19 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.