Lisanti Capital Growth LLC Has $6.98 Million Stock Position in Freshworks Inc. (NASDAQ:FRSH)

Lisanti Capital Growth LLC lessened its holdings in Freshworks Inc. (NASDAQ:FRSH) by 34.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 297,060 shares of the company’s stock after selling 154,835 shares during the quarter. Freshworks accounts for approximately 1.6% of Lisanti Capital Growth LLC’s investment portfolio, making the stock its 12th biggest position. Lisanti Capital Growth LLC owned about 0.10% of Freshworks worth $6,978,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of Freshworks by 14.6% in the third quarter. Vanguard Group Inc. now owns 18,530,801 shares of the company’s stock valued at $369,134,000 after buying an additional 2,363,550 shares during the period. Lord Abbett & CO. LLC bought a new stake in shares of Freshworks during the 3rd quarter valued at $34,644,000. Ninety One UK Ltd acquired a new stake in shares of Freshworks during the 4th quarter worth $36,303,000. Acadian Asset Management LLC increased its position in shares of Freshworks by 511.2% in the third quarter. Acadian Asset Management LLC now owns 1,312,016 shares of the company’s stock worth $26,118,000 after purchasing an additional 1,097,369 shares during the period. Finally, FMR LLC raised its stake in Freshworks by 76.5% in the third quarter. FMR LLC now owns 2,222,907 shares of the company’s stock valued at $44,280,000 after purchasing an additional 963,426 shares in the last quarter. 75.58% of the stock is currently owned by institutional investors and hedge funds.

Freshworks Price Performance

NASDAQ FRSH traded up $0.10 on Monday, reaching $14.13. The company had a trading volume of 4,229,003 shares, compared to its average volume of 2,836,977. The firm has a market cap of $4.21 billion, a price-to-earnings ratio of -35.33 and a beta of 0.88. Freshworks Inc. has a fifty-two week low of $13.01 and a fifty-two week high of $24.98. The business has a 50 day moving average of $18.17 and a two-hundred day moving average of $19.95.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings results on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.04. The company had revenue of $160.11 million during 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%. As a group, research analysts predict that Freshworks Inc. will post -0.37 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Oppenheimer lowered shares of Freshworks from an “outperform” rating to a “market perform” rating in a report on Thursday. Robert W. Baird downgraded shares of Freshworks from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $28.00 to $16.00 in a research report on Thursday. Barclays reduced their target price on Freshworks from $20.00 to $15.00 and set an “equal weight” rating on the stock in a report on Friday. Piper Sandler decreased their price target on Freshworks from $28.00 to $22.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, Cantor Fitzgerald dropped their price objective on Freshworks from $25.00 to $19.00 and set an “overweight” rating for the company in a research report on Thursday. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $22.59.

Insider Activity

In related news, CEO Rathnagirish Mathrubootham sold 430,149 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $20.44, for a total value of $8,792,245.56. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Freshworks news, Director Jennifer H. Taylor sold 7,035 shares of the stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $18.08, for a total transaction of $127,192.80. Following the transaction, the director now directly owns 19,991 shares in the company, valued at approximately $361,437.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Rathnagirish Mathrubootham sold 430,149 shares of Freshworks stock in a transaction on Monday, February 26th. The shares were sold at an average price of $20.44, for a total transaction of $8,792,245.56. The disclosure for this sale can be found here. In the last three months, insiders have sold 460,792 shares of company stock valued at $9,408,403. 19.15% of the stock is currently owned by insiders.

Freshworks Company Profile

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.