Lisanti Capital Growth LLC Sells 154,835 Shares of Freshworks Inc. (NASDAQ:FRSH)

Lisanti Capital Growth LLC reduced its stake in Freshworks Inc. (NASDAQ:FRSH) by 34.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 297,060 shares of the company’s stock after selling 154,835 shares during the period. Freshworks comprises 1.6% of Lisanti Capital Growth LLC’s investment portfolio, making the stock its 12th largest position. Lisanti Capital Growth LLC’s holdings in Freshworks were worth $6,978,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sapient Capital LLC purchased a new position in shares of Freshworks in the fourth quarter worth $306,000. Summit Global Investments purchased a new position in shares of Freshworks in the fourth quarter valued at about $752,000. Victory Capital Management Inc. raised its stake in shares of Freshworks by 31.4% during the fourth quarter. Victory Capital Management Inc. now owns 21,308 shares of the company’s stock valued at $501,000 after acquiring an additional 5,093 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of Freshworks by 1.5% in the fourth quarter. Russell Investments Group Ltd. now owns 195,031 shares of the company’s stock worth $4,583,000 after purchasing an additional 2,918 shares during the last quarter. Finally, AlpInvest Partners B.V. increased its holdings in Freshworks by 19.4% during the 4th quarter. AlpInvest Partners B.V. now owns 69,735 shares of the company’s stock valued at $1,638,000 after purchasing an additional 11,325 shares during the period. Institutional investors own 75.58% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on FRSH shares. Robert W. Baird cut Freshworks from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $28.00 to $16.00 in a report on Thursday. Canaccord Genuity Group cut their price target on shares of Freshworks from $27.00 to $20.00 and set a “buy” rating on the stock in a report on Friday. Oppenheimer downgraded shares of Freshworks from an “outperform” rating to a “market perform” rating in a research report on Thursday. Barclays lowered their price objective on shares of Freshworks from $20.00 to $15.00 and set an “equal weight” rating for the company in a report on Friday. Finally, Piper Sandler decreased their target price on Freshworks from $28.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Freshworks has an average rating of “Moderate Buy” and an average target price of $22.59.

Freshworks Price Performance

FRSH stock traded up $0.10 during trading on Monday, hitting $14.13. 4,229,003 shares of the stock traded hands, compared to its average volume of 2,836,977. The stock 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 1 year low of $13.01 and a 1 year high of $24.98. The firm’s 50 day moving average is $18.17 and its two-hundred day moving average is $19.95.

Freshworks (NASDAQ:FRSH) last posted its quarterly earnings results on Tuesday, February 6th. The company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.04. Freshworks had a negative net margin of 18.93% and a negative return on equity of 10.66%. The firm had revenue of $160.11 million for the quarter, compared to analysts’ expectations of $158.11 million. As a group, analysts anticipate that Freshworks Inc. will post -0.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jennifer H. Taylor sold 7,035 shares of the company’s stock in a transaction 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 of the company’s stock, valued at $361,437.28. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Jennifer H. Taylor sold 7,035 shares of the business’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $18.08, for a total transaction of $127,192.80. Following the completion of the transaction, the director now directly owns 19,991 shares of the company’s stock, valued at $361,437.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Johanna Flower sold 4,800 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director now owns 23,451 shares in the company, valued at approximately $446,741.55. The disclosure for this sale can be found here. In the last quarter, insiders sold 460,792 shares of company stock valued at $9,408,403. Corporate insiders own 19.15% of the company’s stock.

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.