Eminence Capital LP Buys 2,074,641 Shares of Freshworks Inc. $FRSH

Eminence Capital LP boosted its stake in shares of Freshworks Inc. (NASDAQ:FRSH) by 39.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,334,601 shares of the company’s stock after buying an additional 2,074,641 shares during the quarter. Eminence Capital LP owned approximately 2.52% of Freshworks worth $109,359,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of Freshworks during the second quarter worth approximately $25,000. EverSource Wealth Advisors LLC grew its stake in Freshworks by 427.6% in the second quarter. EverSource Wealth Advisors LLC now owns 4,479 shares of the company’s stock worth $67,000 after purchasing an additional 3,630 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in Freshworks by 55.1% in the second quarter. Nisa Investment Advisors LLC now owns 6,064 shares of the company’s stock worth $90,000 after purchasing an additional 2,155 shares in the last quarter. US Bancorp DE increased its holdings in Freshworks by 671.4% during the 1st quarter. US Bancorp DE now owns 8,331 shares of the company’s stock worth $118,000 after purchasing an additional 7,251 shares during the period. Finally, Perbak Capital Partners LLP bought a new stake in Freshworks during the 1st quarter valued at $147,000. 75.58% of the stock is owned by hedge funds and other institutional investors.

Freshworks Stock Performance

Shares of Freshworks stock opened at $13.15 on Friday. The company has a market capitalization of $3.71 billion, a PE ratio of -131.49 and a beta of 0.89. The company has a 50-day simple moving average of $11.70 and a two-hundred day simple moving average of $13.12. Freshworks Inc. has a one year low of $10.51 and a one year high of $19.77.

Freshworks (NASDAQ:FRSH) last released its quarterly earnings results on Thursday, September 11th. The company reported $0.18 earnings per share for the quarter. Freshworks had a negative net margin of 3.65% and a negative return on equity of 0.37%. The business had revenue of $204.68 million for the quarter. On average, equities analysts predict that Freshworks Inc. will post -0.19 earnings per share for the current fiscal year.

Analyst Ratings Changes

FRSH has been the topic of a number of recent research reports. Needham & Company LLC reissued a “buy” rating and set a $25.00 price target on shares of Freshworks in a research report on Friday, September 12th. Wall Street Zen raised shares of Freshworks from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 8th. JMP Securities reiterated a “market outperform” rating and set a $27.00 target price on shares of Freshworks in a report on Friday, September 12th. Morgan Stanley cut their target price on shares of Freshworks from $18.00 to $16.00 and set an “equal weight” rating on the stock in a research report on Friday, September 12th. Finally, Piper Sandler lowered their price target on shares of Freshworks from $25.00 to $20.00 and set an “overweight” rating for the company in a research report on Friday, November 7th. Seven equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $19.23.

Insider Activity

In other news, CEO Dennis Woodside purchased 176,100 shares of the business’s stock in a transaction on Monday, November 10th. The shares were acquired at an average cost of $11.31 per share, with a total value of $1,991,691.00. Following the completion of the acquisition, the chief executive officer owned 2,111,517 shares of the company’s stock, valued at $23,881,257.27. This trade represents a 9.10% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Mika Yamamoto sold 15,012 shares of the stock in a transaction on Friday, December 5th. The shares were sold at an average price of $13.00, for a total value of $195,156.00. Following the sale, the insider owned 490,350 shares of the company’s stock, valued at approximately $6,374,550. This represents a 2.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 24,958 shares of company stock valued at $315,787 in the last ninety days. 11.17% of the stock is currently owned by insiders.

Freshworks 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.