[ad_1]
The investor sold 275,000 shares of Freshworks during the quarter and currently holds a little over 4% stake worth $221 million in the California-based company.
Freshworks’ shares last traded at $16.54 on Thursday – 34% lower than the company’s 52-week high price of $24.97.
During the September quarter, while Westbridge Capital Management reduced its stake in the company, several marquee investors such as Vanguard Group and Blackrock increased their exposure to Freshworks.
Vanguard is Freshworks’ largest institutional shareholder, followed by Blackrock, Peak XV Partners and Westbridge Capital Management.
Westbridge Capital is an India-focused fund, which invests in both public and private companies. Its portfolio includes unicorns such as Meesho, Rapido and PhysicsWallah, in addition to public companies such as HDFC Bank, ICICI Bank and ZScaler.
Discover the stories of your interest
Earlier this month, Freshworks laid off 13% of its workforce, impacting around 660 employees globally, as part of its efforts to streamline operations.The company also announced that it plans to conduct a $400 million share buyback programme.
In the July-September period, Freshworks saw its total revenue increase by 22% to $186.6 million, compared to $153.6 million in the third quarter of 2023.
The company expects to clock between $187.8 million and $190.8 million in revenue for the fourth quarter. It expects a 20% growth for the full year, with total revenue projected to reach between $713 million and $716.6 million.
Following Freshworks’ announcement of the layoffs and share buyback programme on November 6, its shares surged.
Currently, the company has a market capitalisation of $5 billion.
Freshworks, founded in 2010, primarily targets small and medium businesses with its customer relationship management (CRM) software. The Chennai and San Mateo, California-headquartered SaaS firm serves more than 68,000 customers, including American Express, Bridgestone, Databricks, Fila, Nucor and Sony.
[ad_2]
Source link
