Westbridge Capital trims stake in SaaS firm Freshworks by 2%
Westbridge Capital Management offloaded 2% of its holding in Nasdaq-listed software-as-a-service (SaaS) firm Freshworks during the July-September period, according to a filing made with the US Securities and Exchange Commission (SEC).
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.
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