Bayesian Capital Management LP Buys 32,900 Shares of Freshworks Inc. (NASDAQ:FRSH)

Bayesian Capital Management LP lifted its stake in shares of Freshworks Inc. (NASDAQ:FRSH) by 83.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,507 shares of the company’s stock after purchasing an additional 32,900 shares during the quarter. Bayesian Capital Management LP’s holdings in Freshworks were worth $1,320,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in FRSH. Charles Schwab Investment Management Inc. increased its stake in Freshworks by 5.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,304,325 shares of the company’s stock valued at $30,639,000 after buying an additional 67,254 shares during the last quarter. Vanguard Group Inc. increased its stake in Freshworks by 6.8% in the 1st quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock valued at $385,525,000 after buying an additional 1,354,530 shares during the last quarter. FACT Capital LP increased its stake in Freshworks by 9.3% in the 4th quarter. FACT Capital LP now owns 764,373 shares of the company’s stock valued at $17,955,000 after buying an additional 64,957 shares during the last quarter. Norges Bank purchased a new stake in Freshworks in the 4th quarter valued at about $44,919,000. Finally, ProShare Advisors LLC increased its stake in Freshworks by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 29,127 shares of the company’s stock valued at $530,000 after buying an additional 2,293 shares during the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on FRSH shares. StockNews.com lowered shares of Freshworks from a “buy” rating to a “hold” rating in a research note on Saturday, June 22nd. Needham & Company LLC restated a “buy” rating and set a $20.00 price target on shares of Freshworks in a research note on Wednesday. JMP Securities decreased their price target on shares of Freshworks from $29.00 to $21.00 and set a “market outperform” rating for the company in a research note on Thursday, May 2nd. Cantor Fitzgerald decreased their price target on shares of Freshworks from $25.00 to $19.00 and set an “overweight” rating for the company in a research note on Thursday, May 2nd. Finally, Piper Sandler cut their price objective on shares of Freshworks from $22.00 to $17.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $20.94.

Insider Buying and Selling

In related news, Director Jennifer H. Taylor sold 4,685 shares of Freshworks stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $12.28, for a total value of $57,531.80. Following the transaction, the director now owns 35,853 shares in the company, valued at approximately $440,274.84. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Freshworks news, Director Jennifer H. Taylor sold 7,028 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $13.74, for a total value of $96,564.72. Following the transaction, the director now owns 19,991 shares in the company, valued at $274,676.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jennifer H. Taylor sold 4,685 shares of the business’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $12.28, for a total transaction of $57,531.80. Following the completion of the transaction, the director now owns 35,853 shares in the company, valued at approximately $440,274.84. The disclosure for this sale can be found here. Insiders have sold a total of 34,296 shares of company stock worth $443,630 in the last 90 days. 19.15% of the stock is owned by company insiders.

Freshworks Stock Performance

NASDAQ FRSH opened at $12.95 on Wednesday. Freshworks Inc. has a 52-week low of $11.90 and a 52-week high of $24.98. The company has a market capitalization of $3.87 billion, a P/E ratio of -35.00 and a beta of 0.74. The company has a fifty day moving average of $12.87 and a 200-day moving average of $16.73.

Freshworks (NASDAQ:FRSH) last issued its earnings results on Wednesday, May 1st. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. The company had revenue of $165.14 million for the quarter, compared to analysts’ expectations of $163.53 million. Freshworks had a negative net margin of 18.93% and a negative return on equity of 10.66%. As a group, analysts forecast that Freshworks Inc. will post -0.34 EPS for the current fiscal year.

About Freshworks

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.