Bayesian Capital Management LP Purchases New Position in Freshworks Inc. (NASDAQ:FRSH)

Bayesian Capital Management LP purchased a new stake in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 82,307 shares of the company's stock, valued at approximately $1,331,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership purchased a new position in Freshworks during the fourth quarter valued at approximately $61,530,000. Norges Bank purchased a new stake in shares of Freshworks during the 4th quarter valued at about $57,527,000. Fuller & Thaler Asset Management Inc. purchased a new position in shares of Freshworks in the 4th quarter worth approximately $49,946,000. Topline Capital Management LLC bought a new position in Freshworks during the fourth quarter valued at $27,166,000. Finally, Vanguard Group Inc. raised its holdings in shares of Freshworks by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 25,063,879 shares of the company's stock worth $405,283,000 after buying an additional 1,357,526 shares during the period. 75.58% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Zachary Nelson sold 8,433 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $16.72, for a total transaction of $140,999.76. Following the completion of the transaction, the director now directly owns 24,187 shares in the company, valued at $404,406.64. This trade represents a 25.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Johanna Flower sold 1,450 shares of the business's stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $18.01, for a total value of $26,114.50. Following the completion of the sale, the director now owns 41,491 shares in the company, valued at $747,252.91. This represents a 3.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 29,883 shares of company stock valued at $464,113 in the last 90 days. Company insiders own 19.15% of the company's stock.

Freshworks Stock Performance

Shares of FRSH stock traded up $0.51 during trading hours on Thursday, reaching $14.73. The company had a trading volume of 2,607,611 shares, compared to its average volume of 3,278,919. Freshworks Inc. has a 12-month low of $10.81 and a 12-month high of $19.77. The company has a market capitalization of $4.44 billion, a price-to-earnings ratio of -46.03 and a beta of 0.97. The stock has a fifty day moving average of $14.15 and a 200-day moving average of $15.48.

Freshworks (NASDAQ:FRSH - Get Free Report) last issued its earnings results on Tuesday, April 29th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.13 by $0.05. The business had revenue of $196.27 million during the quarter, compared to the consensus estimate of $191.90 million. Freshworks had a negative return on equity of 6.63% and a negative net margin of 13.24%. The company's revenue for the quarter was up 18.9% on a year-over-year basis. During the same period last year, the company earned $0.10 EPS. On average, analysts forecast that Freshworks Inc. will post -0.19 EPS for the current year.

Analyst Ratings Changes

FRSH has been the subject of several research reports. Wells Fargo & Company upped their target price on Freshworks from $11.00 to $12.00 and gave the stock an "underweight" rating in a report on Wednesday, April 30th. Scotiabank upped their target price on Freshworks from $14.00 to $18.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 30th. Cantor Fitzgerald increased their price objective on shares of Freshworks from $18.00 to $22.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 12th. Piper Sandler reaffirmed an "overweight" rating and issued a $22.00 price objective (up previously from $20.00) on shares of Freshworks in a report on Wednesday, April 30th. Finally, Jefferies Financial Group lowered their target price on shares of Freshworks from $22.00 to $20.00 and set a "hold" rating on the stock in a research note on Monday, March 31st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $20.21.

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.