Bayforest Capital Ltd Acquires 26,876 Shares of Freshworks Inc. (NASDAQ:FRSH)

Key Points

• Bayforest Capital Ltd increased its holdings in Freshworks Inc. by 198.8%, acquiring an additional 26,876 shares during the first quarter, bringing its total to 40,397 shares valued at $570,000.
• Several large investors, including Vanguard Group Inc. and Eminence Capital LP, also increased their stakes in Freshworks, which now has 75.58% of its stock owned by institutional investors.
• Freshworks reported a quarterly revenue of $204.68 million, exceeding estimates, and a positive EPS of $0.18, compared to $0.12 expected, demonstrating a 19.6% increase year-over-year.

Bayforest Capital Ltd lifted its holdings in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 198.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,397 shares of the company's stock after buying an additional 26,876 shares during the quarter. Bayforest Capital Ltd's holdings in Freshworks were worth $570,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. XTX Topco Ltd grew its position in shares of Freshworks by 349.6% during the 1st quarter. XTX Topco Ltd now owns 133,483 shares of the company's stock worth $1,883,000 after buying an additional 103,794 shares during the period. Federated Hermes Inc. grew its holdings in Freshworks by 5.4% during the first quarter. Federated Hermes Inc. now owns 41,059 shares of the company's stock valued at $579,000 after purchasing an additional 2,098 shares during the period. Picton Mahoney Asset Management bought a new stake in Freshworks in the first quarter valued at approximately $175,000. Mackenzie Financial Corp increased its stake in Freshworks by 291.9% in the first quarter. Mackenzie Financial Corp now owns 51,521 shares of the company's stock valued at $727,000 after purchasing an additional 38,373 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Freshworks by 15.6% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 56,698 shares of the company's stock valued at $800,000 after purchasing an additional 7,642 shares in the last quarter. Institutional investors and hedge funds own 75.58% of the company's stock.

Freshworks Price Performance

Shares of Freshworks stock traded down $0.31 on Friday, hitting $12.68. The company had a trading volume of 7,737,112 shares, compared to its average volume of 5,189,084. The firm has a market capitalization of $3.74 billion, a P/E ratio of -70.44 and a beta of 0.95. Freshworks Inc. has a twelve month low of $10.81 and a twelve month high of $19.77. The stock has a 50-day moving average of $14.79 and a 200-day moving average of $15.29.

Freshworks (NASDAQ:FRSH - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.06. The company had revenue of $204.68 million during the quarter, compared to analysts' expectations of $198.85 million. Freshworks had a negative net margin of 7.02% and a negative return on equity of 2.56%. The business's quarterly revenue was up 19.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.08 earnings per share. Equities analysts predict that Freshworks Inc. will post -0.19 EPS for the current year.

Analyst Upgrades and Downgrades

FRSH has been the subject of several recent analyst reports. Cantor Fitzgerald raised shares of Freshworks to an "overweight" rating and set a $20.00 target price for the company in a research note on Tuesday, June 3rd. Oppenheimer lowered their target price on shares of Freshworks from $24.00 to $19.00 and set an "outperform" rating for the company in a research note on Wednesday, April 9th. Morgan Stanley upped their target price on shares of Freshworks from $14.00 to $18.00 and gave the company an "equal weight" rating in a research note on Thursday, May 1st. Wall Street Zen raised shares of Freshworks from a "buy" rating to a "strong-buy" rating in a research note on Sunday, June 29th. Finally, Piper Sandler set a $25.00 target price on shares of Freshworks and gave the company an "overweight" rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $20.29.

Insiders Place Their Bets

In other news, Director Zachary Nelson sold 8,433 shares of the business's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $14.80, for a total value of $124,808.40. Following the sale, the director owned 38,870 shares of the company's stock, valued at $575,276. The trade was a 17.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Johanna Flower sold 8,000 shares of the business's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $14.80, for a total transaction of $118,400.00. Following the completion of the sale, the director directly owned 48,094 shares in the company, valued at approximately $711,791.20. This represents a 14.26% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 197,642 shares of company stock valued at $3,095,380 over the last 90 days. 11.17% of the stock is currently owned by company insiders.

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.