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 position in shares of Freshworks Inc. (NASDAQ:FRSH - Free Report) by 198.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 40,397 shares of the company's stock after purchasing an additional 26,876 shares during the period. Bayforest Capital Ltd's holdings in Freshworks were worth $570,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. National Bank of Canada FI lifted its holdings in Freshworks by 1,385.8% during the 4th quarter. National Bank of Canada FI now owns 3,967 shares of the company's stock worth $64,000 after purchasing an additional 3,700 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in shares of Freshworks in the 1st quarter worth approximately $70,000. Covestor Ltd lifted its stake in Freshworks by 30.2% in the fourth quarter. Covestor Ltd now owns 4,686 shares of the company's stock worth $76,000 after purchasing an additional 1,087 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in Freshworks by 91.2% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 5,899 shares of the company's stock valued at $84,000 after acquiring an additional 2,814 shares during the period. Finally, Quarry LP grew its holdings in shares of Freshworks by 47.8% in the fourth quarter. Quarry LP now owns 5,410 shares of the company's stock worth $87,000 after purchasing an additional 1,750 shares during the last quarter. Hedge funds and other institutional investors own 75.58% of the company's stock.

Insider Buying and Selling

In related news, Director Jennifer H. Taylor sold 7,558 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $15.13, for a total value of $114,352.54. Following the completion of the transaction, the director owned 44,218 shares in the company, valued at $669,018.34. This represents a 14.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Barry L. Padgett sold 7,558 shares of the company's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $15.14, for a total value of $114,428.12. Following the completion of the transaction, the director directly owned 32,635 shares in the company, valued at $494,093.90. This represents a 18.80% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 194,068 shares of company stock worth $3,042,986. 11.17% of the stock is currently owned by insiders.

Freshworks Price Performance

FRSH stock traded up $0.35 during mid-day trading on Monday, reaching $13.03. The company had a trading volume of 3,705,256 shares, compared to its average volume of 3,620,937. 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 $3.84 billion, a PE ratio of -72.36 and a beta of 0.94. The firm has a 50 day moving average of $14.79 and a 200 day moving average of $15.27.

Freshworks (NASDAQ:FRSH - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $0.18 EPS for the quarter, topping analysts' consensus estimates of $0.12 by $0.06. The firm had revenue of $204.68 million for the quarter, compared to analyst estimates of $198.85 million. Freshworks had a negative net margin of 7.02% and a negative return on equity of 2.56%. The firm's revenue was up 19.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.08 EPS. Analysts anticipate that Freshworks Inc. will post -0.19 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on FRSH. Wells Fargo & Company boosted their price target on Freshworks from $11.00 to $12.00 and gave the company an "underweight" rating in a report on Wednesday, April 30th. Piper Sandler set a $25.00 price objective on Freshworks and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Oppenheimer cut their target price on shares of Freshworks from $24.00 to $19.00 and set an "outperform" rating for the company in a research report on Wednesday, April 9th. Morgan Stanley raised their price objective on Freshworks from $14.00 to $18.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 1st. Finally, 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. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $20.29.

Freshworks Company Profile

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.