Bayesian Capital Management LP Has $1.32 Million Stock Position in Freshworks Inc. (NASDAQ:FRSH)

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

Several other large investors have also recently added to or reduced their stakes in FRSH. Capital International Investors acquired a new position in shares of Freshworks in the 1st quarter worth approximately $59,311,000. Clearbridge Investments LLC raised its holdings in shares of Freshworks by 107.4% in the 1st quarter. Clearbridge Investments LLC now owns 4,050,733 shares of the company’s stock worth $73,764,000 after buying an additional 2,097,280 shares in the last quarter. Norges Bank acquired a new position in shares of Freshworks in the 4th quarter worth approximately $44,919,000. Ninety One UK Ltd acquired a new position in shares of Freshworks in the 4th quarter worth approximately $36,303,000. Finally, Vanguard Group Inc. raised its holdings in shares of Freshworks by 6.8% in the 1st quarter. Vanguard Group Inc. now owns 21,171,044 shares of the company’s stock worth $385,525,000 after buying an additional 1,354,530 shares in the last quarter. Institutional investors and hedge funds own 75.58% of the company’s stock.

Insider Transactions at Freshworks

In other news, Director Jennifer H. Taylor sold 4,685 shares of the firm’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $12.28, for a total value of $57,531.80. Following the transaction, the director now directly owns 35,853 shares in the company, valued at approximately $440,274.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Freshworks news, Director Jennifer H. Taylor sold 4,685 shares of Freshworks stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $12.28, for a total transaction of $57,531.80. Following the transaction, the director now directly owns 35,853 shares in the company, valued at $440,274.84. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Barry L. Padgett sold 5,546 shares of Freshworks stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $12.77, for a total value of $70,822.42. Following the completion of the sale, the director now directly owns 26,957 shares in the company, valued at approximately $344,240.89. The disclosure for this sale can be found here. Insiders have sold 34,296 shares of company stock worth $443,630 in the last three months. Insiders own 19.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FRSH. Canaccord Genuity Group dropped their target price on Freshworks from $20.00 to $17.00 and set a “buy” rating for the company in a report on Wednesday, July 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Freshworks in a report on Wednesday. Robert W. Baird cut Freshworks from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $28.00 to $16.00 in a report on Thursday, May 2nd. Jefferies Financial Group dropped their price target on Freshworks from $25.00 to $20.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Morgan Stanley dropped their price target on Freshworks from $22.00 to $18.00 and set an “equal weight” rating for the company in a report on Thursday, May 2nd. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $20.94.

Freshworks Stock Down 2.5 %

NASDAQ:FRSH opened at $12.95 on Wednesday. Freshworks Inc. has a 12-month low of $11.90 and a 12-month high of $24.98. The firm has a market capitalization of $3.87 billion, a P/E ratio of -35.00 and a beta of 0.74. The stock’s fifty day simple moving average is $12.87 and its 200-day simple moving average is $16.73.

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

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.