Bayforest Capital Ltd Acquires 2,805 Shares of Freshworks Inc. $FRSH

Bayforest Capital Ltd grew its holdings in shares of Freshworks Inc. (NASDAQ:FRSH) by 6.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,202 shares of the company’s stock after buying an additional 2,805 shares during the quarter. Bayforest Capital Ltd’s holdings in Freshworks were worth $644,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. FNY Investment Advisers LLC bought a new stake in shares of Freshworks in the 1st quarter valued at about $70,000. DekaBank Deutsche Girozentrale raised its holdings in shares of Freshworks by 91.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 5,899 shares of the company’s stock valued at $84,000 after purchasing an additional 2,814 shares during the period. Liberty Mutual Group Asset Management Inc. bought a new stake in shares of Freshworks in the 1st quarter valued at about $106,000. US Bancorp DE raised its holdings in shares of Freshworks by 671.4% in the 1st quarter. US Bancorp DE now owns 8,331 shares of the company’s stock valued at $118,000 after purchasing an additional 7,251 shares during the period. Finally, GAMMA Investing LLC raised its holdings in shares of Freshworks by 2,639.5% in the 1st quarter. GAMMA Investing LLC now owns 9,369 shares of the company’s stock valued at $132,000 after purchasing an additional 9,027 shares during the period. 75.58% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Mika Yamamoto sold 4,289 shares of the company’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $13.18, for a total transaction of $56,529.02. Following the completion of the sale, the insider owned 533,993 shares of the company’s stock, valued at approximately $7,038,027.74. This represents a 0.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Philippa Lawrence sold 2,590 shares of the company’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $12.53, for a total transaction of $32,452.70. Following the sale, the chief accounting officer directly owned 415,949 shares of the company’s stock, valued at approximately $5,211,840.97. This trade represents a 0.62% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 41,329 shares of company stock worth $534,620. Insiders own 11.17% of the company’s stock.

Freshworks Stock Performance

Shares of FRSH opened at $11.11 on Wednesday. The firm’s 50-day simple moving average is $12.64 and its 200 day simple moving average is $13.74. Freshworks Inc. has a 52 week low of $10.86 and a 52 week high of $19.77. The firm has a market cap of $3.24 billion, a P/E ratio of -61.72 and a beta of 0.91.

Freshworks (NASDAQ:FRSH) last announced its earnings results on Thursday, September 11th. The company reported $0.18 earnings per share (EPS) for the quarter. Freshworks had a negative net margin of 7.02% and a negative return on equity of 2.56%. The firm had revenue of $204.68 million for the quarter. As a group, equities analysts forecast that Freshworks Inc. will post -0.19 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Robert W. Baird dropped their target price on shares of Freshworks from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Monday, September 15th. Piper Sandler upped their target price on shares of Freshworks from $22.00 to $25.00 and gave the company an “overweight” rating in a report on Wednesday, July 30th. Zacks Research raised shares of Freshworks from a “hold” rating to a “strong-buy” rating in a report on Monday, September 29th. JMP Securities reaffirmed a “market outperform” rating and issued a $27.00 target price on shares of Freshworks in a report on Friday, September 12th. Finally, Wall Street Zen lowered shares of Freshworks from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $20.07.

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.