Bayesian Capital Management LP Grows Stock Holdings in Confluent, Inc. (NASDAQ:CFLT)

Bayesian Capital Management LP lifted its position in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 104.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 113,643 shares of the company's stock after purchasing an additional 58,100 shares during the period. Bayesian Capital Management LP's holdings in Confluent were worth $3,177,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CFLT. Norges Bank purchased a new stake in shares of Confluent during the fourth quarter valued at approximately $81,092,000. Pictet Asset Management Holding SA grew its stake in Confluent by 7,342.2% in the 4th quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company's stock valued at $65,748,000 after purchasing an additional 2,319,919 shares during the period. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Confluent during the 4th quarter valued at $64,658,000. MIG Capital LLC bought a new stake in shares of Confluent during the 4th quarter worth $27,007,000. Finally, Greenhouse Funds LLLP boosted its holdings in shares of Confluent by 102.2% in the 4th quarter. Greenhouse Funds LLLP now owns 1,820,446 shares of the company's stock worth $50,900,000 after buying an additional 919,997 shares during the last quarter. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Confluent Stock Down 2.0 %

Shares of NASDAQ:CFLT traded down $0.43 during trading on Friday, reaching $20.55. 3,456,907 shares of the stock traded hands, compared to its average volume of 4,700,023. The stock has a market cap of $6.86 billion, a P/E ratio of -19.03 and a beta of 1.02. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99. The stock has a 50-day moving average of $23.59 and a two-hundred day moving average of $27.32. Confluent, Inc. has a 52-week low of $17.79 and a 52-week high of $37.90.

Confluent (NASDAQ:CFLT - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.07 by $0.01. The firm had revenue of $271.12 million for the quarter, compared to the consensus estimate of $264.45 million. Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. The company's quarterly revenue was up 24.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.05 earnings per share. As a group, sell-side analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Piper Sandler decreased their price objective on shares of Confluent from $40.00 to $32.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Wells Fargo & Company lowered their price target on shares of Confluent from $32.00 to $30.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Raymond James assumed coverage on Confluent in a report on Friday, April 11th. They set an "outperform" rating and a $30.00 price objective for the company. Oppenheimer lowered their target price on Confluent from $35.00 to $32.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. Finally, DA Davidson cut their price target on Confluent from $42.00 to $28.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $30.11.

Insider Transactions at Confluent

In related news, CFO Rohan Sivaram sold 68,350 shares of the company's stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $36.23, for a total transaction of $2,476,320.50. Following the completion of the transaction, the chief financial officer now owns 520,273 shares in the company, valued at approximately $18,849,490.79. This represents a 11.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Neha Narkhede sold 60,000 shares of Confluent stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $19.96, for a total transaction of $1,197,600.00. Following the completion of the sale, the director now owns 20,247 shares in the company, valued at approximately $404,130.12. This represents a 74.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,260,746 shares of company stock worth $39,702,750 in the last ninety days. Insiders own 13.82% of the company's stock.

About Confluent

Confluent, Inc operates a data streaming platform in the United States and internationally. The company provides platforms that allow customers to connect their applications, systems, and data layers, such as Confluent Cloud, a managed cloud-native software-as-a-service; and Confluent Platform, an enterprise-grade self-managed software.