Trexquant Investment LP boosted its holdings in shares of Confluent, Inc. (NASDAQ:CFLT – Get Rating) by 128.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 43,514 shares of the company’s stock after buying an additional 24,493 shares during the quarter. Trexquant Investment LP’s holdings in Confluent were worth $1,034,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its holdings in shares of Confluent by 720.4% in the 1st quarter. Bank of New York Mellon Corp now owns 272,441 shares of the company’s stock valued at $11,170,000 after purchasing an additional 239,232 shares in the last quarter. Bank of Montreal Can raised its holdings in shares of Confluent by 3,176.6% in the 1st quarter. Bank of Montreal Can now owns 149,968 shares of the company’s stock valued at $6,215,000 after purchasing an additional 145,391 shares in the last quarter. Great West Life Assurance Co. Can acquired a new stake in shares of Confluent in the 1st quarter valued at $5,322,000. Dimensional Fund Advisors LP acquired a new stake in shares of Confluent in the 1st quarter valued at $507,000. Finally, Blair William & Co. IL raised its holdings in shares of Confluent by 13.1% in the 1st quarter. Blair William & Co. IL now owns 19,335 shares of the company’s stock valued at $793,000 after purchasing an additional 2,235 shares in the last quarter. 40.66% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company reduced their price objective on shares of Confluent from $40.00 to $36.00 and set an “overweight” rating on the stock in a report on Friday, January 6th. Credit Suisse Group reiterated an “outperform” rating and set a $31.00 price target on shares of Confluent in a research note on Monday, March 6th. Truist Financial cut their price target on shares of Confluent from $35.00 to $30.00 in a research note on Monday, January 9th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Confluent from $28.00 to $29.00 in a research note on Tuesday, January 31st. Finally, JMP Securities cut their price target on shares of Confluent from $45.00 to $33.00 and set a “market outperform” rating on the stock in a research note on Friday, January 27th. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $30.74.
Confluent Stock Up 1.7 %
Shares of NASDAQ:CFLT opened at $22.16 on Tuesday. The company has a market cap of $6.45 billion, a price-to-earnings ratio of -13.76 and a beta of 0.98. The firm’s 50-day simple moving average is $23.49 and its 200-day simple moving average is $23.66. The company has a quick ratio of 5.18, a current ratio of 5.18 and a debt-to-equity ratio of 1.41. Confluent, Inc. has a fifty-two week low of $16.48 and a fifty-two week high of $44.97.
Confluent (NASDAQ:CFLT – Get Rating) last issued its earnings results on Monday, January 30th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.06. The business had revenue of $168.70 million for the quarter, compared to the consensus estimate of $162.53 million. Confluent had a negative net margin of 77.24% and a negative return on equity of 55.61%. The business’s quarterly revenue was up 40.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.43) earnings per share. As a group, equities research analysts predict that Confluent, Inc. will post -1.2 earnings per share for the current year.
Insider Buying and Selling
In other Confluent news, major shareholder Ventures Vii (Jersey) L. Index sold 644,814 shares of Confluent stock in a transaction dated Thursday, February 2nd. The shares were sold at an average price of $26.93, for a total transaction of $17,364,841.02. Following the completion of the transaction, the insider now owns 108,230 shares in the company, valued at $2,914,633.90. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Confluent news, CMO Stephanie Buscemi sold 53,223 shares of the business’s stock in a transaction that occurred on Tuesday, February 14th. The shares were sold at an average price of $27.82, for a total transaction of $1,480,663.86. Following the completion of the sale, the chief marketing officer now directly owns 40,057 shares in the company, valued at $1,114,385.74. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Ventures Vii (Jersey) L. Index sold 644,814 shares of the business’s stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $26.93, for a total transaction of $17,364,841.02. Following the sale, the insider now owns 108,230 shares of the company’s stock, valued at $2,914,633.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,692,183 shares of company stock valued at $44,076,372. Corporate insiders own 27.94% of the company’s stock.
Confluent Company Profile
Confluent, Inc operates a data streaming platform in the United States and internationally. It offers Confluent Cloud, a managed cloud-native service for connecting and processing data; and Confluent Platform, an enterprise-grade self-managed software that connects and processes data in real-time with the foundational platform for data in motion.
