Crestline Management LP Makes New $3.18 Million Investment in Confluent, Inc. (NASDAQ:CFLT)

Crestline Management LP bought a new stake in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 113,777 shares of the company's stock, valued at approximately $3,181,000.

Several other hedge funds and other institutional investors have also made changes to their positions in CFLT. Credit Industriel ET Commercial acquired a new position in Confluent in the 4th quarter valued at $28,000. Blue Trust Inc. lifted its stake in shares of Confluent by 354.0% in the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company's stock worth $58,000 after buying an additional 1,607 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in Confluent during the fourth quarter worth about $59,000. GAMMA Investing LLC grew its stake in Confluent by 85.3% during the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company's stock valued at $69,000 after acquiring an additional 1,136 shares in the last quarter. Finally, AlphaQuest LLC raised its holdings in Confluent by 22,112.5% in the 4th quarter. AlphaQuest LLC now owns 3,554 shares of the company's stock valued at $99,000 after acquiring an additional 3,538 shares during the last quarter. Hedge funds and other institutional investors own 78.09% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Stifel Nicolaus cut their price target on Confluent from $40.00 to $30.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Canaccord Genuity Group cut their price objective on shares of Confluent from $38.00 to $32.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Evercore ISI decreased their target price on shares of Confluent from $29.00 to $28.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. Morgan Stanley reduced their price target on shares of Confluent from $32.00 to $25.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. Finally, Needham & Company LLC reduced their target price on Confluent from $40.00 to $26.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Confluent presently has an average rating of "Moderate Buy" and an average price target of $30.11.

Insider Activity at Confluent

In other news, CFO Rohan Sivaram sold 68,350 shares of the company's stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $36.23, for a total value of $2,476,320.50. Following the completion of the sale, the chief financial officer now directly owns 520,273 shares of the company's stock, 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Neha Narkhede sold 60,000 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $19.96, for a total value of $1,197,600.00. Following the transaction, the director now directly owns 20,247 shares in the company, valued at approximately $404,130.12. This represents a 74.77% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,260,746 shares of company stock worth $39,702,750 in the last 90 days. 9.20% of the stock is owned by insiders.

Confluent Stock Performance

CFLT traded up $0.70 on Tuesday, reaching $23.04. The company had a trading volume of 1,648,219 shares, compared to its average volume of 4,708,653. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $37.90. The stock has a market capitalization of $7.84 billion, a PE ratio of -21.33 and a beta of 1.02. The stock has a 50-day moving average price of $23.21 and a 200-day moving average price of $27.39.

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

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.