Altimeter Capital Management LP Sells 1,880,094 Shares of Confluent, Inc. (NASDAQ:CFLT)

Altimeter Capital Management LP decreased its holdings in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 13.8% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 11,746,370 shares of the company's stock after selling 1,880,094 shares during the period. Confluent makes up approximately 5.9% of Altimeter Capital Management LP's investment portfolio, making the stock its 6th largest holding. Altimeter Capital Management LP owned 3.58% of Confluent worth $328,429,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Credit Industriel ET Commercial purchased a new stake in shares of Confluent in the 4th quarter valued at $28,000. Blue Trust Inc. grew its position in Confluent by 354.0% during the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company's stock worth $58,000 after purchasing an additional 1,607 shares during the period. SBI Securities Co. Ltd. acquired a new position in shares of Confluent in the 4th quarter valued at about $59,000. GAMMA Investing LLC boosted its position in Confluent by 85.3% in the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company's stock worth $69,000 after purchasing an additional 1,136 shares in the last quarter. Finally, AlphaQuest LLC grew its stake in shares of Confluent by 22,112.5% during the 4th quarter. AlphaQuest LLC now owns 3,554 shares of the company's stock worth $99,000 after purchasing an additional 3,538 shares during the period. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Confluent Stock Down 0.1 %

Shares of NASDAQ CFLT traded down $0.01 during mid-day trading on Tuesday, reaching $19.74. The company had a trading volume of 5,828,958 shares, compared to its average volume of 4,729,301. The firm has a 50 day simple moving average of $24.23 and a two-hundred day simple moving average of $27.43. Confluent, Inc. has a 52-week low of $17.79 and a 52-week high of $37.90. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14. The stock has a market cap of $6.59 billion, a P/E ratio of -18.27 and a beta of 1.02.

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

Insider Activity

In related news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $32.33, for a total transaction of $7,516,725.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares in the company, valued at $14,628,937.04. This represents a 33.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Kong Phan sold 2,178 shares of Confluent stock in a transaction on Friday, February 21st. The shares were sold at an average price of $31.58, for a total transaction of $68,781.24. Following the completion of the transaction, the chief accounting officer now owns 177,415 shares in the company, valued at approximately $5,602,765.70. This represents a 1.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,260,746 shares of company stock valued at $39,702,750. 13.82% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

CFLT has been the topic of several recent analyst reports. Robert W. Baird lowered their target price on shares of Confluent from $37.00 to $24.00 and set a "neutral" rating on the stock in a research note on Thursday, May 1st. DA Davidson cut their price objective on shares of Confluent from $42.00 to $28.00 and set a "buy" rating for the company in a report on Thursday, May 1st. UBS Group lowered their price objective on Confluent from $38.00 to $30.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Bank of America lifted their target price on Confluent from $26.00 to $31.00 and gave the company an "underperform" rating in a research report on Wednesday, February 12th. Finally, TD Securities lowered their price target on Confluent from $34.00 to $32.00 and set a "buy" rating for the company in a report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $30.28.

Confluent Profile

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.