Altimeter Capital Management LP Cuts Holdings in Confluent, Inc. (NASDAQ:CFLT)

Altimeter Capital Management LP decreased its stake in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 13.8% during the 4th quarter, according to its most recent Form 13F filing 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 comprises about 5.9% of Altimeter Capital Management LP's investment portfolio, making the stock its 6th biggest holding. Altimeter Capital Management LP owned about 3.58% of Confluent worth $328,429,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Commonwealth Equity Services LLC lifted its position in Confluent by 4.1% in the 4th quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company's stock valued at $323,000 after purchasing an additional 458 shares during the last quarter. Truist Financial Corp increased its holdings in shares of Confluent by 2.5% during the fourth quarter. Truist Financial Corp now owns 21,081 shares of the company's stock valued at $589,000 after purchasing an additional 514 shares during the period. Sit Investment Associates Inc. raised its stake in shares of Confluent by 0.5% during the fourth quarter. Sit Investment Associates Inc. now owns 124,623 shares of the company's stock valued at $3,484,000 after purchasing an additional 680 shares in the last quarter. Treasurer of the State of North Carolina lifted its holdings in Confluent by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 108,859 shares of the company's stock worth $3,044,000 after purchasing an additional 680 shares during the period. Finally, Credit Industriel ET Commercial bought a new position in Confluent in the 4th quarter valued at about $28,000. 78.09% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Oppenheimer dropped their price target on Confluent from $35.00 to $32.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. DA Davidson reduced their target price on Confluent from $42.00 to $28.00 and set a "buy" rating for the company in a report on Thursday, May 1st. UBS Group dropped their price target on Confluent from $38.00 to $30.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Scotiabank decreased their target price on shares of Confluent from $35.00 to $24.00 and set a "sector perform" rating for the company in a report on Thursday, April 24th. Finally, Canaccord Genuity Group cut their price target on shares of Confluent from $38.00 to $32.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. One equities 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 issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $30.28.

Insider Buying and Selling at Confluent

In other news, insider Erica Schultz sold 150,000 shares of the company's stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $35.82, for a total value of $5,373,000.00. Following the completion of the sale, the insider now directly owns 678,016 shares of the company's stock, valued at $24,286,533.12. This represents a 18.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $32.33, for a total transaction of $7,516,725.00. Following the transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at $14,628,937.04. The trade was a 33.94 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,260,746 shares of company stock valued at $39,702,750. 13.82% of the stock is currently owned by corporate insiders.

Confluent Stock Performance

Shares of NASDAQ CFLT traded up $0.72 during trading hours on Thursday, hitting $21.15. 2,637,166 shares of the company's stock were exchanged, compared to its average volume of 4,725,747. The company's 50-day moving average price is $23.76 and its 200-day moving average price is $27.33. 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 $7.06 billion, a price-to-earnings ratio of -19.58 and a beta of 1.02. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24.

Confluent (NASDAQ:CFLT - Get Free Report) last issued its quarterly 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 company had revenue of $271.12 million during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the previous year, the company earned $0.05 earnings per share. On average, sell-side analysts expect that Confluent, Inc. will post -0.83 earnings per share 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.