Confluent, Inc. (NASDAQ:CFLT) Shares Purchased by AQR Capital Management LLC

AQR Capital Management LLC grew its position in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 756.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 325,539 shares of the company's stock after acquiring an additional 287,519 shares during the period. AQR Capital Management LLC owned about 0.10% of Confluent worth $9,102,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of CFLT. Commonwealth Equity Services LLC boosted its position in shares of Confluent by 4.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company's stock worth $323,000 after purchasing an additional 458 shares during the period. Truist Financial Corp lifted its stake in Confluent by 2.5% during the 4th quarter. Truist Financial Corp now owns 21,081 shares of the company's stock worth $589,000 after acquiring an additional 514 shares in the last quarter. Sit Investment Associates Inc. lifted its position 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 worth $3,484,000 after purchasing an additional 680 shares in the last quarter. Treasurer of the State of North Carolina increased its position in shares of Confluent by 0.6% during 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 acquiring an additional 680 shares during the period. Finally, Credit Industriel ET Commercial purchased a new position in Confluent in the fourth quarter valued at $28,000. 78.09% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on CFLT shares. Bank of America upped their price target on Confluent from $26.00 to $31.00 and gave the stock an "underperform" rating in a report on Wednesday, February 12th. UBS Group reduced their target price on shares of Confluent from $38.00 to $30.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. JMP Securities dropped their price objective on shares of Confluent from $40.00 to $36.00 and set a "market outperform" rating on the stock in a research report on Thursday, May 1st. Wells Fargo & Company decreased their price objective on shares of Confluent from $32.00 to $30.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Finally, Evercore ISI dropped their target price on Confluent from $29.00 to $28.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $30.11.

Confluent Trading Up 4.5%

CFLT traded up $0.92 during trading on Monday, hitting $21.57. The company's stock had a trading volume of 1,576,705 shares, compared to its average volume of 4,700,251. The stock has a market cap of $7.34 billion, a PE ratio of -19.88 and a beta of 1.02. The firm's 50 day moving average price is $23.40 and its 200-day moving average price is $27.40. Confluent, Inc. has a twelve month low of $17.79 and a twelve month high of $37.90. 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 released its 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 during the quarter, compared to the consensus estimate of $264.45 million. Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. Confluent's revenue was up 24.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.05 earnings per share. On average, analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current year.

Insider Transactions at Confluent

In other news, CFO Rohan Sivaram sold 68,350 shares of the firm's stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $36.23, for a total transaction of $2,476,320.50. Following the completion of the sale, the chief financial officer now directly owns 520,273 shares in the company, valued at $18,849,490.79. This trade 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 is available at this hyperlink. Also, Director Michelangelo Volpi sold 25,000 shares of the stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $36.22, for a total value of $905,500.00. Following the completion of the transaction, the director now directly owns 292,079 shares of the company's stock, valued at $10,579,101.38. This represents a 7.88% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,260,746 shares of company stock worth $39,702,750. 9.20% of the stock is currently owned by company insiders.

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.