Confluent, Inc. (NASDAQ:CFLT) Shares Sold by Cadian Capital Management LP

Cadian Capital Management LP reduced its position in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 66.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 845,859 shares of the company's stock after selling 1,685,311 shares during the quarter. Confluent accounts for approximately 1.4% of Cadian Capital Management LP's investment portfolio, making the stock its 22nd largest holding. Cadian Capital Management LP owned approximately 0.26% of Confluent worth $23,650,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in CFLT. Tidal Investments LLC raised its holdings in shares of Confluent by 521.0% in the 3rd quarter. Tidal Investments LLC now owns 50,545 shares of the company's stock valued at $1,030,000 after purchasing an additional 42,406 shares in the last quarter. GAMMA Investing LLC raised its stake in Confluent by 85.3% in the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company's stock worth $69,000 after buying an additional 1,136 shares in the last quarter. Diversified Trust Co lifted its holdings in Confluent by 21.5% during the fourth quarter. Diversified Trust Co now owns 73,529 shares of the company's stock worth $2,056,000 after buying an additional 13,026 shares during the period. Moody National Bank Trust Division bought a new stake in Confluent during the 4th quarter valued at $203,000. Finally, Friedenthal Financial purchased a new position in shares of Confluent in the 4th quarter valued at $758,000. 78.09% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Confluent

In other Confluent news, Director Neha Narkhede sold 60,000 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $19.96, for a total transaction of $1,197,600.00. Following the completion of the sale, the director now directly owns 20,247 shares in the company, valued at approximately $404,130.12. The trade was a 74.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Kong Phan sold 2,178 shares of the firm's stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $31.58, for a total value 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 trade represents a 1.21 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,260,746 shares of company stock valued at $39,702,750. Company insiders own 13.82% of the company's stock.

Confluent Stock Performance

Shares of NASDAQ:CFLT traded down $0.33 during trading on Friday, hitting $20.65. 5,921,430 shares of the stock traded hands, compared to its average volume of 4,711,792. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. The company has a fifty day moving average price of $23.40 and a two-hundred day moving average price of $27.36. Confluent, Inc. has a 52-week low of $17.79 and a 52-week high of $37.90. The company has a market cap of $6.90 billion, a price-to-earnings ratio of -19.12 and a beta of 1.02.

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

Analyst Ratings Changes

CFLT has been the topic of a number of recent research reports. Royal Bank of Canada raised their price objective on Confluent from $36.00 to $41.00 and gave the company an "outperform" rating in a research report on Wednesday, February 12th. Loop Capital lowered their price target on shares of Confluent from $30.00 to $22.00 and set a "hold" rating on the stock in a report on Wednesday, April 23rd. Guggenheim reduced their price objective on shares of Confluent from $38.00 to $31.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Evercore ISI lowered their target price on shares of Confluent from $29.00 to $28.00 and set an "outperform" rating for the company in a research note on Thursday, May 1st. Finally, Needham & Company LLC reduced their price target 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 assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Confluent has an average rating of "Moderate Buy" and an average price target of $30.11.

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.