Algert Global LLC Boosts Holdings in Confluent, Inc. (NASDAQ:CFLT)

Algert Global LLC increased its holdings in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 53.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 133,792 shares of the company's stock after purchasing an additional 46,712 shares during the quarter. Algert Global LLC's holdings in Confluent were worth $3,741,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Credit Industriel ET Commercial purchased a new stake in shares of Confluent during the 4th quarter valued at about $28,000. Blue Trust Inc. increased its position in shares of Confluent by 354.0% during the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company's stock valued at $58,000 after purchasing an additional 1,607 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in Confluent during the 4th quarter valued at $59,000. GAMMA Investing LLC lifted its position 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 during the last quarter. Finally, AlphaQuest LLC boosted its stake in Confluent by 22,112.5% during the fourth quarter. AlphaQuest LLC now owns 3,554 shares of the company's stock worth $99,000 after buying an additional 3,538 shares during the period. Institutional investors own 78.09% of the company's stock.

Confluent Stock Performance

Shares of NASDAQ:CFLT traded down $0.33 on Friday, hitting $20.65. 5,921,430 shares of the company were exchanged, compared to its average volume of 4,707,883. The firm has a market capitalization of $6.90 billion, a P/E ratio of -19.12 and a beta of 1.02. The company has a current ratio of 3.99, a quick ratio of 4.24 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's 50 day moving average price is $23.40 and its 200 day moving average price is $27.31.

Confluent (NASDAQ:CFLT - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $271.12 million for the quarter, compared to the consensus estimate of $264.45 million. During the same quarter in the previous year, the business earned $0.05 EPS. The company's quarterly revenue was up 24.8% compared to the same quarter last year. Sell-side analysts predict that Confluent, Inc. will post -0.83 EPS for the current year.

Insiders Place Their Bets

In other news, CAO Kong Phan sold 3,175 shares of Confluent stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $26.86, for a total transaction of $85,280.50. Following the completion of the transaction, the chief accounting officer now directly owns 246,516 shares of the company's stock, valued at $6,621,419.76. The trade was a 1.27 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Neha Narkhede sold 60,000 shares of the stock in a transaction 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 sale, the director now directly owns 20,247 shares in the company, valued at $404,130.12. This trade represents a 74.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,260,746 shares of company stock valued at $39,702,750. 13.82% of the stock is owned by insiders.

Analysts Set New Price Targets

CFLT has been the subject of several analyst reports. Bank of America raised their target price on shares of Confluent from $26.00 to $31.00 and gave the stock an "underperform" rating in a report on Wednesday, February 12th. Truist Financial dropped their target price on Confluent from $35.00 to $30.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Wells Fargo & Company reduced their price target on Confluent from $32.00 to $30.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Loop Capital dropped their price objective on Confluent from $30.00 to $22.00 and set a "hold" rating for the company in a report on Wednesday, April 23rd. Finally, Piper Sandler reduced their target price on Confluent from $40.00 to $32.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. One 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 assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $30.11.

Confluent Company 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.