Maxi Investments CY Ltd Acquires New Holdings in Confluent, Inc. (NASDAQ:CFLT)

Key Points

• Maxi Investments CY Ltd acquired 264,266 shares of Confluent, Inc. (NASDAQ:CFLT) valued at approximately $6.19 million, making it the fund's 24th largest holding.
• Confluent reported a 20.1% year-over-year increase in revenue, with earnings of $0.09 per share for the latest quarter, surpassing analysts' expectations.
• Several hedge funds, including Blair William & Co. and PNC Financial Services Group, significantly increased their stakes in Confluent during the first quarter, contributing to the fact that 78.09% of the stock is owned by institutional investors.

Maxi Investments CY Ltd bought a new position in Confluent, Inc. (NASDAQ:CFLT - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The firm bought 264,266 shares of the company's stock, valued at approximately $6,194,000. Confluent accounts for about 1.2% of Maxi Investments CY Ltd's investment portfolio, making the stock its 24th biggest holding. Maxi Investments CY Ltd owned approximately 0.08% of Confluent at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of CFLT. Cloud Capital Management LLC purchased a new stake in shares of Confluent during the first quarter worth about $26,000. Credit Industriel ET Commercial purchased a new stake in Confluent during the 4th quarter valued at approximately $28,000. Versant Capital Management Inc raised its position in shares of Confluent by 2,458.2% during the first quarter. Versant Capital Management Inc now owns 1,714 shares of the company's stock valued at $40,000 after buying an additional 1,647 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Confluent by 26.8% in the first quarter. GAMMA Investing LLC now owns 3,128 shares of the company's stock worth $73,000 after buying an additional 661 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in shares of Confluent by 39.3% during the first quarter. PNC Financial Services Group Inc. now owns 4,053 shares of the company's stock worth $95,000 after acquiring an additional 1,143 shares during the last quarter. Hedge funds and other institutional investors own 78.09% of the company's stock.

Analyst Ratings Changes

CFLT has been the topic of a number of research reports. TD Securities reduced their price target on shares of Confluent from $34.00 to $32.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Barclays cut their price target on Confluent from $31.00 to $24.00 and set an "overweight" rating for the company in a report on Friday, August 1st. Oppenheimer decreased their price objective on Confluent from $32.00 to $26.00 and set an "outperform" rating on the stock in a report on Thursday, July 31st. Truist Financial lowered 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. Finally, Scotiabank reduced their price target on shares of Confluent from $35.00 to $24.00 and set a "sector perform" rating on the stock in a research report on Thursday, April 24th. One analyst has rated the stock with a sell rating, ten have given a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $27.36.

Insider Buying and Selling

In related news, CEO Edward Jay Kreps sold 232,500 shares of the firm's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $24.50, for a total transaction of $5,696,250.00. Following the completion of the sale, the chief executive officer directly owned 452,488 shares in the company, valued at approximately $11,085,956. This trade represents a 33.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Ban Ryan Norris Mac sold 1,225 shares of the business's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $23.49, for a total transaction of $28,775.25. Following the completion of the transaction, the executive owned 411,830 shares in the company, valued at $9,673,886.70. The trade was a 0.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 486,669 shares of company stock worth $11,439,593 over the last quarter. Corporate insiders own 9.20% of the company's stock.

Confluent Price Performance

Shares of CFLT traded down $0.31 during trading hours on Thursday, hitting $16.93. 8,417,558 shares of the stock were exchanged, compared to its average volume of 9,689,896. The stock's 50-day moving average price is $23.90 and its two-hundred day moving average price is $25.10. The company has a debt-to-equity ratio of 1.03, a quick ratio of 3.98 and a current ratio of 3.98. The company has a market cap of $5.76 billion, a price-to-earnings ratio of -18.01 and a beta of 0.96. Confluent, Inc. has a 12-month low of $16.53 and a 12-month high of $37.90.

Confluent (NASDAQ:CFLT - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.01. The company had revenue of $282.29 million during the quarter, compared to analysts' expectations of $278.32 million. Confluent had a negative net margin of 29.27% and a negative return on equity of 27.34%. Confluent's revenue was up 20.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.06 EPS. Research analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current year.

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.