Penserra Capital Management LLC Grows Stake in Confluent, Inc. (NASDAQ:CFLT)

Penserra Capital Management LLC raised its position in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 20.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 109,637 shares of the company's stock after acquiring an additional 18,590 shares during the period. Penserra Capital Management LLC's holdings in Confluent were worth $2,568,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of CFLT. SBI Securities Co. Ltd. purchased a new stake in Confluent during the 4th quarter valued at $59,000. Charles Schwab Investment Management Inc. grew its position in shares of Confluent by 3.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,355,491 shares of the company's stock worth $65,860,000 after buying an additional 71,454 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Confluent by 135.7% during the 4th quarter. Victory Capital Management Inc. now owns 648,986 shares of the company's stock worth $18,146,000 after buying an additional 373,682 shares in the last quarter. Assetmark Inc. grew its position in shares of Confluent by 4.3% during the 4th quarter. Assetmark Inc. now owns 38,500 shares of the company's stock worth $1,076,000 after buying an additional 1,575 shares in the last quarter. Finally, Atria Investments Inc bought a new stake in Confluent during the fourth quarter valued at about $347,000. 78.09% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Confluent

In other news, Director Eric Vishria sold 15,476 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $25.00, for a total value of $386,900.00. Following the transaction, the director owned 1,154,400 shares in the company, valued at approximately $28,860,000. This represents a 1.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Lara Caimi sold 2,864 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $24.10, for a total value of $69,022.40. Following the completion of the transaction, the director owned 4,296 shares in the company, valued at approximately $103,533.60. The trade was a 40.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 546,669 shares of company stock worth $12,637,193 over the last quarter. 9.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

CFLT has been the topic of a number of recent research reports. Morgan Stanley dropped their price objective on Confluent from $32.00 to $25.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. Robert W. Baird decreased their target price on Confluent from $37.00 to $24.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. Canaccord Genuity Group reduced their price target on Confluent from $38.00 to $32.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. JMP Securities reduced their price target on Confluent from $40.00 to $36.00 and set a "market outperform" rating for the company in a research report on Thursday, May 1st. Finally, UBS Group cut their price objective on Confluent from $38.00 to $30.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. One equities 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 given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $30.11.

Confluent Trading Down 1.4%

Shares of CFLT stock traded down $0.35 on Tuesday, hitting $25.47. The stock had a trading volume of 4,628,623 shares, compared to its average volume of 5,010,045. The company has a debt-to-equity ratio of 1.07, a current ratio of 4.42 and a quick ratio of 4.42. The firm has a market capitalization of $8.67 billion, a P/E ratio of -25.99 and a beta of 0.99. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $37.90. The company's 50 day moving average price is $23.15 and its 200-day moving average price is $25.85.

Confluent (NASDAQ:CFLT - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.01. Confluent had a negative return on equity of 29.92% and a negative net margin of 31.42%. The company had revenue of $271.12 million for the quarter, compared to the consensus estimate of $264.45 million. During the same quarter in the prior year, the business earned $0.05 EPS. Confluent's revenue was up 24.8% on a year-over-year basis. Analysts anticipate that Confluent, Inc. will post -0.83 earnings per share for the current year.

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.