Confluent, Inc. (NASDAQ:CFLT) Shares Acquired by Triumph Capital Management

Triumph Capital Management grew its holdings in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 108.3% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 46,550 shares of the company's stock after acquiring an additional 24,200 shares during the quarter. Triumph Capital Management's holdings in Confluent were worth $1,091,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. KLP Kapitalforvaltning AS grew its stake in Confluent by 4.1% during the 1st quarter. KLP Kapitalforvaltning AS now owns 50,500 shares of the company's stock worth $1,184,000 after buying an additional 2,000 shares during the last quarter. Pier 88 Investment Partners LLC purchased a new position in Confluent during the 1st quarter worth approximately $682,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Confluent during the 1st quarter worth approximately $5,245,000. Allianz Asset Management GmbH grew its stake in shares of Confluent by 6,723.4% in the 1st quarter. Allianz Asset Management GmbH now owns 600,456 shares of the company's stock valued at $14,075,000 after purchasing an additional 591,656 shares during the last quarter. Finally, Jennison Associates LLC purchased a new position in shares of Confluent in the 1st quarter valued at approximately $14,521,000. Hedge funds and other institutional investors own 78.09% of the company's stock.

Insider Activity at Confluent

In related news, Director Eric Vishria sold 30,953 shares of the stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $21.93, for a total value of $678,799.29. Following the completion of the transaction, the director directly owned 1,169,876 shares of the company's stock, valued at $25,655,380.68. This represents a 2.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Rohan Sivaram sold 27,710 shares of the stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $21.83, for a total value of $604,909.30. Following the completion of the transaction, the chief financial officer directly owned 673,693 shares of the company's stock, valued at $14,706,718.19. This trade represents a 3.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 546,669 shares of company stock valued at $12,637,193. 9.20% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have recently commented on CFLT. Guggenheim reduced their price target on Confluent from $38.00 to $31.00 and set a "buy" rating for the company in a report on Thursday, May 1st. UBS Group raised their price target on Confluent from $30.00 to $32.00 and gave the company a "buy" rating in a report on Friday, July 11th. Loop Capital reduced their price target on Confluent from $30.00 to $22.00 and set a "hold" rating for the company in a report on Wednesday, April 23rd. Truist Financial reduced their price target on Confluent from $35.00 to $30.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Finally, Raymond James Financial started coverage on Confluent in a report on Friday, April 11th. They set an "outperform" rating and a $30.00 price objective for the company. One investment analyst has rated the stock with a sell rating, six have given a hold rating, twenty-one have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Confluent currently has a consensus rating of "Moderate Buy" and an average target price of $30.36.

Confluent Stock Up 2.8%

NASDAQ CFLT traded up $0.75 on Friday, hitting $27.35. 5,818,628 shares of the stock traded hands, compared to its average volume of 5,032,097. The stock has a 50-day moving average of $24.20 and a 200 day moving average of $25.54. Confluent, Inc. has a twelve month low of $17.79 and a twelve month high of $37.90. The company has a market capitalization of $9.31 billion, a P/E ratio of -27.91 and a beta of 0.99. The company has a current ratio of 4.42, a quick ratio of 4.42 and a debt-to-equity ratio of 1.07.

Confluent (NASDAQ:CFLT - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.01. The firm had revenue of $271.12 million for the quarter, compared to analysts' expectations of $264.45 million. Confluent had a negative return on equity of 29.92% and a negative net margin of 31.42%. Confluent's revenue for the quarter was up 24.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.05 earnings per share. As a group, analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

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.