Bayforest Capital Ltd Has $405,000 Stock Holdings in Confluent, Inc. (NASDAQ:CFLT)

Key Points

• Bayforest Capital Ltd increased its holdings in Confluent, Inc. by 184.9% to a total of 17,273 shares, valued at $405,000 at the end of the 1st quarter.
• Equities analysts have mixed opinions on Confluent, with new price targets ranging from a low of $21.00 to a high of $38.00, while maintaining a consensus rating of "Moderate Buy".
• In the latest quarterly earnings report, Confluent achieved earnings of $0.09 per share, exceeding analysts' estimates, while revenue rose by 20.1% year-over-year to $282.29 million.

Bayforest Capital Ltd boosted its holdings in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 184.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,273 shares of the company's stock after acquiring an additional 11,211 shares during the quarter. Bayforest Capital Ltd's holdings in Confluent were worth $405,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Champlain Investment Partners LLC lifted its position in Confluent by 1.3% during the 4th quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company's stock worth $302,940,000 after acquiring an additional 133,908 shares during the period. Geode Capital Management LLC boosted its stake in Confluent by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company's stock worth $123,339,000 after buying an additional 84,163 shares during the period. Jericho Capital Asset Management L.P. increased its stake in Confluent by 18.1% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,000,000 shares of the company's stock worth $83,880,000 after purchasing an additional 459,000 shares during the period. Norges Bank purchased a new position in shares of Confluent in the 4th quarter valued at about $81,092,000. Finally, Fuller & Thaler Asset Management Inc. purchased a new position in shares of Confluent in the 4th quarter valued at about $64,658,000. Institutional investors own 78.09% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Stephens started coverage on Confluent in a research note on Friday, July 18th. They set an "overweight" rating and a $31.00 price target for the company. Barclays dropped their target price on Confluent from $31.00 to $24.00 and set an "overweight" rating for the company in a research note on Friday. Evercore ISI cut their price target on shares of Confluent from $29.00 to $28.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. Robert W. Baird dropped their price target on shares of Confluent from $37.00 to $24.00 and set a "neutral" rating on the stock in a research note on Thursday, May 1st. Finally, Scotiabank lowered their price target on Confluent from $35.00 to $24.00 and set a "sector perform" rating for the company in a report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $27.36.

Insiders Place Their Bets

In other news, CEO Edward Jay Kreps sold 232,500 shares of the company's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $24.50, for a total value of $5,696,250.00. Following the sale, the chief executive officer directly owned 452,488 shares in the company, valued at $11,085,956. This represents a 33.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michelangelo Volpi sold 25,000 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $25.00, for a total transaction of $625,000.00. Following the completion of the sale, the director directly owned 267,079 shares in the company, valued at $6,676,975. This represents a 8.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 486,669 shares of company stock worth $11,439,593. Corporate insiders own 13.82% of the company's stock.

Confluent Stock Up 0.1%

Shares of Confluent stock traded up $0.03 on Monday, reaching $17.23. The stock had a trading volume of 6,341,119 shares, compared to its average volume of 6,286,825. The company has a quick ratio of 3.98, a current ratio of 3.98 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $5.86 billion, a P/E ratio of -18.32 and a beta of 0.96. The company has a 50 day moving average price of $24.34 and a 200 day moving average price of $25.35. Confluent, Inc. has a 1 year low of $16.56 and a 1 year high of $37.90.

Confluent (NASDAQ:CFLT - Get Free Report) last posted its earnings results 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 firm 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%. The business's revenue was up 20.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.06 EPS. As a group, equities research analysts forecast that Confluent, Inc. will post -0.83 EPS 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.