Fluent Financial LLC Purchases New Position in Confluent, Inc. (NASDAQ:CFLT)

Fluent Financial LLC bought a new stake in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 21,680 shares of the company's stock, valued at approximately $606,000.

Several other hedge funds have also recently added to or reduced their stakes in CFLT. Credit Industriel ET Commercial bought a new stake in Confluent during the 4th quarter valued at approximately $28,000. Blue Trust Inc. boosted its stake in 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 period. SBI Securities Co. Ltd. bought a new stake in Confluent during the 4th quarter valued at approximately $59,000. AlphaQuest LLC lifted its position in shares of Confluent by 22,112.5% in the 4th quarter. AlphaQuest LLC now owns 3,554 shares of the company's stock worth $99,000 after acquiring an additional 3,538 shares during the period. Finally, IFP Advisors Inc lifted its position in shares of Confluent by 48.4% in the 4th quarter. IFP Advisors Inc now owns 4,945 shares of the company's stock worth $138,000 after acquiring an additional 1,613 shares during the period. Institutional investors own 78.09% of the company's stock.

Confluent Stock Down 0.8%

Shares of NASDAQ:CFLT traded down $0.18 during midday trading on Friday, reaching $22.90. The company had a trading volume of 5,648,584 shares, compared to its average volume of 4,844,473. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. The business's 50 day moving average price is $22.05 and its 200 day moving average price is $27.04. The stock has a market cap of $7.79 billion, a PE ratio of -21.20 and a beta of 1.02. Confluent, Inc. has a 1-year low of $17.79 and a 1-year high of $37.90.

Confluent (NASDAQ:CFLT - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.07 by $0.01. The business had revenue of $271.12 million for the quarter, compared to the consensus estimate of $264.45 million. Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. Confluent's quarterly revenue was up 24.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.05 earnings per share. Research analysts forecast that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Insider Activity at Confluent

In other Confluent news, CFO Rohan Sivaram sold 11,000 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $31.14, for a total transaction of $342,540.00. Following the completion of the sale, the chief financial officer now directly owns 701,403 shares in the company, valued at $21,841,689.42. This represents a 1.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Edward Jay Kreps sold 37,707 shares of the stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $21.84, for a total value of $823,520.88. Following the completion of the transaction, the chief executive officer now owns 452,488 shares of the company's stock, valued at $9,882,337.92. The trade was a 7.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 584,124 shares of company stock valued at $15,363,887. 9.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Morgan Stanley dropped their target price on Confluent from $32.00 to $25.00 and set an "equal weight" rating for the company in a report on Wednesday, April 16th. Evercore ISI dropped their price target on Confluent from $29.00 to $28.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. Bank of America raised their price target on Confluent from $26.00 to $31.00 and gave the company an "underperform" rating in a report on Wednesday, February 12th. Scotiabank lowered their target price on Confluent from $35.00 to $24.00 and set a "sector perform" rating for the company in a research note on Thursday, April 24th. Finally, Loop Capital lowered their target price on Confluent from $30.00 to $22.00 and set a "hold" rating for the company in a research note on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $30.11.

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.