GAMMA Investing LLC Increases Position in Confluent, Inc. (NASDAQ:CFLT)

GAMMA Investing LLC grew its stake in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 2,872.0% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 73,320 shares of the company's stock after acquiring an additional 70,853 shares during the period. GAMMA Investing LLC's holdings in Confluent were worth $1,719,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Credit Industriel ET Commercial purchased a new stake in shares of Confluent in the 4th quarter valued at approximately $28,000. Versant Capital Management Inc raised its stake in shares of Confluent by 2,458.2% in the 1st quarter. Versant Capital Management Inc now owns 1,714 shares of the company's stock valued at $40,000 after acquiring an additional 1,647 shares during the period. SBI Securities Co. Ltd. purchased a new stake in Confluent during the 4th quarter worth approximately $59,000. AlphaQuest LLC increased its stake in Confluent by 22,112.5% during the 4th quarter. AlphaQuest LLC now owns 3,554 shares of the company's stock worth $99,000 after buying an additional 3,538 shares during the period. Finally, IFP Advisors Inc increased its stake in Confluent by 48.4% during the 4th quarter. IFP Advisors Inc now owns 4,945 shares of the company's stock worth $138,000 after buying an additional 1,613 shares during the period. 78.09% of the stock is owned by hedge funds and other institutional investors.

Confluent Stock Performance

CFLT stock traded down $0.76 on Friday, hitting $23.65. The company's stock had a trading volume of 4,449,415 shares, compared to its average volume of 4,905,433. The firm has a 50 day moving average of $22.27 and a two-hundred day moving average of $26.63. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $37.90. The stock has a market cap of $8.05 billion, a price-to-earnings ratio of -21.90 and a beta of 0.98. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14.

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

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CFLT. JMP Securities cut their target price on shares of Confluent from $40.00 to $36.00 and set a "market outperform" rating on the stock in a research note on Thursday, May 1st. DA Davidson cut their target price on shares of Confluent from $42.00 to $28.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Canaccord Genuity Group cut their target price on shares of Confluent from $38.00 to $32.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Raymond James began coverage on shares of Confluent in a research note on Friday, April 11th. They set an "outperform" rating and a $30.00 target price on the stock. Finally, William Blair reaffirmed an "outperform" rating on shares of Confluent in a research note on Monday, March 17th. One 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $30.11.

Insiders Place Their Bets

In other news, Director Eric Vishria sold 15,476 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $25.00, for a total value of $386,900.00. Following the completion of the transaction, the director now owns 1,154,400 shares in the company, valued at $28,860,000. This trade represents a 1.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Kong Phan sold 3,175 shares of the stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $26.86, for a total transaction of $85,280.50. Following the completion of the transaction, the chief accounting officer now owns 246,516 shares of the company's stock, valued at $6,621,419.76. This represents a 1.27% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 545,044 shares of company stock worth $12,609,722. 9.20% of the stock is owned by insiders.

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.