Infinitum Asset Management LLC Invests $10.49 Million in Confluent, Inc. (NASDAQ:CFLT)

Infinitum Asset Management LLC bought a new position in Confluent, Inc. (NASDAQ:CFLT - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 375,000 shares of the company's stock, valued at approximately $10,485,000. Confluent accounts for 5.5% of Infinitum Asset Management LLC's investment portfolio, making the stock its 4th biggest position. Infinitum Asset Management LLC owned about 0.11% of Confluent at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of CFLT. Cache Advisors LLC purchased a new position in Confluent during the fourth quarter worth $1,322,000. Neo Ivy Capital Management bought a new stake in shares of Confluent in the 4th quarter worth about $2,088,000. Vident Advisory LLC purchased a new position in shares of Confluent during the 4th quarter worth about $972,000. Tairen Capital Ltd boosted its stake in shares of Confluent by 45.6% during the 4th quarter. Tairen Capital Ltd now owns 72,798 shares of the company's stock worth $2,035,000 after purchasing an additional 22,798 shares during the period. Finally, Shay Capital LLC bought a new position in Confluent during the 4th quarter valued at about $419,000. Institutional investors own 78.09% of the company's stock.

Insider Buying and Selling at Confluent

In other news, CEO Edward Jay Kreps sold 232,500 shares of the firm's stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $29.36, for a total transaction of $6,826,200.00. Following the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at $13,285,047.68. This trade represents a 33.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Erica Schultz sold 63,729 shares of the company's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $29.47, for a total value of $1,878,093.63. Following the completion of the transaction, the insider now directly owns 502,424 shares of the company's stock, valued at $14,806,435.28. The trade was a 11.26% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 584,124 shares of company stock worth $15,363,887. Insiders own 9.20% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on CFLT shares. Robert W. Baird dropped their target price on Confluent from $37.00 to $24.00 and set a "neutral" rating for the company in a research report on Thursday, May 1st. Wells Fargo & Company dropped their price objective on Confluent from $32.00 to $30.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. DA Davidson cut their price objective on Confluent from $42.00 to $28.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Truist Financial decreased their target price on Confluent from $35.00 to $30.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Finally, TD Securities cut their price target on shares of Confluent from $34.00 to $32.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $30.11.

Confluent Stock Performance

NASDAQ CFLT traded up $0.44 during trading hours on Thursday, reaching $23.08. The stock had a trading volume of 7,170,985 shares, compared to its average volume of 4,832,755. Confluent, Inc. has a 52-week low of $17.79 and a 52-week high of $37.90. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99. The stock has a market cap of $7.86 billion, a P/E ratio of -21.37 and a beta of 1.02. The stock has a fifty day moving average of $22.21 and a 200 day moving average of $27.10.

Confluent (NASDAQ:CFLT - Get Free Report) last released its quarterly earnings data 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 business had revenue of $271.12 million for the quarter, compared to the consensus estimate of $264.45 million. The business's revenue for the quarter was up 24.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.05 EPS. Sell-side analysts predict 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.