Jennison Associates LLC Purchases New Position in Confluent, Inc. (NASDAQ:CFLT)

Jennison Associates LLC purchased a new stake in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 619,492 shares of the company's stock, valued at approximately $14,521,000. Jennison Associates LLC owned 0.19% of Confluent at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Arizona State Retirement System increased its position in shares of Confluent by 2.1% during the first quarter. Arizona State Retirement System now owns 70,305 shares of the company's stock valued at $1,648,000 after buying an additional 1,422 shares during the period. Xponance Inc. grew its holdings in Confluent by 4.9% in the first quarter. Xponance Inc. now owns 34,758 shares of the company's stock worth $815,000 after purchasing an additional 1,614 shares during the period. Alps Advisors Inc. purchased a new stake in Confluent in the first quarter worth about $1,341,000. M&T Bank Corp grew its holdings in Confluent by 4.4% in the first quarter. M&T Bank Corp now owns 22,496 shares of the company's stock worth $527,000 after purchasing an additional 956 shares during the period. Finally, Values First Advisors Inc. purchased a new stake in Confluent in the first quarter worth about $231,000. Hedge funds and other institutional investors own 78.09% of the company's stock.

Insiders Place Their Bets

In related news, Director Michelangelo Volpi sold 25,000 shares of Confluent stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $25.00, for a total transaction of $625,000.00. Following the completion of the transaction, the director directly owned 267,079 shares of the company's stock, valued at approximately $6,676,975. The trade was a 8.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $24.50, for a total transaction of $5,696,250.00. Following the transaction, the chief executive officer directly owned 452,488 shares of the company's stock, valued at approximately $11,085,956. This represents a 33.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 546,669 shares of company stock worth $12,637,193. Insiders own 13.82% of the company's stock.

Wall Street Analysts Forecast Growth

CFLT has been the topic of a number of recent research reports. Needham & Company LLC cut their price objective on shares of Confluent from $40.00 to $26.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Stephens initiated coverage on shares of Confluent in a report on Friday. They issued an "overweight" rating and a $31.00 price objective on the stock. Citigroup restated a "neutral" rating on shares of Confluent in a report on Wednesday, May 21st. TD Securities dropped their target price on shares of Confluent from $34.00 to $32.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Finally, Oppenheimer dropped their target price on shares of Confluent from $35.00 to $32.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. One equities research 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $30.21.

Confluent Stock Performance

Shares of NASDAQ:CFLT opened at $25.38 on Monday. Confluent, Inc. has a 52 week low of $17.79 and a 52 week high of $37.90. The stock has a market capitalization of $8.64 billion, a P/E ratio of -25.90 and a beta of 0.99. The firm has a fifty day simple moving average of $23.85 and a two-hundred day simple moving average of $25.59. The company has a quick ratio of 4.42, a current ratio of 4.42 and a debt-to-equity ratio of 1.07.

Confluent (NASDAQ:CFLT - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.08 EPS for the quarter, topping analysts' consensus estimates of $0.07 by $0.01. Confluent had a negative net margin of 31.42% and a negative return on equity of 29.92%. The business had revenue of $271.12 million during the quarter, compared to analysts' expectations of $264.45 million. During the same period last year, the company posted $0.05 EPS. The business's revenue was up 24.8% on a year-over-year basis. On average, 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.

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