Jericho Capital Asset Management L.P. Sells 819,000 Shares of Confluent, Inc. $CFLT

Key Points

• Jericho Capital Asset Management L.P. has reduced its stock position in Confluent, Inc. by 27.3%, now holding 2,181,000 shares after selling 819,000 shares in the first quarter.
• Several institutional investors, including Vanguard Group Inc. and Alyeska Investment Group L.P., have increased their stakes in Confluent, with Vanguard raising its holdings by 7.2% to 26,620,150 shares.
• Analysts have adjusted their price targets for Confluent, with Royal Bank of Canada lowering its target from $28 to $25, while the consensus target price is currently set at $27.36.

Jericho Capital Asset Management L.P. reduced its holdings in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 27.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,181,000 shares of the company's stock after selling 819,000 shares during the quarter. Confluent makes up 0.9% of Jericho Capital Asset Management L.P.'s investment portfolio, making the stock its 23rd biggest holding. Jericho Capital Asset Management L.P. owned about 0.64% of Confluent worth $51,123,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in CFLT. Cloud Capital Management LLC purchased a new position in Confluent during the 1st quarter worth approximately $26,000. Versant Capital Management Inc increased its position in Confluent by 2,458.2% during the first quarter. Versant Capital Management Inc now owns 1,714 shares of the company's stock worth $40,000 after buying an additional 1,647 shares in the last quarter. Banque Transatlantique SA purchased a new position in Confluent during the first quarter worth $43,000. SVB Wealth LLC purchased a new stake in shares of Confluent in the first quarter valued at $54,000. Finally, GAMMA Investing LLC boosted its holdings in Confluent by 26.8% in the first quarter. GAMMA Investing LLC now owns 3,128 shares of the company's stock valued at $73,000 after acquiring an additional 661 shares during the last quarter. 78.09% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Oppenheimer reduced their price objective on Confluent from $32.00 to $26.00 and set an "outperform" rating on the stock in a research note on Thursday, July 31st. UBS Group lowered their target price on Confluent from $32.00 to $28.00 and set a "buy" rating for the company in a report on Thursday, July 31st. Capital One Financial set a $21.00 price objective on Confluent in a research report on Thursday, July 31st. TD Cowen restated a "hold" rating and issued a $24.00 target price on shares of Confluent in a research report on Thursday, July 31st. Finally, Guggenheim cut their target price on Confluent from $31.00 to $29.00 and set a "buy" rating for the company in a research report on Thursday, July 31st. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Confluent currently has a consensus rating of "Moderate Buy" and an average price target of $27.36.

Confluent Stock Performance

CFLT traded down $0.28 on Tuesday, reaching $19.96. The company had a trading volume of 6,840,708 shares, compared to its average volume of 6,714,908. The company's fifty day moving average is $21.37 and its 200 day moving average is $23.03. Confluent, Inc. has a fifty-two week low of $15.64 and a fifty-two week high of $37.90. The stock has a market cap of $6.88 billion, a P/E ratio of -21.23 and a beta of 0.97. The company has a debt-to-equity ratio of 1.03, a quick ratio of 3.98 and a current ratio of 3.98.

Confluent (NASDAQ:CFLT - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.01. Confluent had a negative net margin of 29.27% and a negative return on equity of 27.34%. The business had revenue of $282.29 million for the quarter, compared to analyst estimates of $278.32 million. During the same period in the prior year, the firm earned $0.06 earnings per share. Confluent's revenue was up 20.1% on a year-over-year basis. Confluent has set its Q3 2025 guidance at 0.090-0.100 EPS. FY 2025 guidance at 0.360-0.360 EPS. As a group, analysts predict that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Insider Transactions at Confluent

In other news, CFO Rohan Sivaram sold 26,097 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $17.01, for a total value of $443,909.97. Following the completion of the sale, the chief financial officer directly owned 636,596 shares in the company, valued at approximately $10,828,497.96. The trade was a 3.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Eric Vishria sold 30,953 shares of Confluent stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $20.00, for a total transaction of $619,060.00. Following the completion of the transaction, the director directly owned 1,123,447 shares in the company, valued at approximately $22,468,940. The trade was a 2.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 585,285 shares of company stock worth $10,523,938. Corporate insiders own 13.82% of the company's stock.

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.