Krane Funds Advisors LLC Takes $252,000 Position in Confluent, Inc. (NASDAQ:CFLT)

Krane Funds Advisors LLC purchased a new position in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 10,742 shares of the company's stock, valued at approximately $252,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. ProShare Advisors LLC grew its holdings in shares of Confluent by 3.1% during the fourth quarter. ProShare Advisors LLC now owns 10,774 shares of the company's stock worth $301,000 after buying an additional 328 shares in the last quarter. Commonwealth Equity Services LLC boosted its position in shares of Confluent by 4.1% in the fourth quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company's stock worth $323,000 after acquiring an additional 458 shares during the last quarter. Amalgamated Bank boosted its position in shares of Confluent by 3.4% in the first quarter. Amalgamated Bank now owns 16,995 shares of the company's stock worth $398,000 after acquiring an additional 566 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Confluent by 26.8% in the first quarter. GAMMA Investing LLC now owns 3,128 shares of the company's stock worth $73,000 after acquiring an additional 661 shares during the last quarter. Finally, Jasper Ridge Partners L.P. boosted its position in shares of Confluent by 4.8% in the fourth quarter. Jasper Ridge Partners L.P. now owns 14,409 shares of the company's stock worth $403,000 after acquiring an additional 664 shares during the last quarter. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Eric Vishria sold 30,953 shares of the firm's stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $21.93, for a total transaction of $678,799.29. Following the transaction, the director owned 1,169,876 shares of the company's stock, valued at approximately $25,655,380.68. This trade represents a 2.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Neha Narkhede sold 60,000 shares of Confluent stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $19.96, for a total transaction of $1,197,600.00. Following the completion of the transaction, the director directly owned 20,247 shares in the company, valued at approximately $404,130.12. This represents a 74.77% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 546,669 shares of company stock valued at $12,637,193. 9.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

CFLT has been the topic of several research analyst reports. Barclays decreased their target price on shares of Confluent from $29.00 to $27.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. Oppenheimer decreased their target price on shares of Confluent from $35.00 to $32.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. Scotiabank decreased their target price on shares of Confluent from $35.00 to $24.00 and set a "sector perform" rating on the stock in a research report on Thursday, April 24th. Raymond James Financial assumed coverage on shares of Confluent in a research report on Friday, April 11th. They issued an "outperform" rating and a $30.00 target price on the stock. Finally, Loop Capital reduced their price target on shares of Confluent from $30.00 to $22.00 and set a "hold" rating on the stock in a research report on Wednesday, April 23rd. 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 given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $30.11.

Confluent Stock Up 3.0%

Shares of CFLT stock traded up $0.77 during trading on Friday, hitting $26.37. 4,708,481 shares of the company were exchanged, compared to its average volume of 5,012,832. The firm has a market capitalization of $8.98 billion, a price-to-earnings ratio of -26.91 and a beta of 0.99. The business's 50-day simple moving average is $23.11 and its 200 day simple moving average is $25.90. The company has a debt-to-equity ratio of 1.07, a quick ratio of 4.42 and a current ratio of 4.42. Confluent, Inc. has a twelve month low of $17.79 and a twelve month high of $37.90.

Confluent (NASDAQ:CFLT - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.01. The firm had revenue of $271.12 million for the quarter, compared to analyst estimates of $264.45 million. Confluent had a negative net margin of 31.42% and a negative return on equity of 29.92%. The company's revenue for the quarter was up 24.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.05 earnings per share. As a group, analysts forecast that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

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.