Neo Ivy Capital Management Invests $2.09 Million in Confluent, Inc. (NASDAQ:CFLT)

Neo Ivy Capital Management purchased a new position in Confluent, Inc. (NASDAQ:CFLT - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 74,694 shares of the company's stock, valued at approximately $2,088,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. ProShare Advisors LLC increased its position in shares of Confluent by 3.1% in the 4th quarter. ProShare Advisors LLC now owns 10,774 shares of the company's stock worth $301,000 after purchasing an additional 328 shares during the last quarter. Commonwealth Equity Services LLC raised its stake in Confluent by 4.1% during the fourth quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company's stock valued at $323,000 after buying an additional 458 shares in the last quarter. Truist Financial Corp lifted its holdings in Confluent by 2.5% during the 4th quarter. Truist Financial Corp now owns 21,081 shares of the company's stock worth $589,000 after buying an additional 514 shares during the last quarter. Jasper Ridge Partners L.P. increased its holdings in shares of Confluent by 4.8% in the 4th quarter. Jasper Ridge Partners L.P. now owns 14,409 shares of the company's stock valued at $403,000 after acquiring an additional 664 shares during the last quarter. Finally, Sit Investment Associates Inc. raised its position in shares of Confluent by 0.5% during the 4th quarter. Sit Investment Associates Inc. now owns 124,623 shares of the company's stock valued at $3,484,000 after acquiring an additional 680 shares in the last quarter. 78.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CFLT. Stifel Nicolaus cut their target price on shares of Confluent from $40.00 to $30.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Canaccord Genuity Group reduced their price objective on Confluent from $38.00 to $32.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Guggenheim dropped their target price on Confluent from $38.00 to $31.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Needham & Company LLC cut their target price on Confluent from $40.00 to $26.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Finally, DA Davidson lowered their price target on shares of Confluent from $42.00 to $28.00 and set a "buy" rating for the company in a research report 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 issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Confluent has a consensus rating of "Moderate Buy" and an average price target of $30.11.

Confluent Trading Down 0.1%

Shares of Confluent stock traded down $0.03 during trading on Wednesday, hitting $22.72. The stock had a trading volume of 3,053,466 shares, compared to its average volume of 4,804,089. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $37.90. The stock has a 50 day simple moving average of $22.29 and a 200 day simple moving average of $27.13. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. The company has a market capitalization of $7.73 billion, a PE ratio of -21.04 and a beta of 1.02.

Confluent (NASDAQ:CFLT - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.01. The firm had revenue of $271.12 million for the quarter, compared to analysts' expectations of $264.45 million. Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. The company's quarterly revenue was up 24.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.05 EPS. On average, research analysts expect that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Insider Activity at Confluent

In other Confluent news, CRO Ban Ryan Norris Mac sold 14,460 shares of Confluent stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $21.21, for a total transaction of $306,696.60. Following the completion of the sale, the executive now owns 413,055 shares of the company's stock, valued at $8,760,896.55. This trade represents a 3.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Kong Phan sold 3,175 shares of the company's stock in a transaction on Thursday, March 20th. The stock was 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 directly owns 246,516 shares in the company, valued at $6,621,419.76. This trade represents a 1.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 584,124 shares of company stock valued at $15,363,887. Company insiders own 9.20% 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.