Neo Ivy Capital Management Reduces Holdings in Confluent, Inc. (NASDAQ:CFLT)

Key Points

• Neo Ivy Capital Management significantly reduced its holdings in Confluent, Inc. by 85.3%, ending up with a value of $257,000 after selling a large portion of its shares in the first quarter.
• Analyst target price adjustments have varied recently, with Morgan Stanley lowering their target price from $32 to $25, while UBS Group raised theirs from $30 to $32, reflecting mixed sentiment in the analyst community.
• Confluent reported a revenue increase of 24.8% year-over-year in its latest earnings report, showing promising growth despite a negative net margin of 31.42%.

Neo Ivy Capital Management lessened its holdings in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 85.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,976 shares of the company's stock after selling 63,718 shares during the quarter. Neo Ivy Capital Management's holdings in Confluent were worth $257,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Cloud Capital Management LLC purchased a new position in Confluent during the 1st quarter worth $26,000. Credit Industriel ET Commercial purchased a new position in Confluent during the 4th quarter worth $28,000. Versant Capital Management Inc boosted its holdings in Confluent by 2,458.2% during the 1st quarter. Versant Capital Management Inc now owns 1,714 shares of the company's stock worth $40,000 after acquiring an additional 1,647 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Confluent by 26.8% during the 1st 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, BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Confluent in the 4th quarter worth about $153,000. Institutional investors own 78.09% of the company's stock.

Confluent Price Performance

Shares of CFLT stock traded down $0.35 during trading on Monday, hitting $27.00. The company had a trading volume of 5,919,362 shares, compared to its average volume of 5,794,422. The company has a quick ratio of 4.42, a current ratio of 4.42 and a debt-to-equity ratio of 1.07. The stock's 50-day moving average is $24.20 and its two-hundred day moving average is $25.49. The stock has a market capitalization of $9.19 billion, a price-to-earnings ratio of -27.55 and a beta of 0.99. Confluent, Inc. has a 52 week low of $17.79 and a 52 week high of $37.90.

Confluent (NASDAQ:CFLT - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.08 EPS for the quarter, beating 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 for the quarter, compared to analysts' expectations of $264.45 million. During the same period last year, the business earned $0.05 earnings per share. The business's quarterly revenue was up 24.8% on a year-over-year basis. As a group, analysts predict that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Insider Buying and Selling at Confluent

In other Confluent news, Director Neha Narkhede sold 60,000 shares of the 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 transaction, the director directly owned 20,247 shares in the company, valued at $404,130.12. This trade represents a 74.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $24.50, for a total transaction of $5,696,250.00. Following the transaction, the chief executive officer owned 452,488 shares in the company, valued at $11,085,956. The trade was a 33.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 546,669 shares of company stock valued at $12,637,193. 13.82% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on CFLT shares. Robert W. Baird cut their price target on shares of Confluent from $37.00 to $24.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st. Barclays reissued an "overweight" rating and issued a $31.00 price target (up from $27.00) on shares of Confluent in a report on Monday, July 21st. Loop Capital cut their price target on shares of Confluent from $30.00 to $22.00 and set a "hold" rating on the stock in a report on Wednesday, April 23rd. Guggenheim dropped their price objective on shares of Confluent from $38.00 to $31.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Finally, TD Securities dropped their price objective 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 analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-one have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $30.36.

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.