Quantinno Capital Management LP Sells 17,261 Shares of Confluent, Inc. (NASDAQ:CFLT)

Quantinno Capital Management LP cut its holdings in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 16.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 87,399 shares of the company's stock after selling 17,261 shares during the period. Quantinno Capital Management LP's holdings in Confluent were worth $2,444,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in CFLT. Inspire Investing LLC bought a new stake in Confluent in the fourth quarter worth $1,093,000. Zweig DiMenna Associates LLC bought a new position in shares of Confluent during the fourth quarter valued at about $1,146,000. Blue Trust Inc. raised its stake in shares of Confluent by 354.0% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company's stock valued at $58,000 after acquiring an additional 1,607 shares during the last quarter. KBC Group NV raised its stake in shares of Confluent by 683.8% during the fourth quarter. KBC Group NV now owns 122,090 shares of the company's stock valued at $3,414,000 after acquiring an additional 106,513 shares during the last quarter. Finally, Pacer Advisors Inc. raised its stake in shares of Confluent by 36.4% during the fourth quarter. Pacer Advisors Inc. now owns 6,068 shares of the company's stock valued at $170,000 after acquiring an additional 1,619 shares during the last quarter. 78.09% of the stock is owned by institutional investors.

Confluent Trading Down 0.2%

NASDAQ CFLT traded down $0.05 on Friday, hitting $21.84. 3,483,236 shares of the stock were exchanged, compared to its average volume of 4,800,758. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99. Confluent, Inc. has a 52-week low of $17.79 and a 52-week high of $37.90. The firm has a market capitalization of $7.43 billion, a P/E ratio of -20.22 and a beta of 1.02. The stock has a fifty day moving average price of $22.47 and a two-hundred day moving average price of $27.20.

Confluent (NASDAQ:CFLT - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.08 EPS for the quarter, topping analysts' consensus estimates of $0.07 by $0.01. The firm had revenue of $271.12 million during 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 firm's revenue for the quarter was up 24.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.05 EPS. Research analysts forecast that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Insider Activity

In related news, CEO Edward Jay Kreps sold 37,707 shares of the firm's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $21.84, for a total value of $823,520.88. Following the transaction, the chief executive officer now owns 452,488 shares of the company's stock, valued at $9,882,337.92. This trade represents a 7.69% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Rohan Sivaram sold 11,000 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $31.14, for a total transaction of $342,540.00. Following the completion of the sale, the chief financial officer now directly owns 701,403 shares of the company's stock, valued at approximately $21,841,689.42. This trade represents a 1.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 736,028 shares of company stock valued at $19,977,382. 13.82% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have recently commented on CFLT. Bank of America upped their price objective on shares of Confluent from $26.00 to $31.00 and gave the company an "underperform" rating in a research note on Wednesday, February 12th. Royal Bank of Canada upped their price target on Confluent from $36.00 to $41.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 12th. Piper Sandler cut their price target on Confluent from $40.00 to $32.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Stifel Nicolaus cut their price target 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. Finally, William Blair reiterated an "outperform" rating on shares of Confluent in a report on Monday, March 17th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $30.11.

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.