Twinbeech Capital LP Reduces Stock Holdings in Confluent, Inc. (NASDAQ:CFLT)

Twinbeech Capital LP lowered its holdings in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 98.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,689 shares of the company's stock after selling 490,248 shares during the period. Twinbeech Capital LP's holdings in Confluent were worth $215,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new position in Confluent during the 4th quarter valued at about $81,092,000. Pictet Asset Management Holding SA increased its stake in shares of Confluent by 7,342.2% in the 4th quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company's stock worth $65,748,000 after purchasing an additional 2,319,919 shares in the last quarter. Fuller & Thaler Asset Management Inc. bought a new position in shares of Confluent during the 4th quarter valued at about $64,658,000. MIG Capital LLC bought a new position in shares of Confluent in the 4th quarter valued at about $27,007,000. Finally, Greenhouse Funds LLLP lifted its stake in Confluent by 102.2% in the fourth quarter. Greenhouse Funds LLLP now owns 1,820,446 shares of the company's stock worth $50,900,000 after purchasing an additional 919,997 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors.

Confluent Stock Performance

Shares of CFLT traded up $0.63 on Thursday, reaching $23.27. The company's stock had a trading volume of 2,493,636 shares, compared to its average volume of 4,814,636. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24. The stock has a market capitalization of $7.92 billion, a P/E ratio of -21.58 and a beta of 1.02. The stock's 50 day simple moving average is $22.21 and its two-hundred day simple moving average is $27.10. Confluent, Inc. has a 12-month low of $17.79 and a 12-month high of $37.90.

Confluent (NASDAQ:CFLT - Get Free Report) last announced its quarterly earnings results 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 company 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%. Confluent's quarterly revenue was up 24.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.05 earnings per share. Research analysts forecast that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CFLT. Evercore ISI lowered their target price on shares of Confluent from $29.00 to $28.00 and set an "outperform" rating for the company in a research note on Thursday, May 1st. Citigroup reaffirmed a "neutral" rating on shares of Confluent in a report on Wednesday, May 21st. JMP Securities dropped their price objective on shares of Confluent from $40.00 to $36.00 and set a "market outperform" rating for the company in a research note 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 report on Thursday, April 24th. Finally, Oppenheimer decreased their price objective on shares of Confluent from $35.00 to $32.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $30.11.

Insider Activity

In other Confluent news, CRO Ban Ryan Norris Mac sold 9,476 shares of the business's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $21.83, for a total transaction of $206,861.08. Following the sale, the executive now directly owns 427,515 shares in the company, valued at $9,332,652.45. This represents a 2.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Erica Schultz sold 63,729 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $29.47, for a total value of $1,878,093.63. Following the completion of the transaction, the insider now directly owns 502,424 shares of the company's stock, valued at $14,806,435.28. This trade represents a 11.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 584,124 shares of company stock worth $15,363,887 over the last 90 days. 9.20% of the stock is currently owned by corporate insiders.

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.