Confluent, Inc. (NASDAQ:CFLT) Shares Sold by Two Sigma Investments LP

Two Sigma Investments LP lowered its stake in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 71.4% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 145,199 shares of the company's stock after selling 361,652 shares during the quarter. Two Sigma Investments LP's holdings in Confluent were worth $4,060,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Confluent by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company's stock worth $694,207,000 after purchasing an additional 599,582 shares in the last quarter. Champlain Investment Partners LLC raised its position in shares of Confluent by 1.3% during the 4th quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company's stock valued at $302,940,000 after buying an additional 133,908 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Confluent by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company's stock valued at $123,339,000 after buying an additional 84,163 shares in the last quarter. Jericho Capital Asset Management L.P. raised its position in shares of Confluent by 18.1% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,000,000 shares of the company's stock valued at $83,880,000 after buying an additional 459,000 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Confluent during the 4th quarter valued at about $81,092,000. Hedge funds and other institutional investors own 78.09% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CFLT. William Blair restated an "outperform" rating on shares of Confluent in a research report on Monday, March 17th. Robert W. Baird decreased their target price on shares of Confluent from $37.00 to $24.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. Wells Fargo & Company decreased their target price on shares of Confluent from $32.00 to $30.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. 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. Finally, JMP Securities decreased their target price on shares of Confluent from $40.00 to $36.00 and set a "market outperform" rating on the stock in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $30.11.

Insider Activity

In other news, insider Erica Schultz sold 63,729 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $29.47, for a total transaction of $1,878,093.63. Following the transaction, the insider now directly owns 502,424 shares in the company, valued at approximately $14,806,435.28. This trade represents a 11.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Rohan Sivaram sold 27,710 shares of the stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $21.83, for a total transaction of $604,909.30. Following the transaction, the chief financial officer now owns 673,693 shares in the company, valued at approximately $14,706,718.19. This represents a 3.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 533,124 shares of company stock worth $13,794,147. Corporate insiders own 9.20% of the company's stock.

Confluent Trading Up 0.1%

Shares of NASDAQ:CFLT traded up $0.03 during trading on Monday, reaching $23.06. 5,446,062 shares of the company were exchanged, compared to its average volume of 4,839,801. The firm has a market capitalization of $7.85 billion, a PE ratio of -21.35 and a beta of 1.02. The business's fifty day simple moving average is $21.99 and its 200-day simple moving average is $26.99. Confluent, Inc. has a 12-month low of $17.79 and a 12-month high of $37.90. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24.

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