XTX Topco Ltd Acquires Shares of 28,969 Confluent, Inc. (NASDAQ:CFLT)

Key Points

• XTX Topco Ltd acquired a new stake of 28,969 shares in Confluent, Inc., valued at approximately $679,000, during the first quarter.
• Institutional ownership of Confluent is significant, with hedge funds and other institutional investors holding 78.09% of the stock.
• Analysts have lowered their price targets for Confluent, with a consensus target price now at $27.36, suggesting a shift in market expectations.

XTX Topco Ltd acquired a new stake in Confluent, Inc. (NASDAQ:CFLT - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 28,969 shares of the company's stock, valued at approximately $679,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cloud Capital Management LLC purchased a new position in Confluent in the 1st quarter valued at about $26,000. Credit Industriel ET Commercial purchased a new position in Confluent in the 4th quarter valued at about $28,000. Versant Capital Management Inc lifted its position in shares of Confluent by 2,458.2% during the first quarter. Versant Capital Management Inc now owns 1,714 shares of the company's stock worth $40,000 after purchasing an additional 1,647 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Confluent by 26.8% during the first quarter. GAMMA Investing LLC now owns 3,128 shares of the company's stock worth $73,000 after purchasing an additional 661 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Confluent during the fourth quarter worth about $153,000. 78.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CFLT. DA Davidson reduced their price target on shares of Confluent from $32.00 to $24.00 and set a "buy" rating on the stock in a research report on Thursday, July 31st. Robert W. Baird reduced their price target 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. Citigroup reduced their price target on shares of Confluent from $30.00 to $20.00 and set a "neutral" rating on the stock in a research report on Monday. Stifel Nicolaus reiterated a "hold" rating and set a $21.00 price objective (down previously from $30.00) on shares of Confluent in a research note on Thursday, July 31st. Finally, Evercore ISI dropped their price objective on shares of Confluent from $29.00 to $28.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, ten have given a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $27.36.

Insider Transactions at Confluent

In other Confluent news, Director Eric Vishria sold 30,953 shares of Confluent stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $21.93, for a total value of $678,799.29. Following the transaction, the director owned 1,169,876 shares in the company, valued at approximately $25,655,380.68. The trade was a 2.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Neha Narkhede sold 20,000 shares of the stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $22.82, for a total value of $456,400.00. Following the completion of the sale, the director owned 20,247 shares of the company's stock, valued at $462,036.54. The trade was a 49.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 486,669 shares of company stock valued at $11,439,593 in the last 90 days. 9.20% of the stock is owned by corporate insiders.

Confluent Price Performance

Shares of NASDAQ:CFLT opened at $17.12 on Tuesday. Confluent, Inc. has a 12 month low of $16.56 and a 12 month high of $37.90. The stock has a market cap of $5.83 billion, a price-to-earnings ratio of -18.21 and a beta of 0.96. The stock's 50 day moving average price is $24.24 and its 200 day moving average price is $25.28. The company has a debt-to-equity ratio of 1.03, a current ratio of 3.98 and a quick ratio of 3.98.

Confluent (NASDAQ:CFLT - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.01. The firm had revenue of $282.29 million for the quarter, compared to analyst estimates of $278.32 million. Confluent had a negative net margin of 29.27% and a negative return on equity of 27.34%. The firm's quarterly revenue was up 20.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.06 earnings per share. Equities research analysts anticipate that Confluent, Inc. will post -0.83 earnings per share for the current fiscal 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.

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