Flight Deck Capital LP Makes New Investment in Confluent, Inc. (NASDAQ:CFLT)

Flight Deck Capital LP purchased a new position in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 246,659 shares of the company's stock, valued at approximately $6,897,000. Confluent accounts for about 7.7% of Flight Deck Capital LP's investment portfolio, making the stock its 5th largest holding. Flight Deck Capital LP owned about 0.08% of Confluent as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its holdings in Confluent by 85.3% during the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company's stock worth $69,000 after purchasing an additional 1,136 shares during the period. Moody National Bank Trust Division acquired a new stake in Confluent in the fourth quarter valued at $203,000. Friedenthal Financial acquired a new position in shares of Confluent during the 4th quarter worth about $758,000. Jackson Square Capital LLC acquired a new stake in shares of Confluent during the 4th quarter worth about $389,000. Finally, Inspire Investing LLC purchased a new stake in Confluent during the fourth quarter worth approximately $1,093,000. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Confluent Stock Down 3.5%

Shares of NASDAQ:CFLT traded down $0.82 during trading on Thursday, hitting $22.68. The company's stock had a trading volume of 5,060,591 shares, compared to its average volume of 4,737,460. Confluent, Inc. has a fifty-two week low of $17.79 and a fifty-two week high of $37.90. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99. The company has a market capitalization of $7.72 billion, a PE ratio of -21.02 and a beta of 1.02. The stock's 50-day moving average price is $23.03 and its two-hundred day moving average price is $27.34.

Confluent (NASDAQ:CFLT - Get Free Report) last issued its earnings results 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 business had revenue of $271.12 million for the quarter, compared to analyst estimates of $264.45 million. During the same quarter in the prior year, the business posted $0.05 EPS. The company's revenue for the quarter was up 24.8% on a year-over-year basis. As a group, sell-side analysts expect that Confluent, Inc. will post -0.83 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Stifel Nicolaus lowered their target price on shares of Confluent from $40.00 to $30.00 and set a "buy" rating for the company in a report on Thursday, May 1st. William Blair reaffirmed an "outperform" rating on shares of Confluent in a report on Monday, March 17th. Barclays lowered their price objective 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. Canaccord Genuity Group reduced their target price on shares of Confluent from $38.00 to $32.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Finally, UBS Group lowered their price target on Confluent from $38.00 to $30.00 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 given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Confluent has an average rating of "Moderate Buy" and a consensus target price of $30.11.

Insider Buying and Selling at Confluent

In related news, Director Neha Narkhede sold 60,000 shares of the firm's 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 now owns 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Kong Phan sold 3,175 shares of the company's stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $26.86, for a total value of $85,280.50. Following the completion of the sale, the chief accounting officer now owns 246,516 shares of the company's stock, valued at approximately $6,621,419.76. This trade represents a 1.27% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,011,050 shares of company stock worth $30,718,078. 9.20% of the stock is owned by insiders.

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.