Jericho Capital Asset Management L.P. Buys 459,000 Shares of Confluent, Inc. (NASDAQ:CFLT)

Jericho Capital Asset Management L.P. lifted its position in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 18.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,000,000 shares of the company's stock after buying an additional 459,000 shares during the period. Confluent comprises 1.2% of Jericho Capital Asset Management L.P.'s holdings, making the stock its 26th largest position. Jericho Capital Asset Management L.P. owned 0.91% of Confluent worth $83,880,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in CFLT. Credit Industriel ET Commercial bought a new stake in shares of Confluent in the fourth quarter worth about $28,000. Blue Trust Inc. increased its stake in Confluent by 354.0% during the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company's stock worth $58,000 after purchasing an additional 1,607 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in Confluent during the 4th quarter worth approximately $59,000. GAMMA Investing LLC lifted its stake in Confluent by 85.3% in the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company's stock valued at $69,000 after buying an additional 1,136 shares in the last quarter. Finally, AlphaQuest LLC raised its holdings in shares of Confluent by 22,112.5% during the fourth quarter. AlphaQuest LLC now owns 3,554 shares of the company's stock worth $99,000 after acquiring an additional 3,538 shares during the period. Institutional investors and hedge funds own 78.09% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CFLT. Wells Fargo & Company dropped their price target on Confluent from $32.00 to $30.00 and set an "overweight" rating on the stock in a research note on Thursday. Bank of America boosted their target price on Confluent from $26.00 to $31.00 and gave the company an "underperform" rating in a research note on Wednesday, February 12th. Loop Capital decreased their price target on shares of Confluent from $30.00 to $22.00 and set a "hold" rating for the company in a research note on Wednesday, April 23rd. Piper Sandler lowered their price objective on shares of Confluent from $40.00 to $32.00 and set an "overweight" rating on the stock in a report on Thursday. Finally, Oppenheimer decreased their target price on shares of Confluent from $35.00 to $32.00 and set an "outperform" rating for the company in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $30.28.

Confluent Stock Performance

Shares of CFLT stock traded up $0.38 on Friday, hitting $19.82. The company's stock had a trading volume of 14,045,294 shares, compared to its average volume of 4,699,136. Confluent, Inc. has a fifty-two week low of $17.79 and a fifty-two week high of $37.90. The company has a market capitalization of $6.62 billion, a PE ratio of -18.35 and a beta of 1.03. The stock's 50 day moving average is $24.45 and its 200-day moving average is $27.38. 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 (NASDAQ:CFLT - Get Free Report) last announced its earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $264.45 million. During the same quarter in the prior year, the business posted $0.05 EPS. The business's revenue was up 24.8% compared to the same quarter last year. Equities research analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Insider Activity

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the company's stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $32.33, for a total transaction of $7,516,725.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at $14,628,937.04. This represents a 33.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Kong Phan sold 3,175 shares of the firm'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 directly owns 246,516 shares in the company, valued at approximately $6,621,419.76. This represents a 1.27 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,200,746 shares of company stock worth $38,505,150. 13.82% of the stock is currently owned by company 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.