Zweig DiMenna Associates LLC Buys Shares of 100,000 Confluent, Inc. (NASDAQ:CFLT)

Zweig DiMenna Associates LLC acquired a new stake in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 100,000 shares of the company's stock, valued at approximately $2,340,000.

A number of other institutional investors also recently added to or reduced their stakes in CFLT. Whale Rock Capital Management LLC acquired a new stake in Confluent during the second quarter valued at approximately $105,594,000. Vanguard Group Inc. boosted its holdings in shares of Confluent by 96.6% in the 1st quarter. Vanguard Group Inc. now owns 5,063,242 shares of the company's stock worth $207,593,000 after acquiring an additional 2,488,471 shares in the last quarter. Altimeter Capital Management LP boosted its holdings in shares of Confluent by 79.9% in the 1st quarter. Altimeter Capital Management LP now owns 5,306,700 shares of the company's stock worth $217,575,000 after acquiring an additional 2,356,700 shares in the last quarter. T. Rowe Price Investment Management Inc. acquired a new position in shares of Confluent in the 4th quarter worth approximately $44,837,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Confluent by 18.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,476,920 shares of the company's stock worth $300,320,000 after acquiring an additional 1,938,668 shares in the last quarter. 78.09% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Confluent

In related news, Director Michelangelo Volpi sold 637,268 shares of the company's stock in a transaction on Friday, February 9th. The shares were sold at an average price of $31.73, for a total value of $20,220,513.64. Following the completion of the transaction, the director now directly owns 302,306 shares of the company's stock, valued at approximately $9,592,169.38. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CTO Chad Verbowski sold 8,086 shares of the company's stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total value of $252,283.20. Following the completion of the transaction, the chief technology officer now directly owns 532,072 shares of the company's stock, valued at approximately $16,600,646.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Michelangelo Volpi sold 637,268 shares of the company's stock in a transaction on Friday, February 9th. The stock was sold at an average price of $31.73, for a total transaction of $20,220,513.64. Following the completion of the transaction, the director now directly owns 302,306 shares of the company's stock, valued at $9,592,169.38. The disclosure for this sale can be found here. Insiders sold a total of 1,433,170 shares of company stock worth $46,438,029 in the last quarter. Corporate insiders own 22.08% of the company's stock.

Confluent Trading Up 0.2 %

Shares of CFLT traded up $0.05 during trading hours on Friday, reaching $29.32. The stock had a trading volume of 3,769,313 shares, compared to its average volume of 3,288,622. The company has a quick ratio of 4.62, a current ratio of 4.62 and a debt-to-equity ratio of 1.34. Confluent, Inc. has a 52 week low of $14.69 and a 52 week high of $41.22. The firm has a 50-day moving average of $30.65 and a 200 day moving average of $26.41. The company has a market cap of $9.17 billion, a P/E ratio of -19.95 and a beta of 0.91.

Confluent (NASDAQ:CFLT - Get Free Report) last released its quarterly earnings data on Wednesday, February 7th. The company reported ($0.20) EPS for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.01). Confluent had a negative net margin of 56.99% and a negative return on equity of 44.16%. The firm had revenue of $213.18 million during the quarter, compared to the consensus estimate of $204.62 million. On average, sell-side analysts expect that Confluent, Inc. will post -0.92 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CFLT. JMP Securities boosted their target price on Confluent from $25.00 to $38.00 and gave the stock a "market outperform" rating in a report on Thursday, February 8th. Needham & Company LLC boosted their target price on Confluent from $35.00 to $38.00 and gave the stock a "buy" rating in a report on Friday, March 22nd. Scotiabank upped their price objective on Confluent from $22.00 to $28.00 and gave the stock a "sector perform" rating in a report on Thursday, February 8th. Barclays upped their price objective on Confluent from $26.00 to $33.00 and gave the stock an "overweight" rating in a report on Thursday, February 8th. Finally, Stifel Nicolaus assumed coverage on Confluent in a report on Wednesday, February 21st. They set a "buy" rating and a $40.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $30.72.

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.