PDT Partners LLC Lowers Position in Confluent, Inc. (NASDAQ:CFLT)

PDT Partners LLC trimmed its stake in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 54.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 47,561 shares of the company's stock after selling 57,663 shares during the quarter. PDT Partners LLC's holdings in Confluent were worth $1,330,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of the company. Credit Industriel ET Commercial bought a new position in Confluent in the 4th quarter worth approximately $28,000. Blue Trust Inc. increased its position in shares of 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 position in Confluent in the fourth quarter worth $59,000. GAMMA Investing LLC lifted its position in shares of Confluent by 85.3% during the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company's stock worth $69,000 after purchasing an additional 1,136 shares in the last quarter. Finally, AlphaQuest LLC boosted its holdings in Confluent by 22,112.5% in the fourth quarter. AlphaQuest LLC now owns 3,554 shares of the company's stock valued at $99,000 after acquiring an additional 3,538 shares during the last quarter. Institutional investors and hedge funds own 78.09% of the company's stock.

Confluent Stock Performance

Confluent stock traded down $0.02 during trading hours on Tuesday, hitting $19.74. The company had a trading volume of 1,965,609 shares, compared to its average volume of 4,706,134. Confluent, Inc. has a one year low of $17.79 and a one year high of $37.90. The firm has a market cap of $6.59 billion, a PE ratio of -18.29 and a beta of 1.02. The firm has a 50-day moving average of $24.23 and a 200 day moving average of $27.43. 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 results on Wednesday, April 30th. The company reported $0.08 EPS for the quarter, topping analysts' consensus estimates of $0.07 by $0.01. The business had revenue of $271.12 million for the quarter, compared to analyst estimates of $264.45 million. Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. Confluent's revenue for the quarter was up 24.8% compared to the same quarter last year. During the same period last year, the firm earned $0.05 earnings per share. On average, sell-side analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current year.

Insider Buying and Selling at Confluent

In other news, CFO Rohan Sivaram sold 68,350 shares of Confluent stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $36.23, for a total transaction of $2,476,320.50. Following the sale, the chief financial officer now directly owns 520,273 shares of the company's stock, valued at approximately $18,849,490.79. This trade represents a 11.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Kong Phan sold 3,175 shares of the firm's stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $26.86, for a total value of $85,280.50. Following the transaction, the chief accounting officer now directly owns 246,516 shares of the company's stock, valued at approximately $6,621,419.76. This represents a 1.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,200,746 shares of company stock valued at $38,505,150 in the last ninety days. 13.82% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CFLT. Stifel Nicolaus reduced their target price on Confluent from $40.00 to $30.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Barclays reduced their price target 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. Royal Bank of Canada raised their price objective on Confluent from $36.00 to $41.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 12th. Loop Capital cut their price objective on Confluent from $30.00 to $22.00 and set a "hold" rating on the stock in a report on Wednesday, April 23rd. Finally, Scotiabank dropped their target price on shares of Confluent from $35.00 to $24.00 and set a "sector perform" rating on the stock in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $30.28.

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.