Confluent, Inc. (NASDAQ:CFLT) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC lessened its stake in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 88.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 69,000 shares of the company's stock after selling 508,800 shares during the period. Renaissance Technologies LLC's holdings in Confluent were worth $1,929,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of CFLT. Blue Trust Inc. lifted its position 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 acquiring an additional 1,607 shares during the period. SBI Securities Co. Ltd. purchased a new position in Confluent during the 4th quarter worth approximately $59,000. GAMMA Investing LLC boosted its holdings in shares of Confluent by 85.3% in the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company's stock valued at $69,000 after acquiring an additional 1,136 shares during the last quarter. AlphaQuest LLC increased its stake in shares of Confluent by 22,112.5% in 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. Finally, IFP Advisors Inc raised its holdings in shares of Confluent by 48.4% during the fourth quarter. IFP Advisors Inc now owns 4,945 shares of the company's stock worth $138,000 after purchasing an additional 1,613 shares during the last quarter. Institutional investors and hedge funds own 78.09% of the company's stock.

Confluent Trading Down 1.6 %

Shares of Confluent stock traded down $0.39 during mid-day trading on Wednesday, hitting $23.67. The stock had a trading volume of 3,401,655 shares, compared to its average volume of 4,513,602. The firm has a market cap of $7.91 billion, a P/E ratio of -21.92 and a beta of 1.03. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. The firm has a 50-day moving average of $25.04 and a two-hundred day moving average of $27.44. Confluent, Inc. has a 12-month low of $17.79 and a 12-month high of $37.90.

Confluent (NASDAQ:CFLT - Get Free Report) last issued its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. Sell-side analysts forecast that Confluent, Inc. will post -0.83 earnings per share for the current year.

Insider Activity

In related news, CEO Edward Jay Kreps sold 232,500 shares of the business'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 transaction, the chief executive officer now directly owns 452,488 shares of the company's stock, valued at $14,628,937.04. The trade was a 33.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Kong Phan sold 2,178 shares of the company's stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $31.58, for a total value of $68,781.24. Following the sale, the chief accounting officer now owns 177,415 shares in the company, valued at approximately $5,602,765.70. This trade represents a 1.21 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,200,746 shares of company stock valued at $38,505,150. 13.82% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on CFLT shares. Barclays cut their price target on Confluent from $37.00 to $29.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Needham & Company LLC reissued a "buy" rating and issued a $40.00 price target on shares of Confluent in a report on Friday, March 7th. Piper Sandler raised their price objective on shares of Confluent from $35.00 to $40.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 12th. Royal Bank of Canada boosted their target price on shares of Confluent from $36.00 to $41.00 and gave the company an "outperform" rating in a research note on Wednesday, February 12th. Finally, Raymond James initiated coverage on shares of Confluent in a report on Friday, April 11th. They issued an "outperform" rating and a $30.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $33.39.

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.