Confluent, Inc. (NASDAQ:CFLT) Shares Sold by Schonfeld Strategic Advisors LLC

Schonfeld Strategic Advisors LLC decreased its holdings in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 35.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 71,438 shares of the company's stock after selling 38,532 shares during the period. Schonfeld Strategic Advisors LLC's holdings in Confluent were worth $1,997,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Norges Bank purchased a new position in shares of Confluent during the 4th quarter valued at $81,092,000. Pictet Asset Management Holding SA lifted its stake in shares of Confluent by 7,342.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company's stock valued at $65,748,000 after buying an additional 2,319,919 shares in the last quarter. Fuller & Thaler Asset Management Inc. purchased a new position in shares of Confluent during the 4th quarter valued at $64,658,000. MIG Capital LLC purchased a new position in shares of Confluent during the 4th quarter valued at $27,007,000. Finally, Greenhouse Funds LLLP lifted its stake in shares of Confluent by 102.2% during the 4th quarter. Greenhouse Funds LLLP now owns 1,820,446 shares of the company's stock valued at $50,900,000 after buying an additional 919,997 shares in the last quarter. Institutional investors own 78.09% of the company's stock.

Analyst Upgrades and Downgrades

CFLT has been the topic of several research analyst reports. Guggenheim decreased their price target on shares of Confluent from $38.00 to $31.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. UBS Group reduced their target price on shares of Confluent from $38.00 to $30.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Royal Bank of Canada upped their price target on shares of Confluent from $36.00 to $41.00 and gave the company an "outperform" rating in a report on Wednesday, February 12th. Evercore ISI decreased their price objective on shares of Confluent from $29.00 to $28.00 and set an "outperform" rating for the company in a research note on Thursday, May 1st. Finally, Piper Sandler dropped their target price on Confluent from $40.00 to $32.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $30.11.

Confluent Stock Down 1.6%

Confluent stock traded down $0.33 during mid-day trading on Friday, reaching $20.65. 5,921,430 shares of the company were exchanged, compared to its average volume of 4,711,792. The business has a fifty day moving average of $23.40 and a 200 day moving average of $27.40. 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 firm has a market cap of $7.03 billion, a P/E ratio of -19.12 and a beta of 1.02. 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 posted its earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share for the quarter, topping analysts' consensus estimates of $0.07 by $0.01. The company had revenue of $271.12 million during the quarter, compared to analyst estimates of $264.45 million. Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. Confluent's revenue was up 24.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.05 earnings per share. Research analysts anticipate that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Confluent news, insider Erica Schultz sold 150,000 shares of the company's stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $35.82, for a total transaction of $5,373,000.00. Following the completion of the sale, the insider now owns 678,016 shares in the company, valued at $24,286,533.12. This represents a 18.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Neha Narkhede sold 60,000 shares of the company's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $19.96, for a total value of $1,197,600.00. Following the transaction, the director now directly owns 20,247 shares in the company, valued at approximately $404,130.12. The trade was a 74.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,260,746 shares of company stock worth $39,702,750 over the last 90 days. Company insiders own 9.20% of the company's stock.

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.