Shay Capital LLC Invests $419,000 in Confluent, Inc. (NASDAQ:CFLT)

Shay Capital LLC acquired a new position in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 15,000 shares of the company's stock, valued at approximately $419,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in CFLT. Credit Industriel ET Commercial acquired a new position in Confluent in the 4th quarter valued at $28,000. Blue Trust Inc. grew its holdings in Confluent by 354.0% in the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company's stock valued at $58,000 after buying an additional 1,607 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in Confluent in the 4th quarter valued at $59,000. AlphaQuest LLC grew its holdings in shares of Confluent by 22,112.5% during the 4th quarter. AlphaQuest LLC now owns 3,554 shares of the company's stock worth $99,000 after purchasing an additional 3,538 shares in the last quarter. Finally, IFP Advisors Inc grew its holdings in shares of Confluent by 48.4% during the 4th quarter. IFP Advisors Inc now owns 4,945 shares of the company's stock worth $138,000 after purchasing an additional 1,613 shares in the last quarter. Institutional investors own 78.09% of the company's stock.

Insider Buying and Selling

In related news, Director Neha Narkhede sold 60,000 shares of the business's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $19.96, for a total transaction of $1,197,600.00. Following the completion of the transaction, the director now directly owns 20,247 shares in the company, valued at $404,130.12. The trade was a 74.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of the company's stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $32.33, for a total value of $7,516,725.00. Following the completion of the transaction, the chief executive officer now owns 452,488 shares of the company's stock, valued at $14,628,937.04. The trade was a 33.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 970,821 shares of company stock worth $29,036,240 over the last ninety days. 9.20% of the stock is owned by corporate insiders.

Confluent Stock Performance

Shares of NASDAQ CFLT traded down $0.05 during mid-day trading on Tuesday, hitting $21.84. The company had a trading volume of 4,717,285 shares, compared to its average volume of 4,770,709. The company has a market capitalization of $7.43 billion, a price-to-earnings ratio of -20.22 and a beta of 1.02. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $37.90. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14. The stock's 50-day moving average price is $22.86 and its 200-day moving average price is $27.34.

Confluent (NASDAQ:CFLT - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.01. The company had revenue of $271.12 million during the quarter, compared to analysts' expectations of $264.45 million. Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. The firm's quarterly revenue was up 24.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.05 earnings per share. On average, sell-side analysts forecast that Confluent, Inc. will post -0.83 earnings per share for the current year.

Analyst Upgrades and Downgrades

CFLT has been the topic of several analyst reports. Bank of America increased their target price on Confluent from $26.00 to $31.00 and gave the stock an "underperform" rating in a report on Wednesday, February 12th. Wells Fargo & Company dropped their target price on Confluent from $32.00 to $30.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Evercore ISI decreased their target price on Confluent from $29.00 to $28.00 and set an "outperform" rating for the company in a research note on Thursday, May 1st. Barclays reduced their price objective on Confluent from $29.00 to $27.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. Finally, Oppenheimer cut their target price on Confluent from $35.00 to $32.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $30.11.

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.