Soma Equity Partners LP Has $104.27 Million Stock Position in Confluent, Inc. (NASDAQ:CFLT)

Soma Equity Partners LP lowered its stake in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 3.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,729,357 shares of the company's stock after selling 129,802 shares during the quarter. Confluent accounts for about 5.8% of Soma Equity Partners LP's portfolio, making the stock its 9th largest position. Soma Equity Partners LP owned 1.14% of Confluent worth $104,273,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Credit Industriel ET Commercial acquired a new position in Confluent in the fourth quarter valued at approximately $28,000. Blue Trust Inc. boosted its stake in shares of Confluent by 354.0% in the fourth 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 stake in shares of Confluent in the fourth quarter valued at about $59,000. AlphaQuest LLC boosted its stake 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 acquiring an additional 3,538 shares in the last quarter. Finally, IFP Advisors Inc increased its holdings in Confluent by 48.4% during the 4th quarter. IFP Advisors Inc now owns 4,945 shares of the company's stock valued at $138,000 after acquiring an additional 1,613 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Confluent Stock Performance

CFLT stock traded down $0.51 during trading on Wednesday, hitting $21.33. 2,744,141 shares of the company's stock traded hands, compared to its average volume of 4,763,369. The stock has a fifty day moving average price of $22.78 and a two-hundred day moving average price of $27.30. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. Confluent, Inc. has a 52 week low of $17.79 and a 52 week high of $37.90. The stock has a market capitalization of $7.26 billion, a price-to-earnings ratio of -19.79 and a beta of 1.02.

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

Insiders Place Their Bets

In related news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $32.33, for a total value of $7,516,725.00. Following the sale, the chief executive officer now owns 452,488 shares of the company's stock, valued at $14,628,937.04. This trade represents a 33.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Kong Phan sold 2,178 shares of the business's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $31.58, for a total transaction of $68,781.24. Following the transaction, the chief accounting officer now directly owns 177,415 shares of the company's stock, valued at $5,602,765.70. The trade was a 1.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 970,821 shares of company stock valued at $29,036,240 over the last three months. Company insiders own 13.82% of the company's stock.

Analyst Upgrades and Downgrades

CFLT has been the topic of a number of recent research reports. Morgan Stanley reduced their target price on shares of Confluent from $32.00 to $25.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. DA Davidson reduced their price objective on shares of Confluent from $42.00 to $28.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Loop Capital lowered their target price on shares of Confluent from $30.00 to $22.00 and set a "hold" rating for the company in a research note on Wednesday, April 23rd. Scotiabank reduced their price target on Confluent from $35.00 to $24.00 and set a "sector perform" rating on the stock in a research note on Thursday, April 24th. Finally, Stifel Nicolaus decreased their price objective on Confluent from $40.00 to $30.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Confluent currently has an average rating of "Moderate Buy" and a consensus price target of $30.11.

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.