Confluent, Inc. (NASDAQ:CFLT) Shares Sold by Soma Equity Partners LP

Soma Equity Partners LP lowered its holdings in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 3.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,729,357 shares of the company's stock after selling 129,802 shares during the quarter. Confluent makes up 5.8% of Soma Equity Partners LP's portfolio, making the stock its 9th biggest holding. Soma Equity Partners LP owned approximately 1.14% of Confluent worth $104,273,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Confluent by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company's stock worth $694,207,000 after purchasing an additional 599,582 shares during the last quarter. Champlain Investment Partners LLC boosted its stake in Confluent by 1.3% during the fourth quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company's stock worth $302,940,000 after buying an additional 133,908 shares during the period. Geode Capital Management LLC increased its position in Confluent by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company's stock valued at $123,339,000 after acquiring an additional 84,163 shares during the last quarter. Jericho Capital Asset Management L.P. increased its position in Confluent by 18.1% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,000,000 shares of the company's stock valued at $83,880,000 after acquiring an additional 459,000 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Confluent in the fourth quarter valued at $81,092,000. Institutional investors own 78.09% of the company's stock.

Insider Buying and Selling at Confluent

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the company's 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 transaction, the chief executive officer now owns 452,488 shares of the company's stock, valued at $14,628,937.04. This represents a 33.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Erica Schultz sold 63,729 shares of the business's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $34.75, for a total transaction of $2,214,582.75. Following the completion of the sale, the insider now directly owns 678,016 shares in the company, valued at $23,561,056. This trade represents a 8.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,034,550 shares of company stock worth $31,250,823. Insiders own 9.20% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Oppenheimer cut their price objective on Confluent from $35.00 to $32.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. Bank of America upped their price target on shares of Confluent from $26.00 to $31.00 and gave the stock an "underperform" rating in a report on Wednesday, February 12th. Robert W. Baird decreased their price objective on shares of Confluent from $37.00 to $24.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. Royal Bank of Canada raised their price target on Confluent from $36.00 to $41.00 and gave the company an "outperform" rating in a research note on Wednesday, February 12th. Finally, JMP Securities cut their target price on shares of Confluent from $40.00 to $36.00 and set a "market outperform" rating on the stock in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. 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 Performance

Confluent stock traded down $0.65 during mid-day trading on Monday, hitting $21.89. The company had a trading volume of 5,531,116 shares, compared to its average volume of 4,763,484. 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 company has a market capitalization of $7.45 billion, a price-to-earnings ratio of -20.27 and a beta of 1.02. The company's fifty day moving average is $22.94 and its 200-day moving average is $27.37. 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 announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.07 by $0.01. The firm had revenue of $271.12 million for the quarter, compared to the consensus estimate of $264.45 million. Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. The firm's quarterly revenue was up 24.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.05 earnings per share. Equities research analysts predict that Confluent, Inc. will post -0.83 EPS for the current year.

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.