Atreides Management LP Boosts Stake in Confluent, Inc. (NASDAQ:CFLT)

Atreides Management LP boosted its stake in Confluent, Inc. (NASDAQ:CFLT) by 7.3% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,706,910 shares of the company’s stock after buying an additional 184,865 shares during the quarter. Confluent makes up about 1.4% of Atreides Management LP’s holdings, making the stock its 20th biggest position. Atreides Management LP owned about 0.83% of Confluent worth $55,167,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CFLT. Cetera Advisors LLC lifted its stake in Confluent by 209.6% in the 1st quarter. Cetera Advisors LLC now owns 31,971 shares of the company’s stock valued at $976,000 after buying an additional 21,646 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its stake in shares of Confluent by 8.7% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock worth $322,000 after purchasing an additional 857 shares during the period. Fulton Bank N.A. lifted its stake in shares of Confluent by 15.0% during the 2nd quarter. Fulton Bank N.A. now owns 8,145 shares of the company’s stock worth $241,000 after purchasing an additional 1,064 shares during the period. CWM LLC lifted its stake in shares of Confluent by 17.6% during the 2nd quarter. CWM LLC now owns 10,099 shares of the company’s stock worth $298,000 after purchasing an additional 1,515 shares during the period. Finally, Sax Wealth Advisors LLC purchased a new position in shares of Confluent during the 2nd quarter worth $1,535,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Confluent Stock Up 0.9 %

Shares of Confluent stock opened at $30.84 on Monday. The business has a 50-day moving average of $24.40 and a 200-day moving average of $24.64. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The company has a market capitalization of $10.12 billion, a PE ratio of -27.78 and a beta of 0.82. Confluent, Inc. has a 1-year low of $17.79 and a 1-year high of $35.07.

Confluent (NASDAQ:CFLT) last announced its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.03. The company had revenue of $250.20 million during the quarter, compared to the consensus estimate of $243.98 million. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. As a group, equities analysts forecast that Confluent, Inc. will post -0.9 EPS for the current fiscal year.

Insider Activity

In other news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the transaction, the chief executive officer now owns 452,488 shares of the company’s stock, valued at approximately $9,045,235.12. This trade represents a 33.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Kong Phan sold 2,096 shares of the stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total transaction of $59,170.08. Following the transaction, the chief accounting officer now directly owns 190,680 shares in the company, valued at $5,382,896.40. The trade was a 1.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 4,237,879 shares of company stock worth $118,823,850 over the last ninety days. Corporate insiders own 13.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CFLT. Mizuho increased their price target on Confluent from $29.00 to $31.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. JPMorgan Chase & Co. increased their price target on Confluent from $25.00 to $26.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. TD Cowen increased their price target on Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Barclays increased their price target on Confluent from $29.00 to $32.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Finally, Robert W. Baird increased their target price on Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $30.88.

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.