Quadrature Capital Ltd Trims Holdings in Confluent, Inc. (NASDAQ:CFLT)

Quadrature Capital Ltd reduced its holdings in shares of Confluent, Inc. (NASDAQ:CFLT) by 63.6% in the third quarter, HoldingsChannel reports. The fund owned 17,034 shares of the company’s stock after selling 29,757 shares during the period. Quadrature Capital Ltd’s holdings in Confluent were worth $347,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of CFLT. Champlain Investment Partners LLC lifted its holdings in shares of Confluent by 72.2% during the third quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock valued at $218,083,000 after purchasing an additional 4,486,841 shares during the last quarter. 1832 Asset Management L.P. raised its stake in Confluent by 28.4% during the second quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock valued at $224,933,000 after buying an additional 1,684,100 shares during the last quarter. William Blair Investment Management LLC bought a new stake in Confluent in the second quarter worth $193,403,000. Bank of New York Mellon Corp grew its stake in shares of Confluent by 60.0% in the second quarter. Bank of New York Mellon Corp now owns 3,510,483 shares of the company’s stock worth $103,665,000 after acquiring an additional 1,316,804 shares during the last quarter. Finally, Atreides Management LP increased its holdings in shares of Confluent by 7.3% during the third quarter. Atreides Management LP now owns 2,706,910 shares of the company’s stock valued at $55,167,000 after acquiring an additional 184,865 shares in the last quarter. Institutional investors own 78.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. TD Cowen increased their price objective on shares of Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Citigroup raised their price target on shares of Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. Barclays upped their price objective on Confluent from $32.00 to $35.00 and gave the company an “overweight” rating in a research report on Friday. Scotiabank lifted their target price on Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a report on Thursday, October 31st. Finally, DA Davidson reaffirmed a “buy” rating and set a $30.00 price target on shares of Confluent in a report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $31.23.

Confluent Price Performance

Shares of NASDAQ:CFLT opened at $32.44 on Tuesday. The company has a market capitalization of $10.64 billion, a P/E ratio of -29.22 and a beta of 0.88. Confluent, Inc. has a 1-year low of $17.79 and a 1-year high of $35.07. The firm’s 50 day simple moving average is $25.92 and its two-hundred day simple moving average is $24.62. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24.

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

Insider Transactions at Confluent

In other Confluent news, Director Matthew Craig Miller sold 1,084,259 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $28.90, for a total value of $31,335,085.10. Following the sale, the director now owns 12,559 shares in the company, valued at $362,955.10. The trade was a 98.85 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $27.40, for a total value of $1,746,174.60. Following the transaction, the insider now owns 687,483 shares of the company’s stock, valued at approximately $18,837,034.20. The trade was a 8.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,069,108 shares of company stock valued at $116,165,158 over the last 90 days. Company insiders own 13.82% of the company’s stock.

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.