Confluent, Inc. (NASDAQ:CFLT) Shares Acquired by Tidal Investments LLC

Tidal Investments LLC increased its stake in shares of Confluent, Inc. (NASDAQ:CFLT) by 521.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,545 shares of the company’s stock after buying an additional 42,406 shares during the quarter. Tidal Investments LLC’s holdings in Confluent were worth $1,030,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the stock. Champlain Investment Partners LLC grew its position 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 worth $218,083,000 after acquiring an additional 4,486,841 shares during the last quarter. 1832 Asset Management L.P. boosted its stake in Confluent by 28.4% during the 2nd quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock valued at $224,933,000 after purchasing an additional 1,684,100 shares during the period. William Blair Investment Management LLC bought a new position in Confluent in the 2nd quarter worth about $193,403,000. Geode Capital Management LLC increased its stake in shares of Confluent by 2.5% in the third quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company’s stock valued at $88,180,000 after purchasing an additional 107,510 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of Confluent by 60.0% during the second quarter. Bank of New York Mellon Corp now owns 3,510,483 shares of the company’s stock valued at $103,665,000 after buying an additional 1,316,804 shares during the last quarter. 78.09% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Confluent

In other news, CAO Kong Phan sold 12,460 shares of the firm’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $31.30, for a total transaction of $389,998.00. Following the transaction, the chief accounting officer now owns 183,886 shares in the company, valued at approximately $5,755,631.80. This trade represents a 6.35 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matthew Craig Miller sold 1,084,259 shares of the company’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $28.90, for a total transaction of $31,335,085.10. Following the completion of the sale, the director now owns 12,559 shares of the company’s stock, valued at $362,955.10. This represents a 98.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,580,765 shares of company stock valued at $132,815,499. Insiders own 13.82% of the company’s stock.

Analyst Upgrades and Downgrades

CFLT has been the subject of a number of recent analyst reports. Sanford C. Bernstein decreased their price objective on Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Barclays raised their price target on Confluent from $32.00 to $35.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Royal Bank of Canada upped their price objective on shares of Confluent from $26.00 to $33.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Needham & Company LLC reissued a “buy” rating and set a $31.00 target price on shares of Confluent in a research note on Friday, November 15th. Finally, Scotiabank upped their price target on shares of Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Confluent presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.23.

Confluent Stock Performance

CFLT stock opened at $28.49 on Friday. The firm has a 50 day simple moving average of $27.61 and a 200 day simple moving average of $24.77. Confluent, Inc. has a 52 week low of $17.79 and a 52 week high of $35.07. The stock has a market cap of $9.34 billion, a P/E ratio of -25.67 and a beta of 0.88. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24.

Confluent (NASDAQ:CFLT) last issued its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $243.98 million. Research analysts anticipate that Confluent, Inc. will post -0.9 earnings per share for the current fiscal year.

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.