Founders Circle Capital LLC purchased a new position in Confluent, Inc. (NASDAQ:CFLT) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 445,716 shares of the company’s stock, valued at approximately $26,587,000. Confluent comprises 8.1% of Founders Circle Capital LLC’s investment portfolio, making the stock its 5th largest position.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Durable Capital Partners LP acquired a new stake in Confluent in the 2nd quarter valued at approximately $238,368,000. Lone Pine Capital LLC acquired a new stake in Confluent in the 2nd quarter valued at approximately $172,357,000. Coatue Management LLC acquired a new stake in Confluent in the 2nd quarter valued at approximately $81,938,000. FMR LLC acquired a new stake in Confluent in the 2nd quarter valued at approximately $79,864,000. Finally, Vanguard Group Inc. acquired a new stake in Confluent in the 2nd quarter valued at approximately $70,553,000. 16.96% of the stock is currently owned by institutional investors and hedge funds.
CFLT opened at $75.62 on Wednesday. Confluent, Inc. has a 1 year low of $37.71 and a 1 year high of $94.97. The company’s fifty day moving average price is $71.17.
Several analysts recently commented on the company. Barclays raised their target price on Confluent from $62.00 to $68.00 and gave the company an “equal weight” rating in a research report on Monday, October 18th. DA Davidson assumed coverage on Confluent in a research note on Wednesday, September 15th. They set a “neutral” rating and a $61.00 price objective for the company. JMP Securities raised their price objective on Confluent from $52.00 to $97.00 and gave the stock an “outperform” rating in a research note on Friday, November 5th. Cowen raised their price objective on Confluent from $75.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, November 5th. Finally, William Blair assumed coverage on Confluent in a research note on Thursday, November 18th. They set an “outperform” rating for the company. Nine research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Confluent presently has a consensus rating of “Hold” and a consensus target price of $67.15.
In other Confluent news, CFO Steffan Tomlinson sold 722,600 shares of the firm’s stock in a transaction dated Thursday, November 11th. The stock was sold at an average price of $89.30, for a total transaction of $64,528,180.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Erica Schultz sold 50,000 shares of the firm’s stock in a transaction dated Friday, November 19th. The shares were sold at an average price of $82.10, for a total value of $4,105,000.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,156,746 shares of company stock valued at $100,169,795.
Confluent Company Profile
Confluent, Inc engages in developing cloud-native platform for data-in-motion that helps companies to connect their applications around real-time streams in the United States and internationally. The company offers Apache Kafka, a community distributed event streaming platform. Its products also include Confluent Cloud, a managed cloud-native service for Apache Kafka to connect and process data of user companies; Confluent platform, a self-managed platform to connect, process, and react to data in real-time for streaming data from across the organization for customer experiences and data-driven operations; ksqlDB that enables users to build real-time applications; and Confluent hub.
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