Lecap Asset Management Ltd. Buys New Position in Confluent, Inc. (NASDAQ:CFLT)

Lecap Asset Management Ltd. purchased a new position in shares of Confluent, Inc. (NASDAQ:CFLT) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 40,949 shares of the company’s stock, valued at approximately $1,145,000.

A number of other institutional investors also recently made changes to their positions in CFLT. EP Wealth Advisors LLC raised its holdings in Confluent by 3.6% during the third quarter. EP Wealth Advisors LLC now owns 14,371 shares of the company’s stock worth $293,000 after purchasing an additional 503 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Confluent by 85.3% during the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after purchasing an additional 1,136 shares during the period. Truist Financial Corp raised its stake in shares of Confluent by 5.3% in the 2nd quarter. Truist Financial Corp now owns 24,420 shares of the company’s stock worth $721,000 after buying an additional 1,238 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Confluent by 354.0% in the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock valued at $58,000 after buying an additional 1,607 shares during the period. Finally, Pacer Advisors Inc. boosted its stake in Confluent by 36.4% during the fourth quarter. Pacer Advisors Inc. now owns 6,068 shares of the company’s stock valued at $170,000 after buying an additional 1,619 shares in the last quarter. 78.09% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Lara Caimi sold 34,500 shares of the firm’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $31.32, for a total value of $1,080,540.00. Following the sale, the director now directly owns 7,160 shares of the company’s stock, valued at approximately $224,251.20. This trade represents a 82.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Kong Phan sold 2,096 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total value of $59,170.08. Following the transaction, the chief accounting officer now directly owns 190,680 shares of the company’s stock, valued at $5,382,896.40. This represents a 1.09 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,825,395 shares of company stock valued at $85,343,808. Insiders own 13.82% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Wells Fargo & Company boosted their price target on shares of Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Barclays increased their target price on shares of Confluent from $32.00 to $35.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Needham & Company LLC restated a “buy” rating and issued a $31.00 price target on shares of Confluent in a research report on Friday, November 15th. Scotiabank upped their price target on Confluent from $25.00 to $27.00 and gave the company a “sector perform” rating in a report on Thursday, October 31st. Finally, TD Cowen raised their price objective on Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $32.30.

Confluent Stock Up 0.4 %

Shares of Confluent stock opened at $30.02 on Friday. The stock has a 50-day simple moving average of $29.51 and a 200-day simple moving average of $25.20. Confluent, Inc. has a 52-week low of $17.79 and a 52-week high of $35.07. The firm has a market cap of $9.85 billion, a price-to-earnings ratio of -27.04 and a beta of 0.92. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24.

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.