359,019 Shares in Confluent, Inc. (NASDAQ:CFLT) Bought by Shannon River Fund Management LLC

Shannon River Fund Management LLC bought a new stake in Confluent, Inc. (NASDAQ:CFLT) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 359,019 shares of the company’s stock, valued at approximately $10,038,000. Confluent comprises about 1.5% of Shannon River Fund Management LLC’s portfolio, making the stock its 13th biggest holding. Shannon River Fund Management LLC owned 0.11% of Confluent as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Stifel Financial Corp grew its holdings in shares of Confluent by 112.3% during the 3rd quarter. Stifel Financial Corp now owns 41,339 shares of the company’s stock worth $842,000 after purchasing an additional 21,864 shares during the period. Orion Portfolio Solutions LLC purchased a new stake in Confluent during the third quarter worth approximately $605,000. Geode Capital Management LLC grew its stake in Confluent by 2.5% during the third quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company’s stock worth $88,180,000 after buying an additional 107,510 shares during the period. Westside Investment Management Inc. increased its position in shares of Confluent by 11,796.1% in the third quarter. Westside Investment Management Inc. now owns 12,253 shares of the company’s stock worth $250,000 after acquiring an additional 12,150 shares in the last quarter. Finally, Sanctuary Advisors LLC raised its stake in shares of Confluent by 21.2% in the 3rd quarter. Sanctuary Advisors LLC now owns 18,825 shares of the company’s stock valued at $384,000 after acquiring an additional 3,298 shares during the period. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Kong Phan sold 6,346 shares of the stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $36.22, for a total value of $229,852.12. Following the completion of the transaction, the chief accounting officer now directly owns 179,593 shares of the company’s stock, valued at $6,504,858.46. This represents a 3.41 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Michelangelo Volpi sold 25,000 shares of Confluent stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $36.22, for a total value of $905,500.00. Following the sale, the director now directly owns 292,079 shares in the company, valued at $10,579,101.38. The trade was a 7.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,200,746 shares of company stock valued at $38,505,150 over the last three months. Company insiders own 13.82% of the company’s stock.

Confluent Trading Down 0.0 %

NASDAQ CFLT opened at $21.50 on Tuesday. The firm has a market capitalization of $7.18 billion, a PE ratio of -19.91 and a beta of 1.03. Confluent, Inc. has a one year low of $17.79 and a one year high of $37.90. The company has a 50-day simple moving average of $27.48 and a 200-day simple moving average of $27.35. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99.

Confluent (NASDAQ:CFLT) last issued its earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. On average, equities analysts forecast that Confluent, Inc. will post -0.83 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently issued reports on CFLT. Guggenheim increased their price target on Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Stifel Nicolaus raised their target price on Confluent from $37.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Royal Bank of Canada boosted their price target on Confluent from $36.00 to $41.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Piper Sandler increased their price objective on shares of Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Finally, Needham & Company LLC reissued a “buy” rating and set a $40.00 target price on shares of Confluent in a research report on Friday, March 7th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $34.96.

Confluent 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.