Algert Global LLC Has $3.74 Million Stock Position in Confluent, Inc. (NASDAQ:CFLT)

Algert Global LLC raised its holdings in shares of Confluent, Inc. (NASDAQ:CFLT) by 53.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 133,792 shares of the company’s stock after buying an additional 46,712 shares during the quarter. Algert Global LLC’s holdings in Confluent were worth $3,741,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of CFLT. M&T Bank Corp raised its stake in Confluent by 12.3% during the 4th quarter. M&T Bank Corp now owns 21,540 shares of the company’s stock valued at $602,000 after purchasing an additional 2,367 shares during the last quarter. Friedenthal Financial bought a new position in shares of Confluent during the 4th quarter worth about $758,000. Victory Capital Management Inc. raised its position in shares of Confluent by 135.7% during the fourth quarter. Victory Capital Management Inc. now owns 648,986 shares of the company’s stock valued at $18,146,000 after buying an additional 373,682 shares during the last quarter. Truist Financial Corp lifted its stake in shares of Confluent by 2.5% in the fourth quarter. Truist Financial Corp now owns 21,081 shares of the company’s stock valued at $589,000 after buying an additional 514 shares during the period. Finally, Stratos Wealth Advisors LLC acquired a new stake in Confluent during the fourth quarter worth about $252,000. 78.09% of the stock is owned by institutional investors.

Confluent Stock Performance

Shares of CFLT opened at $19.74 on Wednesday. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14. Confluent, Inc. has a 12 month low of $17.79 and a 12 month high of $37.90. The firm has a fifty day simple moving average of $23.99 and a 200 day simple moving average of $27.38. The stock has a market capitalization of $6.59 billion, a price-to-earnings ratio of -18.27 and a beta of 1.02.

Confluent (NASDAQ:CFLT) last released its earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. The business had revenue of $271.12 million for the quarter, compared to the consensus estimate of $264.45 million. During the same quarter in the previous year, the business earned $0.05 earnings per share. Confluent’s quarterly revenue was up 24.8% on a year-over-year basis. Research analysts forecast that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on CFLT. UBS Group reduced their price objective on Confluent from $38.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. Oppenheimer decreased their price target on shares of Confluent from $35.00 to $32.00 and set an “outperform” rating on the stock in a research note on Thursday, May 1st. JMP Securities lowered their price target on shares of Confluent from $40.00 to $36.00 and set a “market outperform” rating on the stock in a report on Thursday, May 1st. Truist Financial decreased their target price on shares of Confluent from $35.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Finally, DA Davidson dropped their price target on shares of Confluent from $42.00 to $28.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $30.28.

Insider Activity at Confluent

In related news, CAO Kong Phan sold 2,178 shares of Confluent stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $31.58, for a total transaction of $68,781.24. Following the completion of the transaction, the chief accounting officer now owns 177,415 shares in the company, valued at approximately $5,602,765.70. This trade represents a 1.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Rohan Sivaram sold 68,350 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $36.23, for a total value of $2,476,320.50. Following the transaction, the chief financial officer now directly owns 520,273 shares in the company, valued at approximately $18,849,490.79. This trade represents a 11.61 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,260,746 shares of company stock valued at $39,702,750. 13.82% of the stock is owned by corporate insiders.

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.