Tairen Capital Ltd Buys 22,798 Shares of Confluent, Inc. (NASDAQ:CFLT)

Tairen Capital Ltd boosted its holdings in shares of Confluent, Inc. (NASDAQ:CFLT) by 45.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,798 shares of the company’s stock after buying an additional 22,798 shares during the period. Tairen Capital Ltd’s holdings in Confluent were worth $2,035,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Shay Capital LLC purchased a new stake in Confluent in the fourth quarter valued at approximately $419,000. Royal Bank of Canada boosted its position in Confluent by 86.3% in the fourth quarter. Royal Bank of Canada now owns 498,413 shares of the company’s stock valued at $13,936,000 after buying an additional 230,943 shares during the last quarter. Rafferty Asset Management LLC boosted its position in Confluent by 15.9% in the fourth quarter. Rafferty Asset Management LLC now owns 14,348 shares of the company’s stock valued at $401,000 after buying an additional 1,964 shares during the last quarter. ProShare Advisors LLC boosted its position in Confluent by 3.1% in the 4th quarter. ProShare Advisors LLC now owns 10,774 shares of the company’s stock worth $301,000 after purchasing an additional 328 shares in the last quarter. Finally, Nomura Holdings Inc. purchased a new stake in Confluent in the 4th quarter worth approximately $296,000. 78.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have commented on CFLT. Stifel Nicolaus lowered their price objective on Confluent from $40.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Robert W. Baird lowered their price objective on Confluent from $37.00 to $24.00 and set a “neutral” rating on the stock in a research report on Thursday, May 1st. Canaccord Genuity Group lowered their price objective on Confluent from $38.00 to $32.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Royal Bank of Canada upped their price objective on Confluent from $36.00 to $41.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Finally, TD Securities reduced their target price on Confluent from $34.00 to $32.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Confluent currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.11.

Confluent Stock Down 0.8%

Shares of CFLT opened at $22.54 on Monday. Confluent, Inc. has a 52-week low of $17.79 and a 52-week high of $37.90. The company has a market capitalization of $7.67 billion, a PE ratio of -20.87 and a beta of 1.02. The stock has a fifty day simple moving average of $22.94 and a two-hundred day simple moving average of $27.37. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14.

Confluent (NASDAQ:CFLT) last issued its earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $264.45 million. During the same period last year, the company earned $0.05 EPS. The company’s revenue for the quarter was up 24.8% on a year-over-year basis. As a group, equities analysts forecast that Confluent, Inc. will post -0.83 EPS for the current year.

Insiders Place Their Bets

In other Confluent news, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $34.75, for a total value of $2,214,582.75. Following the completion of the sale, the insider now directly owns 678,016 shares of the company’s stock, valued at $23,561,056. This trade represents a 8.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Rohan Sivaram sold 23,605 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $31.58, for a total value of $745,445.90. Following the transaction, the chief financial officer now owns 497,806 shares of the company’s stock, valued at approximately $15,720,713.48. This represents a 4.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,011,050 shares of company stock valued at $30,718,078 in the last three months. 9.20% of the stock is currently owned by insiders.

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.