Confluent, Inc. (NASDAQ:CFLT) Shares Purchased by Sycomore Asset Management

Sycomore Asset Management boosted its position in Confluent, Inc. (NASDAQ:CFLT) by 28.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 426,817 shares of the company’s stock after purchasing an additional 93,734 shares during the period. Confluent comprises 1.2% of Sycomore Asset Management’s investment portfolio, making the stock its 27th biggest position. Sycomore Asset Management owned approximately 0.13% of Confluent worth $8,404,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of CFLT. Oppenheimer & Co. Inc. boosted its position in shares of Confluent by 152.4% during the third quarter. Oppenheimer & Co. Inc. now owns 68,613 shares of the company’s stock worth $1,398,000 after buying an additional 41,431 shares during the period. Oppenheimer Asset Management Inc. acquired a new position in Confluent in the third quarter worth about $214,000. Baillie Gifford & Co. increased its holdings in shares of Confluent by 0.8% during the third quarter. Baillie Gifford & Co. now owns 451,566 shares of the company’s stock worth $9,203,000 after buying an additional 3,608 shares in the last quarter. GSA Capital Partners LLP raised its stake in shares of Confluent by 6.8% in the third quarter. GSA Capital Partners LLP now owns 30,461 shares of the company’s stock valued at $621,000 after acquiring an additional 1,938 shares during the last quarter. Finally, Pathway Capital Management LP acquired a new stake in shares of Confluent in the third quarter valued at approximately $918,000. Institutional investors and hedge funds own 78.09% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Canaccord Genuity Group cut their price objective on shares of Confluent from $35.00 to $34.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. UBS Group upped their price target on shares of Confluent from $23.00 to $26.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Stifel Nicolaus decreased their target price on shares of Confluent from $40.00 to $32.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. TD Cowen increased their target price on shares of Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, Needham & Company LLC upped their price target on shares of Confluent from $28.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $30.88.

Insider Activity at Confluent

In related news, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares in the company, valued at $9,045,235.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the transaction, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $9,045,235.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Matthew Craig Miller sold 1,067,242 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $27.51, for a total value of $29,359,827.42. The disclosure for this sale can be found here. Insiders sold 2,041,895 shares of company stock worth $53,318,197 in the last three months. 13.82% of the stock is owned by company insiders.

Confluent Stock Performance

Confluent stock traded up $0.08 during mid-day trading on Thursday, hitting $29.08. The company had a trading volume of 1,433,008 shares, compared to its average volume of 4,364,395. Confluent, Inc. has a 12-month low of $17.79 and a 12-month high of $35.07. The company has a market capitalization of $9.54 billion, a price-to-earnings ratio of -26.13 and a beta of 0.82. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. The company’s fifty day moving average is $22.07 and its 200-day moving average is $24.59.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.03. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. The company had revenue of $250.20 million for the quarter, compared to analyst estimates of $243.98 million. Equities research analysts predict that Confluent, Inc. will post -0.9 EPS for the current year.

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.