Dynamic Technology Lab Private Ltd Buys New Position in Confluent, Inc. (NASDAQ:CFLT)

Dynamic Technology Lab Private Ltd purchased a new position in Confluent, Inc. (NASDAQ:CFLT) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 124,401 shares of the company’s stock, valued at approximately $2,535,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Champlain Investment Partners LLC raised its holdings in shares of Confluent by 72.2% during the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock valued at $218,083,000 after buying an additional 4,486,841 shares in the last quarter. 1832 Asset Management L.P. raised its stake in shares of Confluent by 28.4% during the second quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock worth $224,933,000 after acquiring an additional 1,684,100 shares in the last quarter. William Blair Investment Management LLC bought a new stake in shares of Confluent in the 2nd quarter worth approximately $193,403,000. Bank of New York Mellon Corp boosted its stake in shares of Confluent by 60.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,510,483 shares of the company’s stock valued at $103,665,000 after purchasing an additional 1,316,804 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Confluent by 2.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company’s stock valued at $46,549,000 after purchasing an additional 64,926 shares during the last quarter. Institutional investors own 78.09% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on CFLT shares. UBS Group boosted their price target on shares of Confluent from $23.00 to $26.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Canaccord Genuity Group dropped their target price on Confluent from $35.00 to $34.00 and set a “buy” rating for the company in a report on Thursday, August 1st. JMP Securities reaffirmed a “market outperform” rating and issued a $40.00 price target on shares of Confluent in a research note on Tuesday, October 29th. Barclays boosted their price objective on Confluent from $29.00 to $32.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Finally, Royal Bank of Canada increased their price objective on Confluent from $26.00 to $33.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $30.88.

Insider Activity at Confluent

In related news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total value of $4,647,675.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $9,045,235.12. This trade represents a 33.94 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Erica Schultz sold 63,729 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $27.40, for a total transaction of $1,746,174.60. Following the transaction, the insider now owns 687,483 shares in the company, valued at approximately $18,837,034.20. This trade represents a 8.48 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,425,457 shares of company stock valued at $93,622,927. 13.82% of the stock is owned by corporate insiders.

Confluent Price Performance

NASDAQ CFLT opened at $31.52 on Monday. Confluent, Inc. has a 12 month low of $17.79 and a 12 month high of $35.07. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The stock’s fifty day moving average price is $23.35 and its 200-day moving average price is $24.57.

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