Whetstone Capital Advisors LLC Trims Stock Holdings in Confluent, Inc. (NASDAQ:CFLT)

Whetstone Capital Advisors LLC lowered its stake in shares of Confluent, Inc. (NASDAQ:CFLT) by 0.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 281,316 shares of the company’s stock after selling 1,867 shares during the period. Confluent accounts for approximately 2.8% of Whetstone Capital Advisors LLC’s portfolio, making the stock its 13th biggest holding. Whetstone Capital Advisors LLC owned 0.09% of Confluent worth $5,733,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. William Blair Investment Management LLC acquired a new stake in shares of Confluent during the 2nd quarter worth $193,403,000. Champlain Investment Partners LLC increased its stake in Confluent by 72.2% during the third quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock worth $218,083,000 after acquiring an additional 4,486,841 shares during the last quarter. 1832 Asset Management L.P. raised its holdings in shares of Confluent by 28.4% in the 2nd quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock worth $224,933,000 after purchasing an additional 1,684,100 shares during the period. Bank of New York Mellon Corp raised its holdings 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 worth $103,665,000 after purchasing an additional 1,316,804 shares during the period. Finally, Fiera Capital Corp acquired a new position in shares of Confluent in the 3rd quarter valued at about $21,127,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Insider Buying and Selling

In other Confluent news, CAO Kong Phan sold 2,096 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $59,170.08. Following the transaction, the chief accounting officer now owns 190,680 shares of the company’s stock, valued at approximately $5,382,896.40. This trade represents a 1.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $29.29, for a total value of $6,809,925.00. Following the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $13,253,373.52. The trade was a 33.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,425,457 shares of company stock worth $93,622,927 in the last three months. 13.82% of the stock is owned by insiders.

Confluent Price Performance

NASDAQ CFLT opened at $32.30 on Monday. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17. Confluent, Inc. has a one year low of $17.79 and a one year high of $35.07. The company has a 50-day simple moving average of $23.35 and a 200-day simple moving average of $24.57.

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

Wall Street Analyst Weigh In

Several research analysts recently commented on CFLT shares. Barclays raised their price target on shares of Confluent from $29.00 to $32.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Sanford C. Bernstein decreased their price target on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Piper Sandler cut their price objective on Confluent from $37.00 to $32.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. Bank of America lowered their target price on Confluent from $32.00 to $26.00 and set an “underperform” rating for the company in a research note on Thursday, August 1st. Finally, Evercore ISI reduced their price target on Confluent from $33.00 to $28.00 and set an “outperform” rating on the stock in a research report on Friday, September 20th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $30.88.

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.