Jackson Square Capital LLC Invests $389,000 in Confluent, Inc. (NASDAQ:CFLT)

Jackson Square Capital LLC acquired a new position in shares of Confluent, Inc. (NASDAQ:CFLT) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 13,905 shares of the company’s stock, valued at approximately $389,000.

Several other institutional investors have also modified their holdings of the stock. Champlain Investment Partners LLC lifted its position 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 worth $218,083,000 after buying an additional 4,486,841 shares during the last quarter. 1832 Asset Management L.P. lifted its position in shares of Confluent by 28.4% during the 2nd quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock worth $224,933,000 after buying an additional 1,684,100 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Confluent by 2.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company’s stock worth $88,180,000 after buying an additional 107,510 shares during the last quarter. Atreides Management LP lifted its position in shares of Confluent by 7.3% during the 3rd quarter. Atreides Management LP now owns 2,706,910 shares of the company’s stock worth $55,167,000 after buying an additional 184,865 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its position in shares of Confluent by 46.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,513,426 shares of the company’s stock worth $51,224,000 after buying an additional 802,353 shares during the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on CFLT shares. Morgan Stanley restated an “equal weight” rating and set a $30.00 price objective (down previously from $33.00) on shares of Confluent in a research report on Thursday. Barclays upped their price target on shares of Confluent from $32.00 to $35.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Piper Sandler upped their price target on shares of Confluent from $32.00 to $35.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. TD Cowen upped their price target on shares of Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Finally, Truist Financial upped their price target on shares of Confluent from $32.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $32.37.

Insider Buying and Selling at Confluent

In other news, Director Matthew Craig Miller sold 53,512 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $33.64, for a total transaction of $1,800,143.68. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Kong Phan sold 3,947 shares of the stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $28.74, for a total transaction of $113,436.78. Following the transaction, the chief accounting officer now owns 179,939 shares in the company, valued at approximately $5,171,446.86. The trade was a 2.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 4,584,712 shares of company stock worth $132,928,936. Corporate insiders own 13.82% of the company’s stock.

Confluent Price Performance

Shares of NASDAQ CFLT opened at $26.70 on Friday. The stock has a market cap of $8.76 billion, a price-to-earnings ratio of -24.05 and a beta of 0.91. Confluent, Inc. has a 52 week low of $17.79 and a 52 week high of $35.07. The company’s 50-day moving average price is $29.62 and its 200 day moving average price is $24.94. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17.

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