Sycomore Asset Management Has $4.96 Million Stake in Confluent, Inc. (NASDAQ:CFLT)

Sycomore Asset Management lessened its stake in shares of Confluent, Inc. (NASDAQ:CFLT) by 58.5% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 177,319 shares of the company’s stock after selling 249,498 shares during the period. Sycomore Asset Management owned 0.05% of Confluent worth $4,958,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Quantbot Technologies LP raised its holdings in shares of Confluent by 1,465.6% during the third quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock valued at $617,000 after purchasing an additional 28,360 shares during the period. Pathway Capital Management LP bought a new stake in Confluent in the 3rd quarter valued at about $918,000. Charles Schwab Investment Management Inc. raised its stake in Confluent by 2.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company’s stock worth $46,549,000 after buying an additional 64,926 shares during the period. Creative Planning boosted its holdings in Confluent by 109.9% in the third quarter. Creative Planning now owns 94,939 shares of the company’s stock worth $1,935,000 after acquiring an additional 49,699 shares in the last quarter. Finally, Oppenheimer & Co. Inc. grew its stake in Confluent by 152.4% in the third quarter. Oppenheimer & Co. Inc. now owns 68,613 shares of the company’s stock valued at $1,398,000 after acquiring an additional 41,431 shares during the period. 78.09% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on CFLT shares. Mizuho upped their target price on Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Guggenheim lifted their price target on Confluent from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Friday, January 31st. Citigroup lifted their target price on Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. Robert W. Baird raised their price target on shares of Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Finally, TD Cowen boosted their target price on Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $32.30.

Confluent Stock Performance

Shares of CFLT stock opened at $30.02 on Monday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24. Confluent, Inc. has a fifty-two week low of $17.79 and a fifty-two week high of $35.07. The company has a market capitalization of $9.85 billion, a P/E ratio of -27.04 and a beta of 0.92. The stock has a 50 day moving average price of $29.51 and a two-hundred day moving average price of $25.20.

Insiders Place Their Bets

In other Confluent news, Director Matthew Craig Miller sold 53,512 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $33.64, for a total value of $1,800,143.68. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $29.29, for a total transaction of $6,809,925.00. Following the transaction, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $13,253,373.52. The trade was a 33.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,825,395 shares of company stock worth $85,343,808. Company insiders own 13.82% of the company’s stock.

Confluent Company 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.