12,027 Shares in Confluent, Inc. (NASDAQ:CFLT) Bought by Clearline Capital LP

Clearline Capital LP purchased a new stake in Confluent, Inc. (NASDAQ:CFLT) in the third quarter, HoldingsChannel reports. The firm purchased 12,027 shares of the company’s stock, valued at approximately $245,000.

Several other hedge funds and other institutional investors have also made changes to their positions in CFLT. V Square Quantitative Management LLC purchased a new position in Confluent during the 2nd quarter valued at about $68,000. Point72 Hong Kong Ltd purchased a new position in shares of Confluent during the 3rd quarter worth approximately $68,000. Acadian Asset Management LLC acquired a new position in shares of Confluent during the 2nd quarter worth approximately $175,000. Plato Investment Management Ltd grew its holdings in Confluent by 2,184.1% during the 2nd quarter. Plato Investment Management Ltd now owns 6,601 shares of the company’s stock valued at $195,000 after buying an additional 6,312 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. purchased a new position in Confluent during the third quarter worth $214,000. Institutional investors and hedge funds own 78.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CFLT. TD Cowen increased their price objective on Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Mizuho lifted their price target on shares of Confluent from $29.00 to $31.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. JPMorgan Chase & Co. upped their price objective on shares of Confluent from $25.00 to $26.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Citigroup lifted their target price on shares of Confluent from $24.00 to $25.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th. Finally, UBS Group increased their price target on Confluent from $23.00 to $26.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.88.

Insider Activity at Confluent

In other Confluent news, CMO Stephanie Buscemi sold 164,123 shares of Confluent stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $26.24, for a total transaction of $4,306,587.52. Following the sale, the chief marketing officer now directly owns 149,644 shares in the company, valued at $3,926,658.56. The trade was a 52.31 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Erica Schultz sold 63,729 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $27.40, for a total value of $1,746,174.60. Following the completion of the transaction, the insider now directly owns 687,483 shares in the company, valued at approximately $18,837,034.20. The trade was a 8.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 4,237,879 shares of company stock valued at $118,823,850. Corporate insiders own 13.82% of the company’s stock.

Confluent Price Performance

Shares of NASDAQ CFLT opened at $30.84 on Monday. The company has a market capitalization of $10.12 billion, a price-to-earnings ratio of -27.78 and a beta of 0.82. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. Confluent, Inc. has a 1-year low of $17.79 and a 1-year high of $35.07. The business has a 50-day moving average of $24.40 and a 200-day moving average of $24.64.

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