Algert Global LLC Makes New $1.78 Million Investment in Confluent, Inc. (NASDAQ:CFLT)

Algert Global LLC acquired a new stake in shares of Confluent, Inc. (NASDAQ:CFLT) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 87,080 shares of the company’s stock, valued at approximately $1,775,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Advisors Asset Management Inc. increased its stake in Confluent by 40.3% during the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock valued at $91,000 after purchasing an additional 859 shares in the last quarter. Lazard Asset Management LLC grew its holdings in shares of Confluent by 25.5% during the first quarter. Lazard Asset Management LLC now owns 5,747 shares of the company’s stock valued at $175,000 after buying an additional 1,167 shares during the last quarter. Cetera Advisors LLC increased its position in shares of Confluent by 209.6% during the first quarter. Cetera Advisors LLC now owns 31,971 shares of the company’s stock worth $976,000 after acquiring an additional 21,646 shares in the last quarter. Hamilton Lane Advisors LLC acquired a new stake in shares of Confluent in the 1st quarter worth about $1,914,000. Finally, DekaBank Deutsche Girozentrale lifted its position in Confluent by 8.7% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock valued at $322,000 after acquiring an additional 857 shares in the last quarter. Institutional investors own 78.09% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on CFLT shares. Stifel Nicolaus lowered their price objective on Confluent from $40.00 to $32.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. Piper Sandler lowered their price target on Confluent from $37.00 to $32.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. TD Cowen lifted their price objective on shares of Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Sanford C. Bernstein lowered their target price on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Finally, Wells Fargo & Company cut their price target on shares of Confluent from $38.00 to $34.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Confluent presently has a consensus rating of “Moderate Buy” and an average price target of $30.88.

Insider Buying and Selling

In other Confluent news, insider Erica Schultz sold 63,729 shares of the company’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $31.60, for a total value of $2,013,836.40. Following the transaction, the insider now directly owns 678,016 shares in the company, valued at $21,425,305.60. This represents a 8.59 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michelangelo Volpi sold 50,000 shares of Confluent stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $25.92, for a total value of $1,296,000.00. Following the sale, the director now owns 280,200 shares of the company’s stock, valued at approximately $7,262,784. This trade represents a 15.14 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,237,879 shares of company stock valued at $118,823,850. Company insiders own 13.82% of the company’s stock.

Confluent Stock Performance

NASDAQ:CFLT opened at $30.57 on Thursday. The business’s fifty day moving average is $23.79 and its 200 day moving average is $24.59. The firm has a market cap of $10.03 billion, a price-to-earnings ratio of -27.54 and a beta of 0.82. 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 52-week low of $17.79 and a 52-week high of $35.07.

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