Confluent, Inc. (NASDAQ:CFLT) Holdings Boosted by Atreides Management LP

Atreides Management LP boosted its holdings in Confluent, Inc. (NASDAQ:CFLT) by 7.3% during the third quarter, HoldingsChannel.com reports. The fund owned 2,706,910 shares of the company’s stock after acquiring an additional 184,865 shares during the period. Confluent accounts for about 1.4% of Atreides Management LP’s portfolio, making the stock its 20th biggest position. Atreides Management LP’s holdings in Confluent were worth $55,167,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. V Square Quantitative Management LLC bought a new position in Confluent in the second quarter worth about $68,000. Point72 Hong Kong Ltd bought a new position in Confluent in the third quarter worth about $68,000. Acadian Asset Management LLC bought a new position in Confluent in the second quarter worth about $175,000. Plato Investment Management Ltd lifted its holdings in Confluent by 2,184.1% in the second quarter. Plato Investment Management Ltd now owns 6,601 shares of the company’s stock worth $195,000 after acquiring an additional 6,312 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. bought a new position in Confluent in the third quarter worth about $214,000. Institutional investors own 78.09% of the company’s stock.

Insiders Place Their Bets

In other Confluent news, insider Erica Schultz sold 63,729 shares of Confluent stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $31.60, for a total transaction of $2,013,836.40. Following the transaction, the insider now directly owns 678,016 shares in the company, valued at approximately $21,425,305.60. The trade was a 8.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the transaction, the chief executive officer now owns 452,488 shares in the company, valued at approximately $9,045,235.12. The trade was a 33.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 4,237,879 shares of company stock worth $118,823,850. 13.82% of the stock is owned by insiders.

Confluent Trading Up 0.9 %

Confluent stock opened at $30.84 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. The firm has a market cap of $10.12 billion, a price-to-earnings ratio of -27.78 and a beta of 0.82. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $35.07. The firm’s 50 day moving average price is $24.40 and its two-hundred day moving average price is $24.64.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.03. The firm 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%. On average, research analysts predict that Confluent, Inc. will post -0.9 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on CFLT shares. Robert W. Baird lifted their price target on Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Wolfe Research raised Confluent to a “strong-buy” rating in a report on Wednesday, September 18th. Needham & Company LLC reaffirmed a “buy” rating and set a $31.00 price target on shares of Confluent in a report on Friday, November 15th. Scotiabank lifted their price target on Confluent from $25.00 to $27.00 and gave the company a “sector perform” rating in a report on Thursday, October 31st. Finally, JPMorgan Chase & Co. lifted their price target on Confluent from $25.00 to $26.00 and gave the company an “overweight” rating in a report on Friday, October 25th. One analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $30.88.

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.