Confluent, Inc. (NASDAQ:CFLT) Position Increased by Sit Investment Associates Inc.

Sit Investment Associates Inc. raised its stake in Confluent, Inc. (NASDAQ:CFLT) by 0.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 124,623 shares of the company’s stock after buying an additional 680 shares during the period. Sit Investment Associates Inc.’s holdings in Confluent were worth $3,484,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Hel Ved Capital Management Ltd boosted its holdings in shares of Confluent by 314.8% in the fourth quarter. Hel Ved Capital Management Ltd now owns 119,802 shares of the company’s stock worth $3,350,000 after buying an additional 90,920 shares during the period. Landscape Capital Management L.L.C. acquired a new position in Confluent in the 4th quarter worth approximately $1,409,000. Resolute Advisors LLC purchased a new position in Confluent during the 4th quarter worth approximately $273,000. ExodusPoint Capital Management LP acquired a new stake in Confluent during the 4th quarter valued at $6,892,000. Finally, Trexquant Investment LP lifted its holdings in shares of Confluent by 4,111.5% in the fourth quarter. Trexquant Investment LP now owns 652,193 shares of the company’s stock valued at $18,235,000 after purchasing an additional 636,707 shares in the last quarter. Institutional investors and hedge funds own 78.09% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $32.33, for a total value of $7,516,725.00. Following the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $14,628,937.04. The trade was a 33.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Kong Phan sold 3,175 shares of the stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $26.86, for a total value of $85,280.50. Following the completion of the sale, the chief accounting officer now owns 246,516 shares of the company’s stock, valued at $6,621,419.76. The trade was a 1.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,200,746 shares of company stock valued at $38,505,150. 13.82% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Truist Financial dropped their price target on Confluent from $40.00 to $35.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Evercore ISI increased their price target on shares of Confluent from $32.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Barclays boosted their price objective on shares of Confluent from $35.00 to $37.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Loop Capital cut their target price on shares of Confluent from $34.00 to $30.00 and set a “hold” rating for the company in a research report on Monday, March 10th. Finally, Bank of America boosted their price target on shares of Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Confluent currently has a consensus rating of “Moderate Buy” and an average target price of $35.15.

Confluent Price Performance

CFLT stock opened at $20.17 on Monday. The company’s 50-day moving average price is $28.82 and its two-hundred day moving average price is $27.33. Confluent, Inc. has a 12 month low of $17.79 and a 12 month high of $37.90. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. The firm has a market cap of $6.74 billion, a P/E ratio of -18.68 and a beta of 1.03.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. On average, analysts anticipate that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

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.