SP Asset Management Raises Stake in Confluent, Inc. (NASDAQ:CFLT)

SP Asset Management grew its stake in shares of Confluent, Inc. (NASDAQ:CFLT – Get Rating) by 270.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 11,840 shares of the company’s stock after purchasing an additional 8,640 shares during the period. SP Asset Management’s holdings in Confluent were worth $485,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in CFLT. Lone Pine Capital LLC boosted its position in shares of Confluent by 215.4% during the 4th quarter. Lone Pine Capital LLC now owns 4,398,572 shares of the company’s stock worth $335,347,000 after purchasing an additional 3,003,928 shares in the last quarter. First Trust Advisors LP boosted its position in shares of Confluent by 1,727.6% during the 4th quarter. First Trust Advisors LP now owns 1,708,193 shares of the company’s stock worth $130,233,000 after purchasing an additional 1,614,726 shares in the last quarter. 12 West Capital Management LP purchased a new stake in shares of Confluent during the 4th quarter worth $98,350,000. Point72 Asset Management L.P. purchased a new stake in shares of Confluent during the 4th quarter worth $47,995,000. Finally, Capital Research Global Investors boosted its position in shares of Confluent by 43.3% during the 4th quarter. Capital Research Global Investors now owns 1,935,192 shares of the company’s stock worth $147,539,000 after purchasing an additional 584,755 shares in the last quarter. 37.20% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, major shareholder Ventures Vii (Jersey) L. Index sold 4,797 shares of the company’s stock in a transaction dated Wednesday, May 18th. The shares were sold at an average price of $18.28, for a total transaction of $87,689.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, major shareholder Brad Gerstner bought 32,853 shares of the firm’s stock in a transaction dated Wednesday, June 15th. The stock was acquired at an average price of $18.83 per share, for a total transaction of $618,621.99. Following the acquisition, the insider now owns 14,456,310 shares of the company’s stock, valued at $272,212,317.30. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Ventures Vii (Jersey) L. Index sold 4,797 shares of the business’s stock in a transaction dated Wednesday, May 18th. The stock was sold at an average price of $18.28, for a total value of $87,689.16. The disclosure for this sale can be found here. Insiders sold a total of 26,547 shares of company stock valued at $485,245 in the last 90 days. 27.94% of the stock is currently owned by insiders.

Confluent Price Performance

CFLT stock traded up $1.39 during trading on Friday, hitting $33.73. The stock had a trading volume of 4,096,627 shares, compared to its average volume of 2,132,912. The company’s 50 day moving average price is $24.10 and its two-hundred day moving average price is $34.84. Confluent, Inc. has a 1-year low of $16.48 and a 1-year high of $94.97. The stock has a market cap of $9.39 billion, a price-to-earnings ratio of -20.69 and a beta of 1.30. The company has a debt-to-equity ratio of 1.36, a quick ratio of 6.64 and a current ratio of 5.83.

Confluent (NASDAQ:CFLT – Get Rating) last posted its quarterly earnings data on Thursday, May 5th. The company reported ($0.41) EPS for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.01. Confluent had a negative net margin of 90.30% and a negative return on equity of 50.24%. The company had revenue of $126.10 million during the quarter, compared to the consensus estimate of $118.49 million. During the same quarter in the prior year, the company posted ($0.29) EPS. The company’s quarterly revenue was up 63.8% compared to the same quarter last year. On average, sell-side analysts forecast that Confluent, Inc. will post -1.64 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CFLT has been the subject of several research reports. Piper Sandler cut their price target on Confluent from $40.00 to $34.00 in a research note on Wednesday, July 13th. UBS Group lifted their price target on Confluent from $33.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday. Citigroup lifted their price target on Confluent from $26.00 to $32.00 in a research note on Thursday. Wells Fargo & Company lifted their price target on Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, DA Davidson lifted their price target on Confluent from $38.00 to $44.00 in a research note on Thursday. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $48.31.

Confluent Profile

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Confluent, Inc operates a data streaming platform in the United States and internationally. It offers Confluent Cloud, a managed cloud-native service for connecting and processing data; and Confluent Platform, an enterprise-grade self-managed software that connects and processes data in real-time with the foundational platform for data in motion.