1832 Asset Management L.P. Grows Stock Position in Confluent, Inc. (NASDAQ:CFLT)

1832 Asset Management L.P. lifted its position in Confluent, Inc. (NASDAQ:CFLT) by 28.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,617,100 shares of the company’s stock after acquiring an additional 1,684,100 shares during the period. 1832 Asset Management L.P. owned 2.40% of Confluent worth $224,933,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently bought and sold shares of the company. ProShare Advisors LLC lifted its holdings in shares of Confluent by 16.0% in the 2nd quarter. ProShare Advisors LLC now owns 13,589 shares of the company’s stock valued at $401,000 after buying an additional 1,870 shares during the period. Kayne Anderson Rudnick Investment Management LLC grew its holdings in shares of Confluent by 61.0% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 96,027 shares of the company’s stock worth $2,836,000 after buying an additional 36,382 shares in the last quarter. Sei Investments Co. grew its stake in Confluent by 29.1% during the 2nd quarter. Sei Investments Co. now owns 305,537 shares of the company’s stock valued at $9,022,000 after acquiring an additional 68,880 shares in the last quarter. Canada Pension Plan Investment Board lifted its position in Confluent by 797.0% during the second quarter. Canada Pension Plan Investment Board now owns 207,200 shares of the company’s stock worth $6,119,000 after buying an additional 184,100 shares in the last quarter. Finally, Hsbc Holdings PLC raised its holdings in shares of Confluent by 23.6% during the 2nd quarter. Hsbc Holdings PLC now owns 51,200 shares of the company’s stock worth $1,510,000 after acquiring an additional 9,776 shares during the period. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CFLT. JPMorgan Chase & Co. upgraded Confluent from a “neutral” rating to an “overweight” rating and set a $25.00 price target for the company in a report on Friday, August 9th. Guggenheim reissued a “buy” rating and set a $37.00 price objective on shares of Confluent in a research report on Tuesday, June 25th. Robert W. Baird initiated coverage on Confluent in a report on Wednesday, September 4th. They issued a “neutral” rating and a $23.00 target price on the stock. Mizuho cut their price objective on shares of Confluent from $36.00 to $34.00 and set an “outperform” rating on the stock in a report on Tuesday, July 16th. Finally, Wolfe Research upgraded Confluent to a “strong-buy” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Confluent presently has an average rating of “Moderate Buy” and an average target price of $30.31.

Confluent Price Performance

Confluent stock opened at $20.36 on Friday. Confluent, Inc. has a 52 week low of $14.69 and a 52 week high of $35.07. The firm has a market capitalization of $6.47 billion, a PE ratio of -16.29 and a beta of 0.88. The company has a quick ratio of 4.44, a current ratio of 4.44 and a debt-to-equity ratio of 1.25. The firm’s 50-day simple moving average is $21.71 and its 200 day simple moving average is $26.61.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data on Wednesday, July 31st. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). The company had revenue of $234.99 million for the quarter, compared to analyst estimates of $229.49 million. Confluent had a negative net margin of 42.70% and a negative return on equity of 37.78%. On average, equities research analysts predict that Confluent, Inc. will post -0.95 EPS for the current fiscal year.

Insider Transactions at Confluent

In other news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $21.13, for a total transaction of $4,912,725.00. Following the transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $9,561,071.44. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $21.13, for a total value of $4,912,725.00. Following the transaction, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at approximately $9,561,071.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chad Verbowski sold 13,540 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $293,547.20. Following the completion of the sale, the chief technology officer now directly owns 496,807 shares of the company’s stock, valued at approximately $10,770,775.76. The disclosure for this sale can be found here. Insiders have sold 524,263 shares of company stock worth $10,829,566 over the last quarter. 13.82% of the stock is currently owned by insiders.

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.