Acadian Asset Management LLC Makes New Investment in Confluent, Inc. (NASDAQ:CFLT)

Acadian Asset Management LLC bought a new stake in Confluent, Inc. (NASDAQ:CFLT) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 5,945 shares of the company’s stock, valued at approximately $175,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Hollencrest Capital Management bought a new stake in Confluent during the first quarter worth $26,000. Quest Partners LLC acquired a new position in shares of Confluent during the 4th quarter worth $31,000. V Square Quantitative Management LLC bought a new stake in shares of Confluent during the 2nd quarter worth $68,000. UniSuper Management Pty Ltd boosted its stake in Confluent by 125.0% in the first quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock valued at $82,000 after buying an additional 1,500 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its position in Confluent by 40.3% in the first quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock valued at $91,000 after acquiring an additional 859 shares during the last quarter. Institutional investors own 78.09% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Evercore ISI reduced their price target on shares of Confluent from $33.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday. Bank of America cut their target price on shares of Confluent from $32.00 to $26.00 and set an “underperform” rating on the stock in a research report on Thursday, August 1st. JPMorgan Chase & Co. upgraded shares of 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. Piper Sandler cut their price objective on Confluent from $37.00 to $32.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Finally, Mizuho lowered their target price on Confluent from $36.00 to $34.00 and set an “outperform” rating for the company in a report on Tuesday, July 16th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.31.

Insider Transactions at Confluent

In related news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction dated 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 sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at approximately $9,045,235.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at approximately $9,045,235.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Chad Verbowski sold 13,540 shares of the stock in a transaction that occurred 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 owns 496,807 shares in the company, valued at $10,770,775.76. The disclosure for this sale can be found here. Insiders sold 524,263 shares of company stock valued at $10,829,566 over the last three months. Company insiders own 13.82% of the company’s stock.

Confluent Price Performance

Confluent stock opened at $20.36 on Friday. The stock has a market cap of $6.47 billion, a P/E 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 company’s 50 day moving average price is $21.83 and its two-hundred day moving average price is $26.71. Confluent, Inc. has a 52 week low of $14.69 and a 52 week high of $35.07.

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