Atreides Management LP Buys 184,865 Shares of Confluent, Inc. (NASDAQ:CFLT)

Atreides Management LP lifted its stake in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 7.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,706,910 shares of the company's stock after acquiring an additional 184,865 shares during the quarter. Confluent makes up 1.4% of Atreides Management LP's portfolio, making the stock its 20th biggest holding. Atreides Management LP owned 0.83% of Confluent worth $55,167,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. DekaBank Deutsche Girozentrale increased its position in Confluent by 8.7% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company's stock worth $322,000 after purchasing an additional 857 shares during the last quarter. Fulton Bank N.A. raised its position in Confluent by 15.0% during the second quarter. Fulton Bank N.A. now owns 8,145 shares of the company's stock valued at $241,000 after acquiring an additional 1,064 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in Confluent by 9.6% in the second quarter. Assenagon Asset Management S.A. now owns 12,680 shares of the company's stock valued at $374,000 after acquiring an additional 1,113 shares during the last quarter. Truist Financial Corp increased its stake in shares of Confluent by 5.3% during the 2nd quarter. Truist Financial Corp now owns 24,420 shares of the company's stock worth $721,000 after purchasing an additional 1,238 shares during the last quarter. Finally, Elo Mutual Pension Insurance Co raised its holdings in shares of Confluent by 8.4% during the 2nd quarter. Elo Mutual Pension Insurance Co now owns 18,643 shares of the company's stock valued at $551,000 after purchasing an additional 1,448 shares in the last quarter. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CAO Kong Phan sold 2,096 shares of Confluent stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $59,170.08. Following the transaction, the chief accounting officer now owns 190,680 shares of the company's stock, valued at $5,382,896.40. This trade represents a 1.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now owns 452,488 shares in the company, valued at approximately $9,045,235.12. This trade represents a 33.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 4,237,879 shares of company stock valued at $118,823,850. 13.82% of the stock is currently owned by insiders.

Confluent Price Performance

Shares of CFLT stock traded up $0.16 during trading hours on Monday, hitting $31.00. 2,473,954 shares of the company's stock were exchanged, compared to its average volume of 4,371,911. Confluent, Inc. has a 52 week low of $17.79 and a 52 week high of $35.07. The stock has a market cap of $10.17 billion, a price-to-earnings ratio of -28.01 and a beta of 0.82. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The stock's 50-day moving average is $24.40 and its 200-day moving average is $24.59.

Confluent (NASDAQ:CFLT - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.03. The firm had revenue of $250.20 million during the quarter, compared to analysts' expectations of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. As a group, research analysts forecast that Confluent, Inc. will post -0.9 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on CFLT shares. Mizuho increased their price objective on Confluent from $29.00 to $31.00 and gave the company an "outperform" rating in a report on Thursday, October 31st. Sanford C. Bernstein lowered their target price on Confluent from $38.00 to $33.00 and set an "outperform" rating on the stock in a report on Friday, October 25th. DA Davidson reaffirmed a "buy" rating and issued a $30.00 price target on shares of Confluent in a research report on Wednesday, September 18th. Royal Bank of Canada increased their price objective on Confluent from $26.00 to $33.00 and gave the company an "outperform" rating in a research report on Thursday, October 31st. Finally, Scotiabank boosted their target price on shares of Confluent from $25.00 to $27.00 and gave the stock a "sector perform" rating in a research report on Thursday, October 31st. One analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Confluent presently has a consensus rating of "Moderate Buy" and a consensus 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.