Atria Investments Inc Makes New $347,000 Investment in Confluent, Inc. (NASDAQ:CFLT)

Atria Investments Inc bought a new position in Confluent, Inc. (NASDAQ:CFLT - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 12,416 shares of the company's stock, valued at approximately $347,000.

Several other hedge funds have also added to or reduced their stakes in CFLT. EP Wealth Advisors LLC grew its holdings in shares of Confluent by 3.6% during the third quarter. EP Wealth Advisors LLC now owns 14,371 shares of the company's stock valued at $293,000 after buying an additional 503 shares during the last quarter. Truist Financial Corp lifted its position in Confluent by 2.5% in the 4th quarter. Truist Financial Corp now owns 21,081 shares of the company's stock valued at $589,000 after acquiring an additional 514 shares in the last quarter. GAMMA Investing LLC lifted its position in Confluent by 85.3% in the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company's stock valued at $69,000 after acquiring an additional 1,136 shares in the last quarter. Assetmark Inc. boosted its stake in Confluent by 4.3% during the 4th quarter. Assetmark Inc. now owns 38,500 shares of the company's stock valued at $1,076,000 after purchasing an additional 1,575 shares during the last quarter. Finally, Blue Trust Inc. increased its holdings in shares of Confluent by 354.0% in the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company's stock worth $58,000 after purchasing an additional 1,607 shares in the last quarter. 78.09% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Canaccord Genuity Group upped their price target on Confluent from $34.00 to $38.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. Piper Sandler boosted their target price on Confluent from $35.00 to $40.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Truist Financial upped their target price on shares of Confluent from $35.00 to $40.00 and gave the company a "buy" rating in a research note on Wednesday, February 12th. William Blair reiterated an "outperform" rating on shares of Confluent in a research note on Monday. Finally, UBS Group upgraded shares of Confluent from a "neutral" rating to a "buy" rating and increased their price objective for the company from $34.00 to $38.00 in a research report on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $35.33.

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Confluent Price Performance

Shares of CFLT traded down $0.64 during mid-day trading on Thursday, reaching $26.61. The stock had a trading volume of 1,931,753 shares, compared to its average volume of 4,288,296. The firm has a market cap of $8.89 billion, a price-to-earnings ratio of -24.80 and a beta of 0.90. Confluent, Inc. has a 12 month low of $17.79 and a 12 month high of $37.90. The business has a fifty day moving average of $29.53 and a 200 day moving average of $26.90. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99.

Confluent (NASDAQ:CFLT - Get Free Report) last issued its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. Equities analysts predict that Confluent, Inc. will post -0.83 EPS for the current year.

Insider Buying and Selling

In related news, insider Erica Schultz sold 150,000 shares of the company's stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $35.82, for a total transaction of $5,373,000.00. Following the completion of the transaction, the insider now owns 678,016 shares in the company, valued at approximately $24,286,533.12. This represents a 18.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $29.36, for a total transaction of $6,826,200.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares in the company, valued at approximately $13,285,047.68. This represents a 33.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,201,518 shares of company stock worth $38,533,306. 13.82% of the stock is owned by corporate 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.