AXQ Capital LP Cuts Stock Holdings in Confluent, Inc. (NASDAQ:CFLT)

AXQ Capital LP decreased its position in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 52.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,195 shares of the company's stock after selling 12,334 shares during the quarter. AXQ Capital LP's holdings in Confluent were worth $313,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Blue Trust Inc. boosted its holdings in Confluent by 354.0% in the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company's stock valued at $58,000 after acquiring an additional 1,607 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Confluent during the fourth quarter valued at approximately $59,000. Point72 Hong Kong Ltd acquired a new position in Confluent during the third quarter worth $68,000. GAMMA Investing LLC raised its holdings in shares of Confluent by 85.3% in the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company's stock worth $69,000 after acquiring an additional 1,136 shares during the last quarter. Finally, AlphaQuest LLC raised its stake in shares of Confluent by 22,112.5% in the fourth quarter. AlphaQuest LLC now owns 3,554 shares of the company's stock worth $99,000 after purchasing an additional 3,538 shares during the last quarter. Institutional investors and hedge funds own 78.09% of the company's stock.

Confluent Trading Down 1.5 %

Shares of NASDAQ:CFLT traded down $0.39 during trading on Thursday, reaching $25.57. 3,414,539 shares of the company traded hands, compared to its average volume of 4,308,983. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14. Confluent, Inc. has a 52-week low of $17.79 and a 52-week high of $37.90. The business's fifty day moving average is $29.43 and its 200-day moving average is $27.13. The firm has a market capitalization of $8.54 billion, a price-to-earnings ratio of -23.68 and a beta of 0.90.

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

Analysts Set New Price Targets

A number of research analysts recently weighed in on CFLT shares. UBS Group raised shares of Confluent from a "neutral" rating to a "buy" rating and raised their price target for the company from $34.00 to $38.00 in a research report on Wednesday, February 26th. Barclays increased their price target on shares of Confluent from $35.00 to $37.00 and gave the company an "overweight" rating in a research report on Wednesday, February 12th. Truist Financial lifted their price objective on shares of Confluent from $35.00 to $40.00 and gave the stock a "buy" rating in a research report on Wednesday, February 12th. Canaccord Genuity Group lifted their price target on shares of Confluent from $34.00 to $38.00 and gave the stock a "buy" rating in a report on Wednesday, February 12th. Finally, Royal Bank of Canada upped their price target on Confluent from $36.00 to $41.00 and gave the company an "outperform" rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Confluent has an average rating of "Moderate Buy" and an average price target of $35.33.

Insiders Place Their Bets

In related news, CEO Edward Jay Kreps sold 232,500 shares of the company's stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $32.33, for a total transaction of $7,516,725.00. Following the completion of the transaction, the chief executive officer now owns 452,488 shares in the company, valued at $14,628,937.04. This represents a 33.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Kong Phan sold 6,346 shares of Confluent stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $36.22, for a total transaction of $229,852.12. Following the completion of the sale, the chief accounting officer now owns 179,593 shares in the company, valued at approximately $6,504,858.46. This trade represents a 3.41 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,200,746 shares of company stock worth $38,505,150. 13.82% of the stock is currently owned by company insiders.

Confluent Profile

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.