Baker Avenue Asset Management LP Sells 176,016 Shares of Confluent, Inc. (NASDAQ:CFLT)

Baker Avenue Asset Management LP trimmed its position in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 87.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 25,510 shares of the company's stock after selling 176,016 shares during the period. Baker Avenue Asset Management LP's holdings in Confluent were worth $520,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CFLT. DekaBank Deutsche Girozentrale boosted its stake in shares of Confluent by 8.7% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company's stock valued at $322,000 after buying an additional 857 shares during the period. Advisors Asset Management Inc. lifted its stake in shares of Confluent by 40.3% in the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company's stock valued at $91,000 after purchasing an additional 859 shares during the last quarter. Resolute Advisors LLC lifted its stake in shares of Confluent by 11.1% in the 1st quarter. Resolute Advisors LLC now owns 8,693 shares of the company's stock valued at $265,000 after purchasing an additional 869 shares during the last quarter. Fulton Bank N.A. lifted its stake in shares of Confluent by 15.0% in the 2nd quarter. Fulton Bank N.A. now owns 8,145 shares of the company's stock valued at $241,000 after purchasing an additional 1,064 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Confluent by 9.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 12,680 shares of the company's stock valued at $374,000 after purchasing an additional 1,113 shares during the last quarter. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Confluent

In related news, Director Matthew Craig Miller sold 1,067,242 shares of the business's stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $27.51, for a total transaction of $29,359,827.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Michelangelo Volpi sold 477,952 shares of the business's stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $26.41, for a total value of $12,622,712.32. Following the completion of the transaction, the director now owns 317,079 shares of the company's stock, valued at $8,374,056.39. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew Craig Miller sold 1,067,242 shares of the business's stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $27.51, for a total transaction of $29,359,827.42. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,274,395 shares of company stock worth $58,230,922. 13.82% of the stock is owned by insiders.

Analysts Set New Price Targets

CFLT has been the subject of several analyst reports. Mizuho lifted their price objective on shares of Confluent from $29.00 to $31.00 and gave the company an "outperform" rating in a research note on Thursday, October 31st. Robert W. Baird lifted their price objective on shares of Confluent from $23.00 to $28.00 and gave the company a "neutral" rating in a research note on Thursday, October 31st. JMP Securities reiterated a "market outperform" rating and issued a $40.00 target price on shares of Confluent in a report on Tuesday, October 29th. Bank of America dropped their target price on shares of Confluent from $32.00 to $26.00 and set an "underperform" rating on the stock in a report on Thursday, August 1st. Finally, Canaccord Genuity Group dropped their target price on shares of Confluent from $35.00 to $34.00 and set a "buy" rating on the stock in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $30.88.

Confluent Price Performance

NASDAQ:CFLT traded up $0.33 on Tuesday, reaching $27.70. The stock had a trading volume of 2,983,173 shares, compared to its average volume of 4,351,824. Confluent, Inc. has a 1-year low of $17.26 and a 1-year high of $35.07. The stock has a fifty day moving average price of $21.74 and a 200-day moving average price of $24.58. The company has a market capitalization of $9.09 billion, a P/E ratio of -24.66 and a beta of 0.82. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17.

Confluent (NASDAQ:CFLT - Get Free Report) last announced its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.24) by $0.03. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. The company had revenue of $250.20 million for the quarter, compared to analyst estimates of $243.98 million. Research analysts forecast that Confluent, Inc. will post -0.9 EPS 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.