Bessemer Group Inc. Buys 24,570 Shares of Confluent, Inc. (NASDAQ:CFLT)

Bessemer Group Inc. increased its stake in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 78.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 55,860 shares of the company's stock after purchasing an additional 24,570 shares during the period. Bessemer Group Inc.'s holdings in Confluent were worth $1,562,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in CFLT. Cerity Partners LLC raised its stake in Confluent by 20.0% during the 4th quarter. Cerity Partners LLC now owns 42,147 shares of the company's stock worth $1,151,000 after buying an additional 7,018 shares during the period. MIG Capital LLC acquired a new stake in shares of Confluent during the fourth quarter worth about $27,007,000. Envestnet Asset Management Inc. lifted its holdings in shares of Confluent by 8.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 119,321 shares of the company's stock valued at $3,336,000 after purchasing an additional 9,140 shares in the last quarter. Sit Investment Associates Inc. increased its stake in Confluent by 0.5% during the 4th quarter. Sit Investment Associates Inc. now owns 124,623 shares of the company's stock worth $3,484,000 after purchasing an additional 680 shares in the last quarter. Finally, Hel Ved Capital Management Ltd lifted its stake in Confluent by 314.8% in the fourth quarter. Hel Ved Capital Management Ltd now owns 119,802 shares of the company's stock valued at $3,350,000 after buying an additional 90,920 shares in the last quarter. Institutional investors and hedge funds own 78.09% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on CFLT. William Blair restated an "outperform" rating on shares of Confluent in a report on Monday, March 17th. Piper Sandler increased their price objective on Confluent from $35.00 to $40.00 and gave the company an "overweight" rating in a report on Wednesday, February 12th. Bank of America lifted their target price on Confluent from $26.00 to $31.00 and gave the stock an "underperform" rating in a research note on Wednesday, February 12th. Canaccord Genuity Group increased their price target on shares of Confluent from $34.00 to $38.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. Finally, Guggenheim upped their price objective on Confluent from $35.00 to $38.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Confluent presently has a consensus rating of "Moderate Buy" and a consensus price target of $34.71.

Confluent Price Performance

NASDAQ CFLT traded down $0.36 on Friday, hitting $21.15. The stock had a trading volume of 2,602,037 shares, compared to its average volume of 4,505,320. The firm has a 50-day moving average of $26.76 and a 200-day moving average of $27.29. 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, Inc. has a 52-week low of $17.79 and a 52-week high of $37.90. The company has a market capitalization of $7.06 billion, a price-to-earnings ratio of -19.58 and a beta of 1.03.

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

Insider Buying and Selling

In other news, insider Erica Schultz sold 150,000 shares of the stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $35.82, for a total value of $5,373,000.00. Following the transaction, the insider now owns 678,016 shares of the company's stock, valued at $24,286,533.12. This represents a 18.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Kong Phan sold 2,178 shares of Confluent stock in a transaction on Friday, February 21st. The stock was sold at an average price of $31.58, for a total transaction of $68,781.24. Following the sale, the chief accounting officer now directly owns 177,415 shares of the company's stock, valued at $5,602,765.70. This represents a 1.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,200,746 shares of company stock worth $38,505,150. Insiders own 13.82% of the company's stock.

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.