Tidal Investments LLC Has $1.03 Million Stock Position in Confluent, Inc. (NASDAQ:CFLT)

Tidal Investments LLC lifted its stake in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 521.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 50,545 shares of the company's stock after acquiring an additional 42,406 shares during the period. Tidal Investments LLC's holdings in Confluent were worth $1,030,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Champlain Investment Partners LLC increased its position in shares of Confluent by 72.2% during the third quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company's stock worth $218,083,000 after acquiring an additional 4,486,841 shares during the last quarter. 1832 Asset Management L.P. raised its stake in shares of Confluent by 28.4% in the 2nd quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company's stock valued at $224,933,000 after purchasing an additional 1,684,100 shares in the last quarter. William Blair Investment Management LLC bought a new position in shares of Confluent during the second quarter worth about $193,403,000. Geode Capital Management LLC lifted its holdings in Confluent by 2.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company's stock worth $88,180,000 after buying an additional 107,510 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Confluent by 60.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,510,483 shares of the company's stock worth $103,665,000 after acquiring an additional 1,316,804 shares in the last quarter. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Confluent Price Performance

NASDAQ:CFLT traded up $1.49 on Friday, reaching $29.98. The stock had a trading volume of 6,632,455 shares, compared to its average volume of 4,354,279. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17. The company has a market capitalization of $9.83 billion, a P/E ratio of -27.01 and a beta of 0.88. The stock has a fifty day moving average price of $27.61 and a 200-day moving average price of $24.77. Confluent, Inc. has a 1-year low of $17.79 and a 1-year high of $35.07.

Confluent (NASDAQ:CFLT - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, beating 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 business had revenue of $250.20 million for the quarter, compared to the consensus estimate of $243.98 million. Research analysts forecast that Confluent, Inc. will post -0.9 EPS for the current year.

Insiders Place Their Bets

In other Confluent news, CMO Stephanie Buscemi sold 164,123 shares of the firm's stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $26.24, for a total transaction of $4,306,587.52. Following the completion of the sale, the chief marketing officer now directly owns 149,644 shares in the company, valued at $3,926,658.56. This trade represents a 52.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Michelangelo Volpi sold 50,000 shares of the business's stock in a transaction on Friday, November 1st. The shares were sold at an average price of $25.92, for a total value of $1,296,000.00. Following the completion of the sale, the director now owns 280,200 shares of the company's stock, valued at $7,262,784. This trade represents a 15.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,580,765 shares of company stock valued at $132,815,499. 13.82% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CFLT shares. Royal Bank of Canada increased their price objective on shares of Confluent from $26.00 to $33.00 and gave the stock an "outperform" rating in a research note on Thursday, October 31st. TD Cowen lifted their price objective on shares of Confluent from $27.00 to $31.00 and gave the company a "buy" rating in a research report on Thursday, October 31st. DA Davidson reissued a "buy" rating and issued a $30.00 price objective on shares of Confluent in a report on Wednesday, September 18th. Citigroup increased their price target on Confluent from $24.00 to $25.00 and gave the stock a "neutral" rating in a research note on Tuesday, October 29th. Finally, Wells Fargo & Company upped their price target on shares of Confluent from $35.00 to $40.00 and gave the stock an "overweight" rating in a research note on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $32.23.

Confluent Company 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.