SpiderRock Advisors LLC Has $5.38 Million Stake in Confluent, Inc. (NASDAQ:CFLT)

SpiderRock Advisors LLC boosted its holdings in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 323.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 264,038 shares of the company's stock after acquiring an additional 201,721 shares during the quarter. SpiderRock Advisors LLC owned about 0.08% of Confluent worth $5,381,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CFLT. V Square Quantitative Management LLC bought a new stake in Confluent in the second quarter worth about $68,000. UniSuper Management Pty Ltd raised its holdings in Confluent by 125.0% during the 1st quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company's stock worth $82,000 after buying an additional 1,500 shares during the period. Advisors Asset Management Inc. raised its holdings in Confluent by 40.3% during the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company's stock worth $91,000 after buying an additional 859 shares during the period. Lazard Asset Management LLC raised its holdings in Confluent by 25.5% during the 1st quarter. Lazard Asset Management LLC now owns 5,747 shares of the company's stock worth $175,000 after buying an additional 1,167 shares during the period. Finally, Acadian Asset Management LLC acquired a new stake in Confluent during the 2nd quarter worth about $175,000. 78.09% of the stock is currently owned by institutional investors.

Confluent Trading Down 3.8 %

Confluent stock traded down $1.06 during trading hours on Friday, reaching $26.50. 3,513,930 shares of the company were exchanged, compared to its average volume of 4,018,995. 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 stock has a 50-day moving average of $21.62 and a 200 day moving average of $24.64. Confluent, Inc. has a 12 month low of $16.69 and a 12 month high of $35.07.

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. The firm had revenue of $250.20 million during the quarter, compared to analysts' expectations of $243.98 million. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. As a group, sell-side analysts expect that Confluent, Inc. will post -0.9 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have issued reports on CFLT shares. Piper Sandler cut their price objective on Confluent from $37.00 to $32.00 and set an "overweight" rating on the stock in a report on Thursday, August 1st. Deutsche Bank Aktiengesellschaft cut their price objective on Confluent from $35.00 to $30.00 and set a "buy" rating on the stock in a report on Thursday, August 1st. Stifel Nicolaus cut their price objective on Confluent from $40.00 to $32.00 and set a "buy" rating on the stock in a report on Thursday, August 1st. Sanford C. Bernstein cut their price objective on Confluent from $38.00 to $33.00 and set an "outperform" rating on the stock in a report on Friday, October 25th. Finally, Scotiabank lifted their target price on Confluent from $25.00 to $27.00 and gave the company a "sector perform" rating in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $30.88.

Insider Transactions at Confluent

In other news, CEO Edward Jay Kreps sold 232,500 shares of the company's stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $21.13, for a total transaction of $4,912,725.00. Following the completion of the transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at $9,561,071.44. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Edward Jay Kreps sold 232,500 shares of the company's stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $21.13, for a total transaction of $4,912,725.00. Following the completion of the transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at $9,561,071.44. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Craig Miller sold 1,067,242 shares of the company's stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $27.51, for a total value of $29,359,827.42. The disclosure for this sale can be found here. Insiders sold a total of 2,274,395 shares of company stock worth $58,230,922 over the last three months. 13.82% of the stock is currently owned by 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.