Edgestream Partners L.P. Invests $5.68 Million in Confluent, Inc. (NASDAQ:CFLT)

Edgestream Partners L.P. bought a new position in Confluent, Inc. (NASDAQ:CFLT - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 203,217 shares of the company's stock, valued at approximately $5,682,000. Edgestream Partners L.P. owned approximately 0.06% of Confluent as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Blue Trust Inc. boosted its holdings in shares of Confluent by 354.0% in the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company's stock worth $58,000 after acquiring an additional 1,607 shares during the period. SBI Securities Co. Ltd. bought a new stake in shares of Confluent during the fourth quarter valued at about $59,000. Point72 Hong Kong Ltd purchased a new stake in shares of Confluent in the third quarter worth about $68,000. GAMMA Investing LLC grew its stake in Confluent by 85.3% during the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company's stock valued at $69,000 after acquiring an additional 1,136 shares in the last quarter. Finally, IFP Advisors Inc increased its holdings in Confluent by 48.4% during the 4th quarter. IFP Advisors Inc now owns 4,945 shares of the company's stock worth $138,000 after acquiring an additional 1,613 shares during the period. Institutional investors own 78.09% of the company's stock.

Confluent Trading Up 2.5 %

Confluent stock traded up $0.63 during trading hours on Wednesday, reaching $26.13. The stock had a trading volume of 6,651,690 shares, compared to its average volume of 6,054,474. The company has a fifty day simple moving average of $29.80 and a 200-day simple moving average of $26.71. Confluent, Inc. has a 52 week low of $17.79 and a 52 week high of $37.90. The stock has a market cap of $8.73 billion, a PE ratio of -24.19 and a beta of 0.89. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24.

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Confluent (NASDAQ:CFLT - Get Free Report) last posted its earnings results 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 return on equity of 34.70% and a negative net margin of 35.81%. Analysts forecast that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Insider Transactions at Confluent

In other Confluent news, CAO Kong Phan sold 2,178 shares of the company's stock in a transaction on Friday, February 21st. The shares were sold at an average price of $31.58, for a total value of $68,781.24. Following the completion of the transaction, the chief accounting officer now directly owns 177,415 shares in the company, valued at approximately $5,602,765.70. This represents a 1.21 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the business's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $32.33, for a total transaction of $7,516,725.00. Following 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 position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,248,478 shares of company stock worth $40,003,844. 13.82% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have recently commented on CFLT. UBS Group upgraded shares of Confluent from a "neutral" rating to a "buy" rating and boosted their price target for the company from $34.00 to $38.00 in a research report on Wednesday, February 26th. Scotiabank boosted their target price on Confluent from $27.00 to $35.00 and gave the stock a "sector perform" rating in a research report on Wednesday, February 12th. Evercore ISI lifted their price target on Confluent from $32.00 to $40.00 and gave the company an "outperform" rating in a research report on Wednesday, February 12th. Mizuho upped their price objective on shares of Confluent from $31.00 to $35.00 and gave the stock an "outperform" rating in a research report on Friday, December 13th. Finally, Royal Bank of Canada raised their target price on shares of Confluent from $36.00 to $41.00 and gave the company an "outperform" rating in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $35.33.

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.