Exane Asset Management Makes New $529,000 Investment in Confluent, Inc. (NASDAQ:CFLT)

Exane Asset Management bought a new stake in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 18,269 shares of the company's stock, valued at approximately $529,000. Confluent makes up about 0.3% of Exane Asset Management's portfolio, making the stock its 20th largest position.

A number of other hedge funds and other institutional investors have also modified their holdings of CFLT. AQR Capital Management LLC increased its holdings in Confluent by 116.1% during the 2nd quarter. AQR Capital Management LLC now owns 24,440 shares of the company's stock worth $722,000 after purchasing an additional 13,133 shares during the last quarter. Truist Financial Corp increased its stake in shares of Confluent by 5.3% in the second quarter. Truist Financial Corp now owns 24,420 shares of the company's stock worth $721,000 after buying an additional 1,238 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in Confluent in the second quarter valued at $462,000. Handelsbanken Fonder AB boosted its stake in Confluent by 48.1% during the 3rd quarter. Handelsbanken Fonder AB now owns 67,692 shares of the company's stock valued at $1,380,000 after acquiring an additional 22,000 shares during the last quarter. Finally, Creative Planning grew its holdings in Confluent by 109.9% during the 3rd quarter. Creative Planning now owns 94,939 shares of the company's stock worth $1,935,000 after acquiring an additional 49,699 shares in the last quarter. 78.09% of the stock is owned by hedge funds and other institutional investors.

Confluent Stock Down 2.3 %

Shares of CFLT traded down $0.73 during mid-day trading on Tuesday, hitting $30.73. 2,768,339 shares of the company's stock were exchanged, compared to its average volume of 4,000,797. The stock has a market cap of $10.08 billion, a price-to-earnings ratio of -27.65 and a beta of 0.92. The firm has a fifty day moving average of $29.52 and a two-hundred day moving average of $25.25. 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, Inc. has a twelve month low of $17.79 and a twelve month high of $35.07.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on CFLT shares. JPMorgan Chase & Co. increased their price target on shares of Confluent from $35.00 to $38.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 11th. Needham & Company LLC restated a "buy" rating and set a $31.00 price objective on shares of Confluent in a research note on Friday, November 15th. Truist Financial boosted their target price on shares of Confluent from $32.00 to $35.00 and gave the company a "buy" rating in a research note on Thursday, December 12th. Scotiabank increased their price objective on shares of Confluent from $25.00 to $27.00 and gave the stock a "sector perform" rating in a research note on Thursday, October 31st. Finally, Sanford C. Bernstein dropped their price target on Confluent from $38.00 to $33.00 and set an "outperform" rating on the stock in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $32.30.

Insiders Place Their Bets

In related news, insider Erica Schultz sold 63,729 shares of the firm's stock in a transaction on Monday, November 18th. The shares were sold at an average price of $27.40, for a total value of $1,746,174.60. Following the transaction, the insider now directly owns 687,483 shares in the company, valued at approximately $18,837,034.20. This trade represents a 8.48 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Matthew Craig Miller sold 53,512 shares of the business's stock in a transaction on Friday, December 6th. The stock was sold at an average price of $33.64, for a total transaction of $1,800,143.68. The disclosure for this sale can be found here. Insiders have sold 2,825,395 shares of company stock valued at $85,343,808 over the last three months. 13.82% of the stock is currently owned by insiders.

Confluent 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.