ExodusPoint Capital Management LP Invests $6.89 Million in Confluent, Inc. (NASDAQ:CFLT)

ExodusPoint Capital Management LP purchased a new stake in Confluent, Inc. (NASDAQ:CFLT - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 246,509 shares of the company's stock, valued at approximately $6,892,000. ExodusPoint Capital Management LP owned approximately 0.08% of Confluent at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Commonwealth Equity Services LLC increased its stake in Confluent by 4.1% in the 4th quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company's stock valued at $323,000 after buying an additional 458 shares during the period. EP Wealth Advisors LLC increased its stake in shares of Confluent by 3.6% during the third quarter. EP Wealth Advisors LLC now owns 14,371 shares of the company's stock worth $293,000 after acquiring an additional 503 shares during the period. Truist Financial Corp raised its holdings in Confluent by 2.5% during the fourth quarter. Truist Financial Corp now owns 21,081 shares of the company's stock worth $589,000 after purchasing an additional 514 shares in the last quarter. GAMMA Investing LLC lifted its position in Confluent by 85.3% in the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company's stock valued at $69,000 after purchasing an additional 1,136 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich boosted its holdings in Confluent by 8.0% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 15,281 shares of the company's stock valued at $472,000 after purchasing an additional 1,137 shares in the last quarter. Institutional investors and hedge funds own 78.09% of the company's stock.

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Analysts Set New Price Targets

Several research firms have recently commented on CFLT. Canaccord Genuity Group raised their price target on Confluent from $34.00 to $38.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. UBS Group upgraded shares of Confluent from a "neutral" rating to a "buy" rating and raised their price objective for the company from $34.00 to $38.00 in a research note on Wednesday, February 26th. Bank of America upped their target price on shares of Confluent from $26.00 to $31.00 and gave the stock an "underperform" rating in a research report on Wednesday, February 12th. Loop Capital decreased their price target on Confluent from $34.00 to $30.00 and set a "hold" rating on the stock in a research note on Monday, March 10th. Finally, Piper Sandler upped their price target on shares of Confluent from $35.00 to $40.00 and gave the company an "overweight" rating in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Confluent has an average rating of "Moderate Buy" and an average price target of $35.15.

Insiders Place Their Bets

In other Confluent news, insider Erica Schultz sold 150,000 shares of the business's stock in a transaction dated Thursday, February 13th. The stock was 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 in the company, valued at $24,286,533.12. The trade was a 18.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Kong Phan sold 6,346 shares of the firm's stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $36.22, for a total value of $229,852.12. Following the sale, the chief accounting officer now directly owns 179,593 shares of the company's stock, valued at $6,504,858.46. This trade represents a 3.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,200,746 shares of company stock worth $38,505,150. Corporate insiders own 13.82% of the company's stock.

Confluent Stock Performance

Shares of NASDAQ CFLT traded down $2.04 during trading on Thursday, reaching $20.83. The stock had a trading volume of 1,524,484 shares, compared to its average volume of 4,470,035. The firm's 50 day moving average price is $27.94 and its two-hundred day moving average price is $27.26. Confluent, Inc. has a one year low of $17.79 and a one year high of $37.90. The stock has a market cap of $6.96 billion, a PE ratio of -19.34 and a beta of 1.03. 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 (NASDAQ:CFLT - Get Free Report) last announced its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing analysts' consensus estimates of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. On average, research analysts forecast that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

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.