Fortitude Advisory Group L.L.C. Has $937,000 Stock Holdings in Confluent, Inc. (NASDAQ:CFLT)

Fortitude Advisory Group L.L.C. trimmed its position in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 29.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,500 shares of the company's stock after selling 13,825 shares during the period. Confluent makes up 0.6% of Fortitude Advisory Group L.L.C.'s portfolio, making the stock its 29th biggest holding. Fortitude Advisory Group L.L.C.'s holdings in Confluent were worth $937,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in CFLT. Pacer Advisors Inc. raised its stake in Confluent by 36.4% during the 4th quarter. Pacer Advisors Inc. now owns 6,068 shares of the company's stock valued at $170,000 after purchasing an additional 1,619 shares during the last quarter. KBC Group NV raised its position in shares of Confluent by 683.8% during the fourth quarter. KBC Group NV now owns 122,090 shares of the company's stock valued at $3,414,000 after buying an additional 106,513 shares during the last quarter. Blue Trust Inc. lifted its stake in shares of Confluent by 354.0% in the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company's stock valued at $58,000 after buying an additional 1,607 shares during the period. Zweig DiMenna Associates LLC acquired a new stake in Confluent during the fourth quarter worth about $1,146,000. Finally, Inspire Investing LLC bought a new position in Confluent during the fourth quarter valued at about $1,093,000. 78.09% of the stock is owned by institutional investors and hedge funds.

Confluent Stock Up 7.7 %

NASDAQ:CFLT traded up $2.23 on Tuesday, hitting $31.16. 8,646,439 shares of the company's stock were exchanged, compared to its average volume of 3,609,740. The firm has a 50-day moving average price of $29.64 and a 200-day moving average price of $24.93. Confluent, Inc. has a 52 week low of $17.79 and a 52 week high of $35.07. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The company has a market cap of $10.22 billion, a P/E ratio of -28.07 and a beta of 0.91.

Confluent (NASDAQ:CFLT - Get Free Report) last released its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.03. The business had revenue of $250.20 million for the quarter, compared to analyst estimates 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, analysts expect that Confluent, Inc. will post -0.9 EPS for the current fiscal year.

Insider Activity

In related news, Director Matthew Craig Miller sold 1,084,259 shares of the firm's stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $28.90, for a total value of $31,335,085.10. Following the completion of the sale, the director now directly owns 12,559 shares in the company, valued at approximately $362,955.10. This trade represents a 98.85 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CMO Stephanie Buscemi sold 164,123 shares of the business's stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $26.24, for a total value of $4,306,587.52. Following the transaction, the chief marketing officer now directly owns 149,644 shares in the company, valued at approximately $3,926,658.56. This trade represents a 52.31 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,584,712 shares of company stock valued at $132,928,936. 13.82% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

CFLT has been the topic of several recent research reports. Citigroup lifted their price objective on Confluent from $24.00 to $25.00 and gave the stock a "neutral" rating in a report on Tuesday, October 29th. Mizuho boosted their price target on shares of Confluent from $31.00 to $35.00 and gave the company an "outperform" rating in a report on Friday, December 13th. Barclays lifted their target price on shares of Confluent from $32.00 to $35.00 and gave the company an "overweight" rating in a research report on Friday, December 6th. JPMorgan Chase & Co. raised their price target on shares of Confluent from $35.00 to $38.00 and gave the stock an "overweight" rating in a research note on Wednesday, December 11th. Finally, Piper Sandler increased their target price on Confluent from $32.00 to $35.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $32.37.

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.