Fox Run Management L.L.C. Purchases 11,870 Shares of Confluent, Inc. (NASDAQ:CFLT)

Fox Run Management L.L.C. grew its holdings in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 19.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 71,717 shares of the company's stock after acquiring an additional 11,870 shares during the quarter. Confluent accounts for about 0.4% of Fox Run Management L.L.C.'s investment portfolio, making the stock its 17th largest holding. Fox Run Management L.L.C.'s holdings in Confluent were worth $2,005,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Champlain Investment Partners LLC grew its position in shares of Confluent by 72.2% in the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company's stock valued at $218,083,000 after purchasing an additional 4,486,841 shares during the period. Geode Capital Management LLC lifted its stake in Confluent by 2.5% in the third quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company's stock valued at $88,180,000 after buying an additional 107,510 shares in the last quarter. Atreides Management LP boosted its holdings in shares of Confluent by 7.3% in the third quarter. Atreides Management LP now owns 2,706,910 shares of the company's stock valued at $55,167,000 after buying an additional 184,865 shares during the period. Jacobs Levy Equity Management Inc. increased its position in shares of Confluent by 46.9% during the third quarter. Jacobs Levy Equity Management Inc. now owns 2,513,426 shares of the company's stock worth $51,224,000 after acquiring an additional 802,353 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Confluent by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,355,491 shares of the company's stock worth $65,860,000 after acquiring an additional 71,454 shares during the period. Institutional investors and hedge funds own 78.09% of the company's stock.

Remove Ads

Insider Transactions at Confluent

In other news, CEO Edward Jay Kreps sold 232,500 shares of the company's stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $32.33, for a total transaction of $7,516,725.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $14,628,937.04. This represents a 33.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Kong Phan sold 3,175 shares of the stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $26.86, for a total value of $85,280.50. Following the sale, the chief accounting officer now directly owns 246,516 shares in the company, valued at approximately $6,621,419.76. This trade represents a 1.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,200,746 shares of company stock valued at $38,505,150. 13.82% of the stock is currently owned by corporate insiders.

Confluent Stock Performance

CFLT traded down $0.93 on Wednesday, reaching $25.96. The company had a trading volume of 3,460,462 shares, compared to its average volume of 4,311,698. The stock has a market cap of $8.67 billion, a P/E ratio of -24.04 and a beta of 0.90. 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, Inc. has a fifty-two week low of $17.79 and a fifty-two week high of $37.90. The company's fifty day moving average is $29.43 and its 200 day moving average is $27.13.

Confluent (NASDAQ:CFLT - Get Free Report) last announced its 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%. As a group, analysts predict that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Mizuho upped their target price on shares of Confluent from $31.00 to $35.00 and gave the stock an "outperform" rating in a research note on Friday, December 13th. Truist Financial upped their price objective on Confluent from $35.00 to $40.00 and gave the stock a "buy" rating in a research report on Wednesday, February 12th. Evercore ISI lifted their target price on Confluent from $32.00 to $40.00 and gave the company an "outperform" rating in a research report on Wednesday, February 12th. Morgan Stanley boosted their target price on Confluent from $30.00 to $32.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 12th. Finally, Barclays upped their price target on Confluent from $35.00 to $37.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $35.33.

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.