Greenhouse Funds LLLP Has $50.90 Million Stock Position in Confluent, Inc. (NASDAQ:CFLT)

Greenhouse Funds LLLP lifted its stake in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 102.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,820,446 shares of the company's stock after acquiring an additional 919,997 shares during the quarter. Confluent comprises approximately 2.1% of Greenhouse Funds LLLP's holdings, making the stock its 23rd largest position. Greenhouse Funds LLLP owned about 0.56% of Confluent worth $50,900,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Blue Trust Inc. increased 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 worth $58,000 after purchasing an additional 1,607 shares during the period. SBI Securities Co. Ltd. bought a new position in Confluent in the 4th quarter worth approximately $59,000. GAMMA Investing LLC lifted its holdings in shares of Confluent by 85.3% during the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company's stock worth $69,000 after buying an additional 1,136 shares during the last quarter. AlphaQuest LLC boosted its position in shares of Confluent by 22,112.5% in the fourth quarter. AlphaQuest LLC now owns 3,554 shares of the company's stock valued at $99,000 after acquiring an additional 3,538 shares during the period. Finally, IFP Advisors Inc grew its stake in shares of Confluent by 48.4% in the fourth 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 last quarter. Institutional investors and hedge funds own 78.09% of the company's stock.

Insider Transactions at Confluent

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the company's stock in a transaction on 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 completion of the sale, the chief executive officer now owns 452,488 shares in the company, valued at approximately $14,628,937.04. The trade was a 33.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Kong Phan sold 3,175 shares of the firm's 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 completion of the transaction, the chief accounting officer now owns 246,516 shares in the company, valued at $6,621,419.76. This represents a 1.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,200,746 shares of company stock worth $38,505,150 over the last 90 days. 13.82% of the stock is owned by insiders.

Confluent Price Performance

CFLT traded up $0.87 during midday trading on Friday, hitting $24.13. The company had a trading volume of 4,467,632 shares, compared to its average volume of 4,519,464. Confluent, Inc. has a twelve month low of $17.79 and a twelve month high of $37.90. The company has a market capitalization of $8.06 billion, a PE ratio of -22.34 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. The firm's 50-day simple moving average is $25.39 and its 200-day simple moving average is $27.42.

Confluent (NASDAQ:CFLT - Get Free Report) last issued 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 net margin of 35.81% and a negative return on equity of 34.70%. Equities research analysts predict that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have weighed in on CFLT shares. Morgan Stanley reduced their price target on shares of Confluent from $32.00 to $25.00 and set an "equal weight" rating for the company in a report on Wednesday, April 16th. William Blair reissued an "outperform" rating on shares of Confluent in a research report on Monday, March 17th. Royal Bank of Canada boosted their price target on Confluent from $36.00 to $41.00 and gave the company an "outperform" rating in a research note on Wednesday, February 12th. Truist Financial reduced their price objective on Confluent from $40.00 to $35.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Finally, Wells Fargo & Company cut their target price on Confluent from $42.00 to $32.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. One investment 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 assigned a strong buy rating to the company. According to MarketBeat, Confluent has a consensus rating of "Moderate Buy" and an average target price of $33.39.

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.