Legato Capital Management LLC Takes Position in Confluent, Inc. (NASDAQ:CFLT)

Legato Capital Management LLC acquired a new stake in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 25,890 shares of the company's stock, valued at approximately $724,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Savant Capital LLC acquired a new stake in shares of Confluent in the 4th quarter worth $10,607,000. Exane Asset Management acquired a new stake in Confluent in the fourth quarter valued at about $529,000. Lecap Asset Management Ltd. acquired a new stake in Confluent in the fourth quarter valued at about $1,145,000. Stratos Wealth Advisors LLC purchased a new stake in Confluent in the 4th quarter valued at approximately $252,000. Finally, DMC Group LLC acquired a new position in Confluent during the 4th quarter worth approximately $201,000. 78.09% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Confluent news, CTO Chad Verbowski sold 13,414 shares of the company's stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total transaction of $378,677.22. Following the completion of the sale, the chief technology officer now directly owns 483,393 shares in the company, valued at $13,646,184.39. This represents a 2.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CMO Stephanie Buscemi sold 5,271 shares of the firm's stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total value of $148,800.33. Following the completion of the transaction, the chief marketing officer now owns 144,373 shares in the company, valued at approximately $4,075,649.79. This trade represents a 3.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,444,907 shares of company stock valued at $45,452,624. Insiders own 13.82% of the company's stock.

Analyst Ratings Changes

A number of research firms recently weighed in on CFLT. Wells Fargo & Company lifted their price target on Confluent from $40.00 to $42.00 and gave the company an "overweight" rating in a research note on Wednesday, February 12th. Evercore ISI upped their price target on shares of Confluent from $32.00 to $40.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 12th. Guggenheim raised their price objective on shares of Confluent from $35.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, February 12th. 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. Finally, Piper Sandler lifted their price target on shares of Confluent from $35.00 to $40.00 and gave the company an "overweight" rating in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $35.00.

Confluent Trading Down 3.8 %

Confluent stock traded down $1.38 during trading on Monday, hitting $34.85. The company's stock had a trading volume of 7,010,332 shares, compared to its average volume of 4,016,620. The stock's fifty day moving average is $29.71 and its 200 day moving average is $25.63. Confluent, Inc. has a 1-year low of $17.79 and a 1-year high of $37.90. The stock has a market capitalization of $11.43 billion, a price-to-earnings ratio of -31.40 and a beta of 0.92. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24.

Confluent (NASDAQ:CFLT - Get Free Report) last posted its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing analysts' consensus estimates of $0.05 by ($0.28). Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. As a group, equities research analysts predict that Confluent, Inc. will post -0.9 EPS for the current year.

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.