MIG Capital LLC Buys New Position in Confluent, Inc. (NASDAQ:CFLT)

MIG Capital LLC acquired a new position in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 965,904 shares of the company's stock, valued at approximately $27,007,000. Confluent makes up 2.8% of MIG Capital LLC's investment portfolio, making the stock its 17th largest holding. MIG Capital LLC owned 0.29% of Confluent at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Commonwealth Equity Services LLC increased its holdings in Confluent by 4.1% during the fourth quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company's stock worth $323,000 after buying an additional 458 shares during the last quarter. EP Wealth Advisors LLC increased its stake in shares of Confluent by 3.6% during the 3rd quarter. EP Wealth Advisors LLC now owns 14,371 shares of the company's stock worth $293,000 after purchasing an additional 503 shares during the last quarter. Truist Financial Corp raised its holdings in shares of Confluent by 2.5% in the 4th quarter. Truist Financial Corp now owns 21,081 shares of the company's stock valued at $589,000 after purchasing an additional 514 shares during the period. Sit Investment Associates Inc. lifted its stake in Confluent by 0.5% in the 4th quarter. Sit Investment Associates Inc. now owns 124,623 shares of the company's stock valued at $3,484,000 after purchasing an additional 680 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in 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 purchasing an additional 1,136 shares during the period. Institutional investors and hedge funds own 78.09% of the company's stock.

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Confluent Price Performance

Shares of CFLT stock traded down $0.27 on Friday, reaching $20.96. The company had a trading volume of 1,361,695 shares, compared to its average volume of 4,473,789. The business's 50-day moving average is $27.79 and its 200 day moving average is $27.27. Confluent, Inc. has a one year low of $17.79 and a one year high of $37.90. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $7.00 billion, a PE ratio of -19.44 and a beta of 1.03.

Confluent (NASDAQ:CFLT - Get Free Report) last issued its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate 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 forecast that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Insider Activity at Confluent

In other news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction dated 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 sale, the chief executive officer now directly owns 452,488 shares of the company's stock, valued at approximately $14,628,937.04. This trade represents a 33.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Kong Phan sold 2,178 shares of the company's stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $31.58, for a total value of $68,781.24. Following the completion of the transaction, the chief accounting officer now directly owns 177,415 shares of the company's stock, valued at $5,602,765.70. This represents a 1.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,200,746 shares of company stock valued at $38,505,150 in the last 90 days. 13.82% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CFLT has been the subject of several research analyst reports. Barclays lifted their target price on Confluent from $35.00 to $37.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 12th. William Blair reiterated an "outperform" rating on shares of Confluent in a report on Monday, March 17th. Morgan Stanley raised their target price on shares of Confluent from $30.00 to $32.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 12th. Guggenheim upped their price target 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. Finally, Raymond James began coverage on shares of Confluent in a research report on Friday. They set an "outperform" rating and a $30.00 price objective for the company. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Confluent presently has a consensus rating of "Moderate Buy" and an average price target of $34.96.

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.