Pier Capital LLC Grows Stake in Confluent, Inc. (NASDAQ:CFLT)

Pier Capital LLC grew its stake in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 15.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 203,863 shares of the company's stock after acquiring an additional 27,920 shares during the quarter. Pier Capital LLC owned 0.06% of Confluent worth $5,700,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of CFLT. Blue Trust Inc. boosted its stake in Confluent by 354.0% in the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company's stock worth $58,000 after purchasing an additional 1,607 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in Confluent in the fourth quarter worth about $59,000. Point72 Hong Kong Ltd purchased a new position in Confluent in the third quarter worth about $68,000. GAMMA Investing LLC lifted its stake in shares of Confluent by 85.3% in 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 in the last quarter. Finally, AlphaQuest LLC grew its holdings in shares of Confluent by 22,112.5% during the fourth quarter. AlphaQuest LLC now owns 3,554 shares of the company's stock valued at $99,000 after buying an additional 3,538 shares during the last quarter. 78.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CFLT. Evercore ISI upped their price objective on Confluent from $32.00 to $40.00 and gave the company an "outperform" rating in a research report on Wednesday, February 12th. Truist Financial upped their price target on Confluent from $35.00 to $40.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. Wells Fargo & Company lifted their price objective on Confluent from $40.00 to $42.00 and gave the stock an "overweight" rating in a report on Wednesday, February 12th. Barclays upped their target price on shares of Confluent from $35.00 to $37.00 and gave the company an "overweight" rating in a research note on Wednesday, February 12th. Finally, Royal Bank of Canada lifted their price target on shares of Confluent from $36.00 to $41.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $35.33.

Remove Ads

Confluent Price Performance

Shares of Confluent stock traded down $1.13 during trading hours on Friday, hitting $24.44. The company's stock had a trading volume of 2,526,121 shares, compared to its average volume of 4,353,812. 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 12-month low of $17.79 and a 12-month high of $37.90. The business has a 50 day moving average price of $29.40 and a two-hundred day moving average price of $27.11. The company has a market cap of $8.16 billion, a PE ratio of -22.61 and a beta of 0.90.

Confluent (NASDAQ:CFLT - Get Free Report) last announced its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) 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%. Analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Insider Buying and Selling 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 value 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. The trade was 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 this hyperlink. Also, CAO Kong Phan sold 3,175 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $26.86, for a total value of $85,280.50. Following the transaction, the chief accounting officer now directly owns 246,516 shares of the company's stock, valued at approximately $6,621,419.76. The trade was a 1.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,200,746 shares of company stock worth $38,505,150. Insiders own 13.82% of the company's stock.

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.