Quantessence Capital LLC Invests $345,000 in Confluent, Inc. (NASDAQ:CFLT)

Quantessence Capital LLC purchased a new stake in Confluent, Inc. (NASDAQ:CFLT - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 12,337 shares of the company's stock, valued at approximately $345,000.

A number of other hedge funds also recently made changes to their positions in the stock. Blue Trust Inc. boosted its position in Confluent by 354.0% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company's stock valued at $58,000 after acquiring an additional 1,607 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Confluent during the 4th quarter valued at about $59,000. GAMMA Investing LLC boosted its position in shares of Confluent by 85.3% during the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company's stock valued at $69,000 after purchasing an additional 1,136 shares in the last quarter. AlphaQuest LLC grew its stake in Confluent by 22,112.5% during the fourth quarter. AlphaQuest LLC now owns 3,554 shares of the company's stock worth $99,000 after purchasing an additional 3,538 shares during the period. Finally, IFP Advisors Inc increased its holdings in 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 purchasing an additional 1,613 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CAO Kong Phan sold 3,175 shares of the business's stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $26.86, for a total transaction of $85,280.50. Following the completion of the transaction, the chief accounting officer now directly owns 246,516 shares in the company, valued at $6,621,419.76. The trade was a 1.27 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $29.36, for a total value of $6,826,200.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares in the company, valued at $13,285,047.68. This trade represents a 33.94 % decrease in their position. 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 in the last quarter. 13.82% of the stock is owned by company insiders.

Confluent Stock Performance

Shares of CFLT stock traded up $0.87 during trading on Friday, reaching $24.13. 4,467,632 shares of the company's stock traded hands, compared to its average volume of 4,516,720. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $37.90. The company has a market capitalization of $8.06 billion, a P/E ratio of -22.34 and a beta of 1.03. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14. The firm's 50-day moving average is $25.39 and its 200 day moving average is $27.37.

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

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Barclays lowered their price objective on shares of Confluent from $37.00 to $29.00 and set an "overweight" rating for the company in a research note on Monday. Needham & Company LLC reaffirmed a "buy" rating and issued a $40.00 price target on shares of Confluent in a research note on Friday, March 7th. Bank of America increased their price objective 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. Loop Capital reduced their target price on Confluent from $30.00 to $22.00 and set a "hold" rating for the company in a research note on Wednesday. Finally, Piper Sandler upped their price target on Confluent from $35.00 to $40.00 and gave the stock an "overweight" 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 issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus 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.