Renaissance Technologies LLC Sells 508,800 Shares of Confluent, Inc. (NASDAQ:CFLT)

Renaissance Technologies LLC decreased its stake in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 88.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 69,000 shares of the company's stock after selling 508,800 shares during the period. Renaissance Technologies LLC's holdings in Confluent were worth $1,929,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Cerity Partners LLC boosted its position in Confluent by 20.0% during the 4th quarter. Cerity Partners LLC now owns 42,147 shares of the company's stock valued at $1,151,000 after acquiring an additional 7,018 shares in the last quarter. MIG Capital LLC bought a new stake in shares of Confluent during the fourth quarter valued at approximately $27,007,000. Envestnet Asset Management Inc. grew its stake in Confluent by 8.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 119,321 shares of the company's stock worth $3,336,000 after purchasing an additional 9,140 shares during the period. Sit Investment Associates Inc. raised its holdings in Confluent by 0.5% in the fourth quarter. Sit Investment Associates Inc. now owns 124,623 shares of the company's stock worth $3,484,000 after purchasing an additional 680 shares in the last quarter. Finally, Hel Ved Capital Management Ltd raised its holdings in Confluent by 314.8% in the fourth quarter. Hel Ved Capital Management Ltd now owns 119,802 shares of the company's stock worth $3,350,000 after purchasing an additional 90,920 shares in the last quarter. Hedge funds and other institutional investors own 78.09% of the company's stock.

Confluent Stock Performance

NASDAQ CFLT opened at $24.13 on Friday. The business has a 50-day moving average price of $25.39 and a 200-day moving average price of $27.42. The firm has a market cap of $8.06 billion, a price-to-earnings ratio of -22.34 and a beta of 1.03. Confluent, Inc. has a twelve month low of $17.79 and a twelve month 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.

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

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CFLT. Evercore ISI upped their target price on shares of Confluent from $32.00 to $40.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. Canaccord Genuity Group raised their target price on shares of Confluent from $34.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, February 12th. Truist Financial dropped their price target on Confluent from $40.00 to $35.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Raymond James began coverage on Confluent in a research note on Friday, April 11th. They set an "outperform" rating and a $30.00 price objective for the company. Finally, Wells Fargo & Company dropped their price target on shares of Confluent from $42.00 to $32.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. One equities research 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 data from MarketBeat.com, Confluent currently has an average rating of "Moderate Buy" and a consensus price target of $33.39.

Insider Buying and Selling

In related news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction dated 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 transaction, the chief executive officer now owns 452,488 shares in the company, valued at approximately $13,285,047.68. This trade represents a 33.94 % decrease in their ownership of the stock. The transaction 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 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 completion of the sale, the chief accounting officer now directly owns 246,516 shares of the company's stock, valued at $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. Over the last three months, insiders have sold 1,200,746 shares of company stock worth $38,505,150. Corporate insiders own 13.82% of the company's stock.

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.

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