Sycomore Asset Management Has $4.96 Million Position in Confluent, Inc. (NASDAQ:CFLT)

Sycomore Asset Management lowered its position in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 58.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 177,319 shares of the company's stock after selling 249,498 shares during the quarter. Sycomore Asset Management owned 0.05% of Confluent worth $4,958,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in CFLT. Savant Capital LLC acquired a new stake in Confluent during the 4th quarter worth about $10,607,000. Exane Asset Management purchased a new stake in shares of Confluent in the fourth quarter worth approximately $529,000. Lecap Asset Management Ltd. purchased a new position in Confluent during the fourth quarter valued at approximately $1,145,000. Stratos Wealth Advisors LLC acquired a new position in Confluent in the 4th quarter valued at approximately $252,000. Finally, DMC Group LLC purchased a new stake in Confluent in the 4th quarter worth approximately $201,000. Hedge funds and other institutional investors own 78.09% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on CFLT shares. Scotiabank boosted their price target on shares of Confluent from $25.00 to $27.00 and gave the company a "sector perform" rating in a report on Thursday, October 31st. TD Cowen boosted their target price on Confluent from $27.00 to $31.00 and gave the company a "buy" rating in a research note on Thursday, October 31st. Barclays raised their price target on Confluent from $32.00 to $35.00 and gave the stock an "overweight" rating in a research note on Friday, December 6th. Mizuho increased their target price on shares of Confluent from $31.00 to $35.00 and gave the stock an "outperform" rating in a research report on Friday, December 13th. Finally, Morgan Stanley reiterated an "equal weight" rating and set a $30.00 price target (down previously from $33.00) on shares of Confluent in a research note on Thursday, January 16th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Confluent has a consensus rating of "Moderate Buy" and a consensus target price of $32.30.

Confluent Price Performance

NASDAQ:CFLT traded down $1.21 on Tuesday, reaching $30.25. The stock had a trading volume of 4,973,293 shares, compared to its average volume of 4,103,071. The company has a market capitalization of $9.92 billion, a P/E ratio of -27.18 and a beta of 0.92. The stock has a fifty day moving average price of $29.52 and a 200-day moving average price of $25.25. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17. Confluent, Inc. has a 1-year low of $17.79 and a 1-year high of $35.07.

Insider Transactions at Confluent

In related news, insider Erica Schultz sold 63,729 shares of the company's stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $27.40, for a total transaction of $1,746,174.60. Following the transaction, the insider now owns 687,483 shares in the company, valued at $18,837,034.20. This represents a 8.48 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew Craig Miller sold 1,084,259 shares of the firm's stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $28.90, for a total transaction of $31,335,085.10. Following the completion of the sale, the director now owns 12,559 shares of the company's stock, valued at $362,955.10. The trade was a 98.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,825,395 shares of company stock valued at $85,343,808 in the last three months. 13.82% of the stock is owned by corporate insiders.

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.