Trexquant Investment LP Acquires 636,707 Shares of Confluent, Inc. (NASDAQ:CFLT)

Trexquant Investment LP boosted its position in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 4,111.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 652,193 shares of the company's stock after purchasing an additional 636,707 shares during the period. Trexquant Investment LP owned about 0.20% of Confluent worth $18,235,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CFLT. Commonwealth Equity Services LLC raised its stake 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 purchasing an additional 458 shares during the period. EP Wealth Advisors LLC grew its position in Confluent by 3.6% in 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 lifted its holdings in Confluent by 2.5% in the fourth quarter. Truist Financial Corp now owns 21,081 shares of the company's stock worth $589,000 after purchasing an additional 514 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Confluent by 85.3% in the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company's stock valued at $69,000 after buying an additional 1,136 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich lifted its position in shares of Confluent by 8.0% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 15,281 shares of the company's stock valued at $472,000 after acquiring an additional 1,137 shares during the last quarter. Institutional investors and hedge funds own 78.09% of the company's stock.

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Insiders Place Their Bets

In other Confluent news, CFO Rohan Sivaram sold 68,350 shares of Confluent stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $36.23, for a total transaction of $2,476,320.50. Following the sale, the chief financial officer now directly owns 520,273 shares of the company's stock, valued at approximately $18,849,490.79. The trade was a 11.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Kong Phan sold 3,175 shares of the firm's stock in a transaction 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 sale, the chief accounting officer now directly owns 246,516 shares of the company's stock, valued at $6,621,419.76. This represents a 1.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,200,746 shares of company stock valued at $38,505,150 over the last three months. 13.82% of the stock is currently owned by insiders.

Confluent Stock Down 4.9 %

NASDAQ:CFLT traded down $1.03 during mid-day trading on Friday, reaching $20.17. The stock had a trading volume of 7,211,116 shares, compared to its average volume of 4,408,196. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24. The company has a market capitalization of $6.74 billion, a price-to-earnings ratio of -18.68 and a beta of 1.03. Confluent, Inc. has a 1-year low of $17.79 and a 1-year high of $37.90. The stock's 50 day simple moving average is $28.82 and its two-hundred day simple moving average is $27.28.

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

Wall Street Analyst Weigh In

CFLT has been the subject of a number of analyst reports. Morgan Stanley boosted their price target on Confluent from $30.00 to $32.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 12th. Canaccord Genuity Group lifted their target price on Confluent from $34.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, February 12th. Evercore ISI boosted their price objective on shares of Confluent from $32.00 to $40.00 and gave the company an "outperform" rating in a report on Wednesday, February 12th. Stifel Nicolaus upped their price target on Confluent from $37.00 to $40.00 and gave the stock a "buy" rating in a research report on Wednesday, February 12th. Finally, Mizuho lifted their price target on Confluent from $31.00 to $35.00 and gave the stock an "outperform" rating in a report on Friday, December 13th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $35.15.

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.