Trivest Advisors Ltd Takes $11.99 Million Position in Confluent, Inc. (NASDAQ:CFLT)

Trivest Advisors Ltd acquired a new stake in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 428,800 shares of the company's stock, valued at approximately $11,989,000. Trivest Advisors Ltd owned about 0.13% of Confluent at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. State of New Jersey Common Pension Fund D raised its position in shares of Confluent by 16.0% in the third quarter. State of New Jersey Common Pension Fund D now owns 92,518 shares of the company's stock worth $1,886,000 after acquiring an additional 12,779 shares during the period. GSA Capital Partners LLP raised its holdings in Confluent by 6.8% in the 3rd quarter. GSA Capital Partners LLP now owns 30,461 shares of the company's stock valued at $621,000 after acquiring an additional 1,938 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in Confluent in the 3rd quarter valued at about $214,000. Oppenheimer & Co. Inc. grew its stake in shares of Confluent by 152.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 68,613 shares of the company's stock valued at $1,398,000 after buying an additional 41,431 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Confluent by 2.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company's stock valued at $46,549,000 after buying an additional 64,926 shares during the period. 78.09% of the stock is owned by hedge funds and other institutional investors.

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Confluent Stock Performance

Shares of NASDAQ:CFLT traded down $0.12 during midday trading on Friday, hitting $26.50. The stock had a trading volume of 4,684,978 shares, compared to its average volume of 4,307,387. The company has a market capitalization of $8.85 billion, a PE ratio of -24.54 and a beta of 0.90. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $37.90. The stock has a 50 day moving average price of $29.46 and a two-hundred day moving average price of $27.03. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14.

Confluent (NASDAQ:CFLT - Get Free Report) last released its quarterly earnings data 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%. As a group, equities analysts predict that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Piper Sandler increased their price target on shares of Confluent from $35.00 to $40.00 and gave the company an "overweight" rating in a research note on Wednesday, February 12th. Mizuho increased their target price on shares of Confluent from $31.00 to $35.00 and gave the stock an "outperform" rating in a report on Friday, December 13th. Canaccord Genuity Group raised their price objective on shares of Confluent from $34.00 to $38.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. Evercore ISI raised 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. Finally, Truist Financial lifted their price target on shares of Confluent from $35.00 to $40.00 and gave the stock a "buy" rating in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $35.33.

Insiders Place Their Bets

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $29.36, for a total transaction 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. The trade was a 33.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Erica Schultz sold 63,729 shares of Confluent stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $29.47, for a total transaction of $1,878,093.63. Following the transaction, the insider now owns 502,424 shares of the company's stock, valued at approximately $14,806,435.28. The trade was a 11.26 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,197,571 shares of company stock worth $38,419,870. 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.