Confluent, Inc. (NASDAQ:CFLT) Shares Acquired by Sycomore Asset Management

Sycomore Asset Management increased its stake in shares of Confluent, Inc. (NASDAQ:CFLT) by 308.3% in the 2nd quarter, HoldingsChannel reports. The firm owned 333,083 shares of the company’s stock after buying an additional 251,507 shares during the quarter. Confluent makes up 1.6% of Sycomore Asset Management’s portfolio, making the stock its 22nd largest position. Sycomore Asset Management’s holdings in Confluent were worth $9,176,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CFLT. Hsbc Holdings PLC raised its holdings in shares of Confluent by 35.9% in the fourth quarter. Hsbc Holdings PLC now owns 152,061 shares of the company’s stock worth $3,566,000 after acquiring an additional 40,158 shares during the last quarter. Treasurer of the State of North Carolina lifted its holdings in Confluent by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 82,082 shares of the company’s stock valued at $1,921,000 after purchasing an additional 800 shares in the last quarter. Bank of Nova Scotia acquired a new stake in shares of Confluent during the 4th quarter worth about $698,000. California State Teachers Retirement System grew its holdings in shares of Confluent by 5.2% during the fourth quarter. California State Teachers Retirement System now owns 251,429 shares of the company’s stock worth $5,883,000 after buying an additional 12,350 shares in the last quarter. Finally, KBC Group NV grew its holdings in shares of Confluent by 37,471.7% during the fourth quarter. KBC Group NV now owns 86,415 shares of the company’s stock worth $2,022,000 after buying an additional 86,185 shares in the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Insider Activity

In related news, Director Lara Caimi sold 9,375 shares of the stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $20.01, for a total value of $187,593.75. Following the completion of the transaction, the director now owns 7,160 shares of the company’s stock, valued at $143,271.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Lara Caimi sold 9,375 shares of Confluent stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $20.01, for a total value of $187,593.75. Following the completion of the sale, the director now owns 7,160 shares in the company, valued at $143,271.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CMO Stephanie Buscemi sold 3,866 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $83,814.88. Following the transaction, the chief marketing officer now directly owns 161,673 shares of the company’s stock, valued at $3,505,070.64. The disclosure for this sale can be found here. Insiders sold 524,453 shares of company stock worth $10,833,388 over the last ninety days. Corporate insiders own 13.82% of the company’s stock.

Confluent Stock Up 3.5 %

Shares of NASDAQ:CFLT opened at $20.38 on Tuesday. The company has a 50 day moving average of $21.04 and a two-hundred day moving average of $26.00. Confluent, Inc. has a 52-week low of $14.69 and a 52-week high of $35.07. The company has a quick ratio of 4.44, a current ratio of 4.44 and a debt-to-equity ratio of 1.25. The company has a market capitalization of $6.48 billion, a price-to-earnings ratio of -16.30 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). Confluent had a negative net margin of 42.70% and a negative return on equity of 37.78%. The firm had revenue of $234.99 million for the quarter, compared to analyst estimates of $229.49 million. As a group, analysts forecast that Confluent, Inc. will post -0.95 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Baird R W upgraded shares of Confluent to a “hold” rating in a research report on Wednesday, September 4th. Scotiabank reduced their target price on Confluent from $28.00 to $25.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 1st. DA Davidson reissued a “buy” rating and issued a $30.00 price target on shares of Confluent in a research note on Wednesday, September 18th. Truist Financial restated a “buy” rating and issued a $30.00 price target (down previously from $36.00) on shares of Confluent in a report on Thursday, August 1st. Finally, Guggenheim reiterated a “buy” rating and set a $37.00 price objective on shares of Confluent in a report on Tuesday, June 25th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $29.97.

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.