Artemis Wealth Advisors LLC Takes Position in Confluent, Inc. (NASDAQ:CFLT)

Artemis Wealth Advisors LLC purchased a new stake in shares of Confluent, Inc. (NASDAQ:CFLT) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 35,000 shares of the company’s stock, valued at approximately $979,000. Confluent makes up approximately 0.2% of Artemis Wealth Advisors LLC’s investment portfolio, making the stock its 22nd biggest position.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Blue Trust Inc. lifted its holdings in Confluent by 354.0% in the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock valued at $58,000 after acquiring an additional 1,607 shares during the period. Point72 Hong Kong Ltd bought a new position in Confluent in the third quarter valued at about $68,000. GAMMA Investing LLC lifted its holdings in 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 acquiring an additional 1,136 shares during the period. IFP Advisors Inc lifted its holdings in Confluent by 48.4% in the fourth quarter. IFP Advisors Inc now owns 4,945 shares of the company’s stock valued at $138,000 after acquiring an additional 1,613 shares during the period. Finally, Pacer Advisors Inc. lifted its holdings in Confluent by 36.4% in the fourth quarter. Pacer Advisors Inc. now owns 6,068 shares of the company’s stock valued at $170,000 after acquiring an additional 1,619 shares during the period. 78.09% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CFLT shares. Evercore ISI increased their target price on Confluent from $32.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Bank of America increased their target price on Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a report on Wednesday, February 12th. TD Cowen increased their target price on Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Guggenheim upped their price target on Confluent from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Finally, Citigroup upped their price target on Confluent from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $35.00.

Insider Buying and Selling at Confluent

In other Confluent news, CAO Kong Phan sold 12,460 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $31.30, for a total transaction of $389,998.00. Following the completion of the transaction, the chief accounting officer now owns 183,886 shares in the company, valued at $5,755,631.80. This trade represents a 6.35 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $32.33, for a total value of $7,516,725.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $14,628,937.04. The trade was a 33.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,125,448 shares of company stock worth $37,472,563 in the last quarter. 13.82% of the stock is owned by corporate insiders.

Confluent Stock Performance

NASDAQ CFLT opened at $31.09 on Tuesday. The stock has a market capitalization of $10.20 billion, a PE ratio of -28.79 and a beta of 0.92. The business has a 50 day simple moving average of $29.86 and a two-hundred day simple moving average of $26.10. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24. Confluent, Inc. has a 1-year low of $17.79 and a 1-year high of $37.90.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results 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%. On average, research analysts predict that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

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.