Schonfeld Strategic Advisors LLC Sells 38,532 Shares of Confluent, Inc. (NASDAQ:CFLT)

Schonfeld Strategic Advisors LLC reduced its holdings in shares of Confluent, Inc. (NASDAQ:CFLT) by 35.0% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 71,438 shares of the company’s stock after selling 38,532 shares during the period. Schonfeld Strategic Advisors LLC’s holdings in Confluent were worth $1,997,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Commonwealth Equity Services LLC lifted its position in shares of 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 last quarter. Truist Financial Corp boosted its position in Confluent by 2.5% in the 4th quarter. Truist Financial Corp now owns 21,081 shares of the company’s stock valued at $589,000 after buying an additional 514 shares during the period. Sit Investment Associates Inc. grew its stake in Confluent by 0.5% in the 4th quarter. Sit Investment Associates Inc. now owns 124,623 shares of the company’s stock worth $3,484,000 after acquiring an additional 680 shares in the last quarter. Treasurer of the State of North Carolina increased its position in shares of Confluent by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 108,859 shares of the company’s stock worth $3,044,000 after acquiring an additional 680 shares during the period. Finally, Credit Industriel ET Commercial bought a new stake in shares of Confluent during the fourth quarter valued at approximately $28,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Morgan Stanley dropped their price objective on Confluent from $32.00 to $25.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 16th. TD Securities cut their price target on Confluent from $34.00 to $32.00 and set a “buy” rating on the stock in a research note on Thursday, May 1st. Guggenheim lowered their price objective on shares of Confluent from $38.00 to $31.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. Scotiabank cut their target price on shares of Confluent from $35.00 to $24.00 and set a “sector perform” rating on the stock in a research report on Thursday, April 24th. Finally, Bank of America upped their price target on shares of Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a research report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Confluent presently has a consensus rating of “Moderate Buy” and an average price target of $30.28.

Insiders Place Their Bets

In related news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $32.33, for a total transaction of $7,516,725.00. Following the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $14,628,937.04. This trade represents a 33.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Kong Phan sold 6,346 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $36.22, for a total value of $229,852.12. Following the completion of the transaction, the chief accounting officer now directly owns 179,593 shares of the company’s stock, valued at $6,504,858.46. The trade was a 3.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,200,746 shares of company stock valued at $38,505,150. Company insiders own 13.82% of the company’s stock.

Confluent Price Performance

Shares of NASDAQ CFLT opened at $19.75 on Tuesday. Confluent, Inc. has a 52 week low of $17.79 and a 52 week high of $37.90. The business’s 50 day moving average price is $24.23 and its 200 day moving average price is $27.43. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. The firm has a market cap of $6.60 billion, a P/E ratio of -18.29 and a beta of 1.02.

Confluent (NASDAQ:CFLT) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.07 by $0.01. Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. The business had revenue of $271.12 million for the quarter, compared to the consensus estimate of $264.45 million. During the same period in the prior year, the firm earned $0.05 EPS. The business’s revenue for the quarter was up 24.8% on a year-over-year basis. On average, sell-side analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current 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.