Confluent, Inc. (NASDAQ:CFLT) Stake Lowered by Granahan Investment Management LLC

Granahan Investment Management LLC decreased its stake in Confluent, Inc. (NASDAQ:CFLT) by 39.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 333,618 shares of the company’s stock after selling 214,692 shares during the period. Granahan Investment Management LLC’s holdings in Confluent were worth $9,328,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Credit Industriel ET Commercial acquired a new stake in Confluent in the fourth quarter worth $28,000. Blue Trust Inc. increased its holdings in shares of Confluent by 354.0% in the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after acquiring an additional 1,607 shares during the period. SBI Securities Co. Ltd. bought a new stake in Confluent in the 4th quarter valued at about $59,000. GAMMA Investing LLC boosted its stake in Confluent by 85.3% during the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after purchasing an additional 1,136 shares during the period. Finally, AlphaQuest LLC grew its position in Confluent by 22,112.5% in the 4th quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock worth $99,000 after purchasing an additional 3,538 shares during the last quarter. Institutional investors own 78.09% of the company’s stock.

Insider Transactions at Confluent

In other Confluent news, CFO Rohan Sivaram sold 68,350 shares of the stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $36.23, for a total value of $2,476,320.50. Following the completion of the sale, the chief financial officer now owns 520,273 shares in the company, valued at $18,849,490.79. This represents a 11.61 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Neha Narkhede sold 40,000 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $30.68, for a total transaction of $1,227,200.00. Following the transaction, the director now owns 20,247 shares in the company, valued at approximately $621,177.96. This represents a 66.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,260,746 shares of company stock valued at $39,702,750 over the last three months. 13.82% of the stock is owned by corporate insiders.

Confluent Price Performance

Shares of NASDAQ:CFLT opened at $20.65 on Friday. The company’s fifty day moving average is $23.40 and its two-hundred day moving average is $27.31. The company has a market cap of $6.90 billion, a P/E ratio of -19.12 and a beta of 1.02. Confluent, Inc. has a 12-month low of $17.79 and a 12-month high of $37.90. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14.

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

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Oppenheimer cut their price target on Confluent from $35.00 to $32.00 and set an “outperform” rating on the stock in a report on Thursday, May 1st. UBS Group reduced their price target on Confluent from $38.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. Wells Fargo & Company lowered their price target on Confluent from $32.00 to $30.00 and set an “overweight” rating on the stock in a report on Thursday, May 1st. Scotiabank reduced their price objective on shares of Confluent from $35.00 to $24.00 and set a “sector perform” rating for the company in a report on Thursday, April 24th. Finally, Raymond James began coverage on shares of Confluent in a research note on Friday, April 11th. They set an “outperform” rating and a $30.00 target price on the stock. One analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.11.

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.