Flight Deck Capital LP Acquires Shares of 246,659 Confluent, Inc. (NASDAQ:CFLT)

Flight Deck Capital LP bought a new position in shares of Confluent, Inc. (NASDAQ:CFLT) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 246,659 shares of the company’s stock, valued at approximately $6,897,000. Confluent comprises approximately 7.7% of Flight Deck Capital LP’s portfolio, making the stock its 5th biggest position. Flight Deck Capital LP owned approximately 0.08% of Confluent at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Bank of America increased their price target on Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a research note on Wednesday, February 12th. Truist Financial cut their target price on Confluent from $35.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, May 1st. Morgan Stanley decreased their target price on Confluent from $32.00 to $25.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 16th. Stifel Nicolaus cut their price target on shares of Confluent from $40.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Finally, Piper Sandler decreased their price objective on shares of Confluent from $40.00 to $32.00 and set an “overweight” rating for the company in a report on Thursday, May 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Confluent presently has an average rating of “Moderate Buy” and a consensus target price of $30.11.

Confluent Stock Performance

CFLT opened at $20.65 on Friday. The business’s 50-day simple moving average is $23.40 and its 200 day simple moving average is $27.31. Confluent, Inc. has a 52-week low of $17.79 and a 52-week high of $37.90. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99. The firm has a market capitalization of $6.90 billion, a PE ratio of -19.12 and a beta of 1.02.

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

Insider Activity

In other Confluent news, Director Neha Narkhede sold 60,000 shares of the firm’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $19.96, for a total transaction of $1,197,600.00. Following the completion of the sale, the director now owns 20,247 shares of the company’s stock, valued at $404,130.12. This trade represents a 74.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Kong Phan sold 6,346 shares of the company’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $36.22, for a total transaction of $229,852.12. Following the completion of the transaction, the chief accounting officer now owns 179,593 shares in the company, valued at approximately $6,504,858.46. This represents a 3.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,260,746 shares of company stock valued at $39,702,750 in the last quarter. Company 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.