Quantinno Capital Management LP Has $2.44 Million Position in Confluent, Inc. (NASDAQ:CFLT)

Quantinno Capital Management LP trimmed its stake in Confluent, Inc. (NASDAQ:CFLT) by 16.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 87,399 shares of the company’s stock after selling 17,261 shares during the period. Quantinno Capital Management LP’s holdings in Confluent were worth $2,444,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CFLT. Vanguard Group Inc. boosted its position in shares of Confluent by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company’s stock valued at $694,207,000 after purchasing an additional 599,582 shares in the last quarter. Champlain Investment Partners LLC boosted its holdings in shares of Confluent by 1.3% during the 4th quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company’s stock worth $302,940,000 after buying an additional 133,908 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Confluent by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company’s stock worth $123,339,000 after buying an additional 84,163 shares in the last quarter. Jericho Capital Asset Management L.P. grew its position in shares of Confluent by 18.1% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,000,000 shares of the company’s stock worth $83,880,000 after buying an additional 459,000 shares during the period. Finally, Norges Bank bought a new stake in shares of Confluent in the 4th quarter valued at $81,092,000. 78.09% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. JMP Securities reduced their price target on shares of Confluent from $40.00 to $36.00 and set a “market outperform” rating for the company in a report 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. TD Securities dropped 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. Bank of America raised their price objective on Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a research note on Wednesday, February 12th. Finally, Canaccord Genuity Group lowered their target price on Confluent from $38.00 to $32.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. One equities research 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’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $30.11.

Confluent Stock Performance

NASDAQ CFLT opened at $21.84 on Wednesday. The company has a market capitalization of $7.43 billion, a PE ratio of -20.22 and a beta of 1.02. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99. Confluent, Inc. has a 52-week low of $17.79 and a 52-week high of $37.90. The company has a 50-day simple moving average of $22.78 and a 200 day simple moving average of $27.30.

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

Insider Buying and Selling at Confluent

In other news, 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 transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $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 can be accessed through the SEC website. Also, insider Erica Schultz sold 113,729 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $30.29, for a total transaction of $3,444,851.41. Following the sale, the insider now directly owns 502,424 shares in the company, valued at $15,218,422.96. This trade represents a 18.46% decrease in their position. The disclosure for this sale can be found here. Insiders sold 970,821 shares of company stock valued at $29,036,240 in the last quarter. 13.82% of the stock is currently owned by corporate insiders.

Confluent 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.