Neo Ivy Capital Management Buys Shares of 74,694 Confluent, Inc. (NASDAQ:CFLT)

Neo Ivy Capital Management acquired a new stake in shares of Confluent, Inc. (NASDAQ:CFLT) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 74,694 shares of the company’s stock, valued at approximately $2,088,000.

A number of other large investors have also recently made changes to their positions in the stock. Inspire Investing LLC purchased a new stake in shares of Confluent in the fourth quarter valued at approximately $1,093,000. Zweig DiMenna Associates LLC purchased a new stake in shares of Confluent in the 4th quarter worth approximately $1,146,000. Blue Trust Inc. lifted its position 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 purchasing an additional 1,607 shares during the period. KBC Group NV lifted its holdings in Confluent by 683.8% during the fourth quarter. KBC Group NV now owns 122,090 shares of the company’s stock worth $3,414,000 after buying an additional 106,513 shares during the period. Finally, Pacer Advisors Inc. lifted its holdings in Confluent by 36.4% during the fourth quarter. Pacer Advisors Inc. now owns 6,068 shares of the company’s stock worth $170,000 after buying an additional 1,619 shares during the period. 78.09% of the stock is owned by hedge funds and other institutional investors.

Confluent Price Performance

Confluent stock opened at $21.89 on Friday. The stock has a market capitalization of $7.45 billion, a PE ratio of -20.27 and a beta of 1.02. 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 12 month low of $17.79 and a 12 month high of $37.90. The business has a 50 day simple moving average of $22.57 and a 200-day simple moving average of $27.23.

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

Analyst Ratings Changes

CFLT has been the subject of several analyst reports. TD Securities decreased their price target on shares of Confluent from $34.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. Barclays reduced their price objective on Confluent from $29.00 to $27.00 and set an “overweight” rating for the company in a research note on Thursday, May 1st. UBS Group reduced their price objective on Confluent from $38.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. Guggenheim reduced their price target on shares of Confluent from $38.00 to $31.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. Finally, Wells Fargo & Company reduced their target price on shares of Confluent from $32.00 to $30.00 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 given a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $30.11.

Insiders Place Their Bets

In other news, CAO Kong Phan sold 3,040 shares of Confluent stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $30.75, for a total transaction of $93,480.00. Following the completion of the sale, the chief accounting officer now directly owns 174,375 shares in the company, valued at $5,362,031.25. The trade was a 1.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Erica Schultz sold 113,729 shares of Confluent 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 completion of the sale, the insider now directly owns 502,424 shares of the company’s stock, valued at $15,218,422.96. The trade was a 18.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 736,028 shares of company stock worth $19,977,382. 13.82% of the stock is owned by corporate insiders.

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.