Bridgewater Associates LP Reduces Position in Confluent, Inc. (NASDAQ:CFLT)

Bridgewater Associates LP reduced its position in shares of Confluent, Inc. (NASDAQ:CFLT) by 66.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 93,040 shares of the company’s stock after selling 188,053 shares during the period. Bridgewater Associates LP’s holdings in Confluent were worth $2,601,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Confluent by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company’s stock valued at $694,207,000 after buying an additional 599,582 shares during the last quarter. Geode Capital Management LLC boosted its stake in Confluent by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company’s stock valued at $123,339,000 after acquiring an additional 84,163 shares in the last quarter. Norges Bank purchased a new position in shares of Confluent during the fourth quarter worth about $81,092,000. Charles Schwab Investment Management Inc. increased its position in shares of Confluent by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,355,491 shares of the company’s stock worth $65,860,000 after purchasing an additional 71,454 shares in the last quarter. Finally, Pictet Asset Management Holding SA increased its position in shares of Confluent by 7,342.2% during the fourth quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company’s stock worth $65,748,000 after purchasing an additional 2,319,919 shares in the last quarter. Institutional investors and hedge funds own 78.09% of the company’s stock.

Insider Activity

In related news, CFO Rohan Sivaram sold 68,350 shares of the stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $36.23, for a total transaction of $2,476,320.50. Following the sale, the chief financial officer now owns 520,273 shares of the company’s stock, valued at $18,849,490.79. This trade represents a 11.61 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michelangelo Volpi sold 25,000 shares of the business’s stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $36.22, for a total transaction of $905,500.00. Following the completion of the transaction, the director now directly owns 292,079 shares of the company’s stock, valued at $10,579,101.38. The trade was a 7.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,200,746 shares of company stock worth $38,505,150 over the last ninety days. 13.82% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Royal Bank of Canada raised their price target on Confluent from $36.00 to $41.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. Loop Capital lowered their target price on shares of Confluent from $34.00 to $30.00 and set a “hold” rating on the stock in a research report on Monday, March 10th. Truist Financial reduced their price target on shares of Confluent from $40.00 to $35.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Stifel Nicolaus raised their price objective on shares of Confluent from $37.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Finally, Morgan Stanley dropped their price objective on shares of Confluent from $32.00 to $25.00 and set an “equal weight” rating on the stock in a research note on Wednesday. One research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $34.71.

Confluent Stock Down 1.7 %

Confluent stock opened at $21.15 on Friday. Confluent, Inc. has a fifty-two week low of $17.79 and a fifty-two week high of $37.90. The firm has a market capitalization of $7.06 billion, a price-to-earnings ratio of -19.58 and a beta of 1.03. The stock’s fifty day moving average is $26.76 and its two-hundred day moving average is $27.29. 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 (NASDAQ:CFLT) last issued its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. Analysts predict that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

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.