Bridgefront Capital LLC Sells 2,916 Shares of Confluent, Inc. (NASDAQ:CFLT)

Bridgefront Capital LLC decreased its stake in shares of Confluent, Inc. (NASDAQ:CFLT) by 22.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,978 shares of the company’s stock after selling 2,916 shares during the period. Bridgefront Capital LLC’s holdings in Confluent were worth $279,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. M&T Bank Corp boosted its stake in Confluent by 12.3% in the fourth quarter. M&T Bank Corp now owns 21,540 shares of the company’s stock valued at $602,000 after acquiring an additional 2,367 shares during the last quarter. Friedenthal Financial bought a new position in Confluent during the fourth quarter valued at $758,000. Victory Capital Management Inc. grew its stake in shares of Confluent by 135.7% during the 4th quarter. Victory Capital Management Inc. now owns 648,986 shares of the company’s stock worth $18,146,000 after acquiring an additional 373,682 shares during the period. Truist Financial Corp raised its stake in Confluent by 2.5% in the 4th quarter. Truist Financial Corp now owns 21,081 shares of the company’s stock valued at $589,000 after acquiring an additional 514 shares during the period. Finally, Stratos Wealth Advisors LLC purchased a new stake in Confluent during the fourth quarter valued at about $252,000. 78.09% of the stock is owned by institutional investors.

Confluent Price Performance

CFLT stock opened at $20.42 on Thursday. The firm has a 50-day moving average of $23.76 and a 200 day moving average of $27.33. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24. The company has a market cap of $6.82 billion, a P/E ratio of -18.90 and a beta of 1.02. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $37.90.

Confluent (NASDAQ:CFLT) last released its earnings results on Wednesday, April 30th. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. The company had revenue of $271.12 million during 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 firm’s revenue for the quarter was up 24.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.05 EPS. On average, sell-side analysts forecast that Confluent, Inc. will post -0.83 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CFLT. Stifel Nicolaus lowered 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. Guggenheim decreased their price objective on Confluent from $38.00 to $31.00 and set a “buy” rating on the stock in a research note on Thursday, May 1st. TD Securities cut their target price on Confluent from $34.00 to $32.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. UBS Group decreased their price target on Confluent from $38.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Finally, Loop Capital cut their price objective on shares of Confluent from $30.00 to $22.00 and set a “hold” rating for the company in a research report on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.28.

Insider Activity at Confluent

In related news, CFO Rohan Sivaram sold 68,350 shares of the company’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $36.23, for a total value of $2,476,320.50. Following 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 SEC, which is available at this hyperlink. Also, Director Neha Narkhede sold 60,000 shares of Confluent stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $19.96, for a total value of $1,197,600.00. Following the transaction, the director now owns 20,247 shares of the company’s stock, valued at $404,130.12. The trade was a 74.77 % decrease in their position. 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 three months. 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.