Sherbrooke Park Advisers LLC Sells 20,156 Shares of Confluent, Inc. (NASDAQ:CFLT)

Sherbrooke Park Advisers LLC reduced its holdings in Confluent, Inc. (NASDAQ:CFLT) by 53.1% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,809 shares of the company’s stock after selling 20,156 shares during the quarter. Sherbrooke Park Advisers LLC’s holdings in Confluent were worth $498,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings 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 worth $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% in the 4th quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company’s stock worth $302,940,000 after purchasing an additional 133,908 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Confluent by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company’s stock worth $123,339,000 after purchasing an additional 84,163 shares in the last quarter. Jericho Capital Asset Management L.P. boosted its holdings in shares of Confluent by 18.1% in 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 purchasing an additional 459,000 shares in the last quarter. Finally, Norges Bank purchased a new stake in Confluent during the 4th quarter valued at about $81,092,000. 78.09% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CFLT has been the subject of several analyst reports. DA Davidson dropped their target price on Confluent from $42.00 to $28.00 and set a “buy” rating for the company in a report on Thursday, May 1st. Robert W. Baird dropped their target price on Confluent from $37.00 to $24.00 and set a “neutral” rating for the company in a report on Thursday, May 1st. Loop Capital dropped their target price on Confluent from $30.00 to $22.00 and set a “hold” rating for the company in a report on Wednesday, April 23rd. Stifel Nicolaus dropped their target price on Confluent from $40.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, May 1st. Finally, William Blair restated an “outperform” rating on shares of Confluent in a report on Monday, March 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $30.11.

Insiders Place Their Bets

In other Confluent news, Director Neha Narkhede sold 60,000 shares of Confluent stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $19.96, for a total value 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 approximately $404,130.12. This trade represents a 74.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Kong Phan sold 3,175 shares of Confluent stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $26.86, for a total value of $85,280.50. Following the completion of the sale, the chief accounting officer now directly owns 246,516 shares of the company’s stock, valued at approximately $6,621,419.76. The trade was a 1.27% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,011,050 shares of company stock valued at $30,718,078. Corporate insiders own 9.20% of the company’s stock.

Confluent Stock Down 0.8%

CFLT stock opened at $22.54 on Friday. Confluent, Inc. has a twelve month low of $17.79 and a twelve month high of $37.90. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. The firm has a market cap of $7.67 billion, a PE ratio of -20.87 and a beta of 1.02. The business has a 50 day moving average of $22.94 and a 200 day moving average of $27.36.

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

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.