GAMMA Investing LLC Acquires New Position in Confluent, Inc. (NASDAQ:CFLT)

GAMMA Investing LLC acquired a new stake in Confluent, Inc. (NASDAQ:CFLT) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,543 shares of the company’s stock, valued at approximately $35,000.

A number of other hedge funds have also recently added to or reduced their stakes in CFLT. Rakuten Securities Inc. acquired a new stake in Confluent in the fourth quarter valued at about $31,000. UniSuper Management Pty Ltd acquired a new stake in Confluent in the third quarter valued at about $36,000. Kayne Anderson Rudnick Investment Management LLC lifted its position in Confluent by 56.5% in the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,748 shares of the company’s stock valued at $81,000 after purchasing an additional 992 shares during the period. PNC Financial Services Group Inc. lifted its position in Confluent by 32.4% in the third quarter. PNC Financial Services Group Inc. now owns 3,533 shares of the company’s stock valued at $105,000 after purchasing an additional 864 shares during the period. Finally, CWM LLC lifted its position in Confluent by 35.4% in the fourth quarter. CWM LLC now owns 8,694 shares of the company’s stock valued at $203,000 after purchasing an additional 2,271 shares during the period. Institutional investors and hedge funds own 78.09% of the company’s stock.

Confluent Trading Up 1.6 %

Shares of CFLT opened at $28.61 on Friday. The stock has a fifty day moving average of $30.43 and a two-hundred day moving average of $26.31. The company has a debt-to-equity ratio of 1.34, a quick ratio of 4.62 and a current ratio of 4.62. The company has a market capitalization of $8.94 billion, a PE ratio of -19.46 and a beta of 0.93. Confluent, Inc. has a fifty-two week low of $14.69 and a fifty-two week high of $41.22.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings results on Wednesday, February 7th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.01). The business had revenue of $213.18 million during the quarter, compared to analyst estimates of $204.62 million. Confluent had a negative net margin of 56.99% and a negative return on equity of 44.16%. As a group, analysts forecast that Confluent, Inc. will post -0.92 EPS for the current year.

Insider Buying and Selling at Confluent

In other news, insider Erica Schultz sold 63,729 shares of the company’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $31.75, for a total transaction of $2,023,395.75. Following the completion of the sale, the insider now directly owns 479,537 shares in the company, valued at approximately $15,225,299.75. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Erica Schultz sold 63,729 shares of the company’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $31.75, for a total transaction of $2,023,395.75. Following the completion of the sale, the insider now directly owns 479,537 shares in the company, valued at approximately $15,225,299.75. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Ying Christina Liu sold 4,109 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total value of $132,104.35. Following the sale, the chief accounting officer now owns 123,497 shares of the company’s stock, valued at $3,970,428.55. The disclosure for this sale can be found here. In the last three months, insiders sold 1,433,170 shares of company stock worth $46,438,029. Insiders own 22.08% of the company’s stock.

Wall Street Analysts Forecast Growth

CFLT has been the subject of a number of recent analyst reports. Royal Bank of Canada raised their price objective on shares of Confluent from $35.00 to $37.00 and gave the company an “outperform” rating in a research report on Wednesday, February 14th. Mizuho decreased their price target on Confluent from $38.00 to $36.00 and set a “buy” rating on the stock in a research note on Monday, April 15th. Needham & Company LLC boosted their price target on Confluent from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. JMP Securities boosted their price target on Confluent from $25.00 to $38.00 and gave the stock a “market outperform” rating in a research note on Thursday, February 8th. Finally, Stifel Nicolaus initiated coverage on Confluent in a research note on Wednesday, February 21st. They set a “buy” rating and a $40.00 price target on the stock. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $30.64.

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.