Algert Global LLC Makes New Investment in Confluent, Inc. (NASDAQ:CFLT)

Algert Global LLC acquired a new position in Confluent, Inc. (NASDAQ:CFLT) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 87,080 shares of the company’s stock, valued at approximately $1,775,000.

Several other institutional investors have also recently modified their holdings of CFLT. DekaBank Deutsche Girozentrale boosted its stake in Confluent by 8.7% in the first quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock worth $322,000 after buying an additional 857 shares in the last quarter. Advisors Asset Management Inc. boosted its stake in shares of Confluent by 40.3% in the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock valued at $91,000 after purchasing an additional 859 shares in the last quarter. Fulton Bank N.A. grew its holdings in shares of Confluent by 15.0% during the 2nd quarter. Fulton Bank N.A. now owns 8,145 shares of the company’s stock valued at $241,000 after purchasing an additional 1,064 shares during the last quarter. Assenagon Asset Management S.A. raised its position in Confluent by 9.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 12,680 shares of the company’s stock worth $374,000 after purchasing an additional 1,113 shares during the period. Finally, Lazard Asset Management LLC lifted its stake in Confluent by 25.5% in the first quarter. Lazard Asset Management LLC now owns 5,747 shares of the company’s stock worth $175,000 after purchasing an additional 1,167 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors.

Insider Activity at Confluent

In other news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the transaction, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $9,045,235.12. This represents a 33.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Kong Phan sold 2,096 shares of Confluent stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total value of $59,170.08. Following the completion of the sale, the chief accounting officer now owns 190,680 shares of the company’s stock, valued at $5,382,896.40. The trade was a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 4,237,879 shares of company stock valued at $118,823,850. 13.82% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have recently commented on CFLT. UBS Group lifted their price objective on Confluent from $23.00 to $26.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. DA Davidson reaffirmed a “buy” rating and issued a $30.00 price target on shares of Confluent in a research note on Wednesday, September 18th. Wells Fargo & Company dropped their price objective on Confluent from $38.00 to $34.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Barclays raised their target price on shares of Confluent from $29.00 to $32.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Finally, Baird R W upgraded shares of Confluent to a “hold” rating in a report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Confluent has an average rating of “Moderate Buy” and an average target price of $30.88.

Confluent Price Performance

Shares of NASDAQ CFLT opened at $30.57 on Thursday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24. The company has a 50 day simple moving average of $23.79 and a two-hundred day simple moving average of $24.59. Confluent, Inc. has a fifty-two week low of $17.79 and a fifty-two week high of $35.07. The company has a market capitalization of $10.03 billion, a price-to-earnings ratio of -27.54 and a beta of 0.82.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.03. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. The business had revenue of $250.20 million during the quarter, compared to analysts’ expectations of $243.98 million. Analysts expect that Confluent, Inc. will post -0.9 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.