Resolute Advisors LLC Takes Position in Confluent, Inc. (NASDAQ:CFLT)

Resolute Advisors LLC bought a new position in Confluent, Inc. (NASDAQ:CFLT) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 9,767 shares of the company’s stock, valued at approximately $273,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Blue Trust Inc. grew its holdings in shares of Confluent by 354.0% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after purchasing an additional 1,607 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in Confluent during the 4th quarter valued at about $59,000. GAMMA Investing LLC grew its holdings in Confluent by 85.3% during the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after acquiring an additional 1,136 shares during the period. AlphaQuest LLC increased its holdings in Confluent by 22,112.5% in the fourth quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock valued at $99,000 after purchasing an additional 3,538 shares during the last quarter. Finally, IFP Advisors Inc raised its position in shares of Confluent by 48.4% in the 4th quarter. IFP Advisors Inc now owns 4,945 shares of the company’s stock valued at $138,000 after acquiring an additional 1,613 shares during the period. Institutional investors and hedge funds own 78.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Needham & Company LLC reissued a “buy” rating and issued a $40.00 price target on shares of Confluent in a research note on Friday, March 7th. Scotiabank lifted their price objective on shares of Confluent from $27.00 to $35.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 12th. William Blair reissued an “outperform” rating on shares of Confluent in a report on Monday, March 17th. Morgan Stanley raised their price objective on shares of Confluent from $30.00 to $32.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 12th. Finally, Stifel Nicolaus upped their price target on shares of Confluent from $37.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $35.15.

Insider Transactions at Confluent

In related news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $32.33, for a total value of $7,516,725.00. Following the completion of the transaction, the chief executive officer now owns 452,488 shares in the company, valued at $14,628,937.04. This trade represents a 33.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Kong Phan sold 3,175 shares of the stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $26.86, for a total value of $85,280.50. Following the sale, the chief accounting officer now directly owns 246,516 shares in the company, valued at $6,621,419.76. This represents a 1.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,200,746 shares of company stock worth $38,505,150 in the last three months. Insiders own 13.82% of the company’s stock.

Confluent Stock Performance

CFLT stock opened at $21.20 on Friday. Confluent, Inc. has a 12-month low of $17.79 and a 12-month high of $37.90. The stock’s 50 day simple moving average is $28.99 and its 200 day simple moving average is $27.24. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $7.08 billion, a PE ratio of -19.63 and a beta of 0.90.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (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%. As a group, research analysts forecast that Confluent, Inc. will post -0.83 earnings per share 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.