Confluent, Inc. (NASDAQ:CFLT) Shares Sold by Granahan Investment Management LLC

Granahan Investment Management LLC lowered its position in shares of Confluent, Inc. (NASDAQ:CFLT) by 39.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 333,618 shares of the company’s stock after selling 214,692 shares during the quarter. Granahan Investment Management LLC owned approximately 0.10% of Confluent worth $9,328,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. M&T Bank Corp lifted its stake in shares of Confluent by 12.3% during the 4th quarter. M&T Bank Corp now owns 21,540 shares of the company’s stock worth $602,000 after purchasing an additional 2,367 shares during the period. Friedenthal Financial purchased a new position in Confluent during the fourth quarter worth about $758,000. Victory Capital Management Inc. boosted its stake in Confluent by 135.7% in the 4th quarter. Victory Capital Management Inc. now owns 648,986 shares of the company’s stock worth $18,146,000 after buying an additional 373,682 shares during the last quarter. Truist Financial Corp grew its holdings 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 buying an additional 514 shares during the period. Finally, Stratos Wealth Advisors LLC acquired a new position in shares of Confluent during the 4th quarter valued at about $252,000. 78.09% of the stock is owned by hedge funds and other institutional investors.

Confluent Stock Down 1.6 %

CFLT stock opened at $20.65 on Friday. 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 firm has a 50 day simple moving average of $23.40 and a 200-day simple moving average of $27.31. The company has a market capitalization of $6.90 billion, a P/E ratio of -19.12 and a beta of 1.02. Confluent, Inc. has a twelve month low of $17.79 and a twelve month high of $37.90.

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

Insider Buying and Selling

In related news, CFO Rohan Sivaram sold 68,350 shares of the firm’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $36.23, for a total transaction of $2,476,320.50. Following the transaction, the chief financial officer now directly owns 520,273 shares in the company, valued at $18,849,490.79. This trade represents a 11.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 transaction of $1,197,600.00. Following the completion of the transaction, the director now directly owns 20,247 shares of the company’s stock, valued at approximately $404,130.12. This represents a 74.77 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,260,746 shares of company stock worth $39,702,750. Corporate insiders own 13.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CFLT shares. Oppenheimer decreased their target price on shares of Confluent from $35.00 to $32.00 and set an “outperform” rating on the stock in a research report on Thursday, May 1st. Canaccord Genuity Group lowered their price objective on shares of Confluent from $38.00 to $32.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. UBS Group cut their target price on Confluent from $38.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Wells Fargo & Company lowered their price target on Confluent from $32.00 to $30.00 and set an “overweight” rating for the company in a research report on Thursday, May 1st. Finally, Needham & Company LLC reduced their price objective on Confluent from $40.00 to $26.00 and set a “buy” rating on the stock in a research note on Thursday, May 1st. One equities research 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 assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.11.

Confluent Profile

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.