Jasper Ridge Partners L.P. Raises Stock Position in Confluent, Inc. (NASDAQ:CFLT)

Jasper Ridge Partners L.P. grew its stake in shares of Confluent, Inc. (NASDAQ:CFLT) by 4.8% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,409 shares of the company’s stock after acquiring an additional 664 shares during the period. Jasper Ridge Partners L.P.’s holdings in Confluent were worth $403,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Commonwealth Equity Services LLC boosted its position in Confluent by 4.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company’s stock valued at $323,000 after acquiring an additional 458 shares in the last quarter. Truist Financial Corp lifted its stake in shares of Confluent by 2.5% during the 4th quarter. Truist Financial Corp now owns 21,081 shares of the company’s stock worth $589,000 after purchasing an additional 514 shares during the last quarter. Sit Investment Associates Inc. boosted its position in Confluent by 0.5% during the fourth quarter. Sit Investment Associates Inc. now owns 124,623 shares of the company’s stock valued at $3,484,000 after purchasing an additional 680 shares in the last quarter. Treasurer of the State of North Carolina grew its stake in Confluent by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 108,859 shares of the company’s stock valued at $3,044,000 after purchasing an additional 680 shares during the last quarter. Finally, Credit Industriel ET Commercial purchased a new position in Confluent in the fourth quarter valued at about $28,000. Institutional investors own 78.09% of the company’s stock.

Insider Buying and Selling

In other news, CAO Kong Phan sold 2,178 shares of Confluent stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $31.58, for a total value of $68,781.24. Following the sale, the chief accounting officer now directly owns 177,415 shares of the company’s stock, valued at $5,602,765.70. The trade was a 1.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Neha Narkhede sold 60,000 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $19.96, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,260,746 shares of company stock worth $39,702,750 in the last 90 days. Insiders own 9.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Oppenheimer decreased their price target on shares of Confluent from $35.00 to $32.00 and set an “outperform” rating for the company in a research report on Thursday, May 1st. Raymond James assumed coverage on shares of Confluent in a research note on Friday, April 11th. They issued an “outperform” rating and a $30.00 target price for the company. Wells Fargo & Company cut their price target on shares of Confluent from $32.00 to $30.00 and set an “overweight” rating on the stock in a report on Thursday, May 1st. Royal Bank of Canada increased their price objective on Confluent from $36.00 to $41.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Finally, Loop Capital dropped their target price on Confluent from $30.00 to $22.00 and set a “hold” rating on the stock in a research note on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Confluent presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.11.

Confluent Price Performance

Shares of Confluent stock opened at $20.65 on Friday. The firm has a market cap of $7.03 billion, a PE ratio of -19.12 and a beta of 1.02. The business has a 50-day moving average price of $23.40 and a 200 day moving average price of $27.36. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. Confluent, Inc. has a twelve month low of $17.79 and a twelve month high of $37.90.

Confluent (NASDAQ:CFLT) last announced its earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. The firm had revenue of $271.12 million for the quarter, compared to analyst estimates of $264.45 million. Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. The business’s revenue was up 24.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.05 EPS. Sell-side analysts predict 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.