Peregrine Capital Management LLC Invests $8.10 Million in Confluent, Inc. (NASDAQ:CFLT)

Peregrine Capital Management LLC bought a new stake in shares of Confluent, Inc. (NASDAQ:CFLT – Get Rating) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 364,382 shares of the company’s stock, valued at approximately $8,104,000. Peregrine Capital Management LLC owned approximately 0.13% of Confluent as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Confluent by 15.6% during the third quarter. Vanguard Group Inc. now owns 10,877,130 shares of the company’s stock valued at $258,549,000 after buying an additional 1,470,650 shares in the last quarter. BlackRock Inc. boosted its stake in Confluent by 1.0% during the third quarter. BlackRock Inc. now owns 8,189,217 shares of the company’s stock valued at $194,656,000 after buying an additional 78,339 shares in the last quarter. Durable Capital Partners LP boosted its stake in Confluent by 6.8% during the first quarter. Durable Capital Partners LP now owns 7,329,173 shares of the company’s stock valued at $300,496,000 after buying an additional 465,214 shares in the last quarter. Altimeter Capital Management LP boosted its stake in Confluent by 79.9% during the first quarter. Altimeter Capital Management LP now owns 5,306,700 shares of the company’s stock valued at $217,575,000 after buying an additional 2,356,700 shares in the last quarter. Finally, First Trust Advisors LP boosted its stake in Confluent by 29.3% during the first quarter. First Trust Advisors LP now owns 2,208,359 shares of the company’s stock valued at $90,543,000 after buying an additional 500,166 shares in the last quarter. Institutional investors own 40.66% of the company’s stock.

Confluent Price Performance

Shares of CFLT stock opened at $21.88 on Friday. The company has a quick ratio of 5.18, a current ratio of 5.18 and a debt-to-equity ratio of 1.41. Confluent, Inc. has a fifty-two week low of $16.48 and a fifty-two week high of $44.97. The stock’s 50-day moving average is $23.72 and its two-hundred day moving average is $23.54.

Confluent (NASDAQ:CFLT – Get Rating) last issued its earnings results on Monday, January 30th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.06. The company had revenue of $168.70 million for the quarter, compared to analyst estimates of $162.53 million. Confluent had a negative return on equity of 55.61% and a negative net margin of 77.24%. The business’s revenue was up 40.7% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.43) EPS. As a group, analysts anticipate that Confluent, Inc. will post -1.2 earnings per share for the current year.

Insider Activity

In other news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction dated Tuesday, February 21st. The stock was sold at an average price of $24.42, for a total transaction of $5,677,650.00. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Confluent news, SVP Chad Verbowski sold 6,157 shares of the firm’s stock in a transaction that occurred on Wednesday, February 22nd. The stock was sold at an average price of $24.35, for a total value of $149,922.95. Following the completion of the sale, the senior vice president now owns 325,353 shares in the company, valued at approximately $7,922,345.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 21st. The stock was sold at an average price of $24.42, for a total value of $5,677,650.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,692,183 shares of company stock valued at $44,076,372. Insiders own 27.94% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CFLT. FBN Securities began coverage on Confluent in a research note on Tuesday, January 17th. They set an “outperform” rating and a $30.00 target price for the company. UBS Group downgraded Confluent from a “buy” rating to a “neutral” rating and reduced their target price for the company from $27.00 to $24.00 in a report on Friday, January 27th. Citigroup reduced their target price on Confluent from $27.00 to $25.00 and set a “neutral” rating for the company in a report on Wednesday, February 1st. JMP Securities reduced their target price on Confluent from $45.00 to $33.00 and set a “market outperform” rating for the company in a report on Friday, January 27th. Finally, Credit Suisse Group reaffirmed an “outperform” rating and set a $31.00 target price on shares of Confluent in a report on Monday, March 6th. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Confluent has a consensus rating of “Moderate Buy” and a consensus target price of $30.74.

Confluent Profile

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Confluent, Inc operates a data streaming platform in the United States and internationally. It offers Confluent Cloud, a managed cloud-native service for connecting and processing data; and Confluent Platform, an enterprise-grade self-managed software that connects and processes data in real-time with the foundational platform for data in motion.