Jericho Capital Asset Management L.P. Raises Stock Holdings in Confluent, Inc. (NASDAQ:CFLT)

Jericho Capital Asset Management L.P. increased its stake in shares of Confluent, Inc. (NASDAQ:CFLT) by 18.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,000,000 shares of the company’s stock after purchasing an additional 459,000 shares during the quarter. Confluent makes up 1.2% of Jericho Capital Asset Management L.P.’s holdings, making the stock its 26th largest position. Jericho Capital Asset Management L.P.’s holdings in Confluent were worth $83,880,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in the stock. Westside Investment Management Inc. increased its position in Confluent by 11,796.1% during the 3rd quarter. Westside Investment Management Inc. now owns 12,253 shares of the company’s stock valued at $250,000 after buying an additional 12,150 shares in the last quarter. Tidal Investments LLC grew its holdings in Confluent by 521.0% during the third quarter. Tidal Investments LLC now owns 50,545 shares of the company’s stock worth $1,030,000 after acquiring an additional 42,406 shares during the period. Oddo BHF Asset Management Sas purchased a new position in Confluent during the third quarter valued at approximately $7,646,000. GAMMA Investing LLC grew its stake in shares of 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 purchasing an additional 1,136 shares during the period. Finally, Diversified Trust Co increased its stake in shares of Confluent by 21.5% in the 4th quarter. Diversified Trust Co now owns 73,529 shares of the company’s stock valued at $2,056,000 after purchasing an additional 13,026 shares in the last quarter. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Confluent

In other news, CFO Rohan Sivaram sold 68,350 shares of the firm’s stock in a transaction that occurred on Thursday, February 13th. The shares were 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 approximately $18,849,490.79. This trade represents a 11.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Kong Phan sold 3,175 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $26.86, for a total transaction of $85,280.50. Following the transaction, the chief accounting officer now owns 246,516 shares in the company, valued at approximately $6,621,419.76. This trade represents a 1.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,200,746 shares of company stock worth $38,505,150 over the last three months. Insiders own 13.82% of the company’s stock.

Confluent Trading Down 0.2 %

NASDAQ:CFLT opened at $24.09 on Tuesday. The firm has a market cap of $8.05 billion, a PE ratio of -22.31 and a beta of 1.03. 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 fifty day moving average price of $25.21 and a 200 day moving average price of $27.47. Confluent, Inc. has a 12-month low of $17.79 and a 12-month high of $37.90.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. Sell-side analysts anticipate that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CFLT has been the topic of a number of recent analyst reports. Morgan Stanley lowered their price target on Confluent from $32.00 to $25.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 16th. Barclays lowered their price target on Confluent from $37.00 to $29.00 and set an “overweight” rating on the stock in a research report on Monday, April 21st. Bank of America increased their target price on Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a report on Wednesday, February 12th. William Blair reissued an “outperform” rating on shares of Confluent in a report on Monday, March 17th. Finally, Piper Sandler increased their target price on Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $33.39.

Confluent Company 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.