Jacobs Levy Equity Management Inc. Has $35.32 Million Stock Holdings in Confluent, Inc. (NASDAQ:CFLT)

Jacobs Levy Equity Management Inc. raised its stake in shares of Confluent, Inc. (NASDAQ:CFLT) by 24.6% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 1,157,231 shares of the company’s stock after purchasing an additional 228,429 shares during the period. Jacobs Levy Equity Management Inc. owned approximately 0.37% of Confluent worth $35,319,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in CFLT. 1832 Asset Management L.P. acquired a new position in Confluent during the 1st quarter valued at about $181,075,000. Coatue Management LLC purchased a new position in shares of Confluent in the 4th quarter worth approximately $134,132,000. Champlain Investment Partners LLC purchased a new position in shares of Confluent in the 1st quarter worth approximately $144,563,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Confluent by 17.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock worth $536,601,000 after buying an additional 2,587,169 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Confluent in the 4th quarter worth approximately $37,046,000. Institutional investors and hedge funds own 78.09% of the company’s stock.

Insider Buying and Selling at Confluent

In other news, CAO Ying Christina Liu sold 68,000 shares of the company’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $31.06, for a total transaction of $2,112,080.00. Following the completion of the transaction, the chief accounting officer now directly owns 168,338 shares of the company’s stock, valued at $5,228,578.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CAO Ying Christina Liu sold 68,000 shares of the company’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $31.06, for a total transaction of $2,112,080.00. Following the completion of the transaction, the chief accounting officer now directly owns 168,338 shares of the company’s stock, valued at $5,228,578.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $31.00, for a total transaction of $1,975,599.00. Following the completion of the sale, the insider now directly owns 706,715 shares of the company’s stock, valued at $21,908,165. The disclosure for this sale can be found here. Insiders sold a total of 632,725 shares of company stock worth $18,138,428 over the last three months. Company insiders own 13.82% of the company’s stock.

Wall Street Analyst Weigh In

CFLT has been the topic of a number of research analyst reports. Oppenheimer began coverage on Confluent in a research note on Friday, May 17th. They issued an “outperform” rating and a $37.00 target price on the stock. Truist Financial reaffirmed a “buy” rating and issued a $36.00 price target (up previously from $33.00) on shares of Confluent in a report on Wednesday, May 8th. Evercore ISI began coverage on shares of Confluent in a report on Tuesday, June 11th. They issued an “outperform” rating and a $35.00 price target on the stock. The Goldman Sachs Group lifted their price target on shares of Confluent from $27.00 to $30.00 and gave the stock a “neutral” rating in a report on Thursday, May 9th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $38.00 price target on shares of Confluent in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat, Confluent presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.59.

Confluent Trading Down 1.2 %

NASDAQ CFLT traded down $0.29 during trading on Tuesday, hitting $24.29. 4,635,641 shares of the company’s stock traded hands, compared to its average volume of 4,397,040. The stock has a fifty day moving average of $27.35 and a two-hundred day moving average of $28.55. The company has a debt-to-equity ratio of 1.29, a current ratio of 5.07 and a quick ratio of 5.07. Confluent, Inc. has a 12-month low of $14.69 and a 12-month high of $38.19. The firm has a market cap of $7.72 billion, a P/E ratio of -19.39 and a beta of 0.91.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.04). Confluent had a negative net margin of 46.73% and a negative return on equity of 40.55%. The business had revenue of $217.24 million for the quarter, compared to analysts’ expectations of $211.57 million. As a group, sell-side analysts expect that Confluent, Inc. will post -0.94 EPS for the current 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.