Fortitude Advisory Group L.L.C. Has $937,000 Stake in Confluent, Inc. (NASDAQ:CFLT)

Fortitude Advisory Group L.L.C. reduced its holdings in shares of Confluent, Inc. (NASDAQ:CFLT) by 29.2% in the fourth quarter, HoldingsChannel.com reports. The fund owned 33,500 shares of the company’s stock after selling 13,825 shares during the quarter. Confluent accounts for 0.6% of Fortitude Advisory Group L.L.C.’s holdings, making the stock its 29th biggest position. Fortitude Advisory Group L.L.C.’s holdings in Confluent were worth $937,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. Diversified Trust Co grew its stake in Confluent by 110.3% during the third quarter. Diversified Trust Co now owns 60,503 shares of the company’s stock worth $1,233,000 after purchasing an additional 31,729 shares during the period. Sycomore Asset Management grew its position in shares of Confluent by 308.3% during the 2nd quarter. Sycomore Asset Management now owns 333,083 shares of the company’s stock worth $9,176,000 after buying an additional 251,507 shares during the period. Quantbot Technologies LP increased its stake in shares of Confluent by 1,465.6% in the 3rd quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock valued at $617,000 after acquiring an additional 28,360 shares in the last quarter. Pathway Capital Management LP acquired a new position in shares of Confluent during the 3rd quarter valued at $918,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in Confluent by 2.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company’s stock worth $46,549,000 after acquiring an additional 64,926 shares in the last quarter. 78.09% of the stock is owned by institutional investors.

Insider Buying and Selling at Confluent

In other news, Director Michelangelo Volpi sold 50,000 shares of Confluent stock in a transaction on Friday, November 1st. The stock was sold at an average price of $25.92, for a total value of $1,296,000.00. Following the completion of the transaction, the director now directly owns 280,200 shares in the company, valued at approximately $7,262,784. The trade was a 15.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Craig Miller sold 1,084,259 shares of the stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $28.90, for a total value of $31,335,085.10. Following the sale, the director now directly owns 12,559 shares in the company, valued at $362,955.10. This trade represents a 98.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,584,712 shares of company stock valued at $132,928,936 over the last three months. 13.82% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CFLT. Piper Sandler upped their price objective on shares of Confluent from $32.00 to $35.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Mizuho upped their price target on Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. TD Cowen increased their price target on Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Royal Bank of Canada boosted their price objective on Confluent from $33.00 to $36.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Finally, Citigroup increased their target price on Confluent from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Confluent presently has an average rating of “Moderate Buy” and a consensus target price of $32.37.

Confluent Trading Up 0.7 %

Shares of CFLT stock opened at $28.93 on Tuesday. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17. The firm has a market cap of $9.49 billion, a P/E ratio of -26.06 and a beta of 0.91. The company has a 50 day moving average of $29.64 and a 200-day moving average of $24.93. Confluent, Inc. has a 12-month low of $17.79 and a 12-month high of $35.07.

Confluent (NASDAQ:CFLT) last issued its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.03. The firm had revenue of $250.20 million for the quarter, compared to analyst estimates of $243.98 million. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. Sell-side analysts anticipate that Confluent, Inc. will post -0.9 earnings per share 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.