Legato Capital Management LLC Invests $724,000 in Confluent, Inc. (NASDAQ:CFLT)

Legato Capital Management LLC bought a new position in Confluent, Inc. (NASDAQ:CFLT) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 25,890 shares of the company’s stock, valued at approximately $724,000.

Other hedge funds also recently made changes to their positions in the company. Champlain Investment Partners LLC lifted its stake in shares of Confluent by 72.2% in the third quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock valued at $218,083,000 after purchasing an additional 4,486,841 shares during the period. Geode Capital Management LLC lifted its stake in shares of Confluent by 2.5% in the third quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company’s stock valued at $88,180,000 after purchasing an additional 107,510 shares during the period. Atreides Management LP lifted its stake in shares of Confluent by 7.3% in the third quarter. Atreides Management LP now owns 2,706,910 shares of the company’s stock valued at $55,167,000 after purchasing an additional 184,865 shares during the period. Jacobs Levy Equity Management Inc. lifted its stake in shares of Confluent by 46.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 2,513,426 shares of the company’s stock valued at $51,224,000 after purchasing an additional 802,353 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Confluent by 2.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company’s stock valued at $46,549,000 after purchasing an additional 64,926 shares during the period. Institutional investors and hedge funds own 78.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on CFLT shares. TD Cowen raised their price objective on shares of Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Evercore ISI raised their price objective on shares of Confluent from $32.00 to $40.00 and gave the company an “outperform” rating in a research note on Wednesday. Royal Bank of Canada raised their price objective on shares of Confluent from $36.00 to $41.00 and gave the company an “outperform” rating in a research note on Wednesday. Barclays lifted their target price on shares of Confluent from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Truist Financial lifted their target price on shares of Confluent from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $35.00.

Confluent Price Performance

Confluent stock opened at $36.23 on Friday. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $37.90. The firm has a 50 day moving average price of $29.64 and a 200 day moving average price of $25.45. The company has a market cap of $11.88 billion, a price-to-earnings ratio of -32.64 and a beta of 0.92. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24.

Confluent (NASDAQ:CFLT) last released its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. Sell-side analysts predict that Confluent, Inc. will post -0.9 earnings per share for the current year.

Insider Activity at Confluent

In other Confluent news, CAO Kong Phan sold 3,947 shares of Confluent stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $28.74, for a total transaction of $113,436.78. Following the transaction, the chief accounting officer now directly owns 179,939 shares of the company’s stock, valued at $5,171,446.86. The trade was a 2.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Lara Caimi sold 34,500 shares of Confluent stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $31.32, for a total transaction of $1,080,540.00. Following the transaction, the director now directly owns 7,160 shares in the company, valued at approximately $224,251.20. This trade represents a 82.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,508,636 shares of company stock worth $47,198,798. 13.82% of the stock is owned by company insiders.

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.