Trinity Legacy Partners LLC Sells 9,500 Shares of Confluent, Inc. (NASDAQ:CFLT)

Trinity Legacy Partners LLC lowered its position in shares of Confluent, Inc. (NASDAQ:CFLT) by 27.5% in the fourth quarter, HoldingsChannel reports. The fund owned 25,000 shares of the company’s stock after selling 9,500 shares during the period. Trinity Legacy Partners LLC’s holdings in Confluent were worth $699,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Blue Trust Inc. increased its position in Confluent by 354.0% in the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after purchasing an additional 1,607 shares during the period. Point72 Hong Kong Ltd bought a new position in shares of Confluent in the 3rd quarter valued at about $68,000. GAMMA Investing LLC grew its position 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 buying an additional 1,136 shares during the period. Pacer Advisors Inc. raised its stake in shares of Confluent by 36.4% during the fourth quarter. Pacer Advisors Inc. now owns 6,068 shares of the company’s stock worth $170,000 after buying an additional 1,619 shares during the last quarter. Finally, DMC Group LLC bought a new stake in shares of Confluent during the fourth quarter worth approximately $201,000. Institutional investors own 78.09% of the company’s stock.

Confluent Trading Down 2.1 %

Confluent stock opened at $32.54 on Friday. The company has a market cap of $10.67 billion, a price-to-earnings ratio of -30.13 and a beta of 0.92. The firm has a 50-day moving average of $29.85 and a 200-day moving average of $25.84. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. Confluent, Inc. has a one year low of $17.79 and a one year high of $37.90.

Confluent (NASDAQ:CFLT) last issued 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 35.45%. On average, equities analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Scotiabank lifted their target price on shares of Confluent from $27.00 to $35.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 12th. Barclays lifted their price objective on Confluent from $35.00 to $37.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Morgan Stanley increased their target price on Confluent from $30.00 to $32.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 12th. Wells Fargo & Company raised their target price on Confluent from $40.00 to $42.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Finally, Citigroup upped their price target on Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Confluent currently has a consensus rating of “Moderate Buy” and an average target price of $35.00.

Insider Activity

In other news, Director Matthew Craig Miller sold 347,646 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $32.69, for a total value of $11,364,547.74. Following the sale, the director now directly owns 22,688 shares of the company’s stock, valued at approximately $741,670.72. This represents a 93.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO Stephanie Buscemi sold 26,047 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $32.89, for a total transaction of $856,685.83. Following the completion of the sale, the chief marketing officer now owns 144,373 shares of the company’s stock, valued at $4,748,427.97. This trade represents a 15.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,140,614 shares of company stock valued at $38,017,784. 13.82% of the stock is owned by 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.