Confluent, Inc. (NASDAQ:CFLT) Shares Bought by Pier Capital LLC

Pier Capital LLC increased its stake in Confluent, Inc. (NASDAQ:CFLT) by 15.9% during the fourth quarter, HoldingsChannel.com reports. The fund owned 203,863 shares of the company’s stock after buying an additional 27,920 shares during the period. Pier Capital LLC’s holdings in Confluent were worth $5,700,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of CFLT. Blue Trust Inc. increased its stake in Confluent by 354.0% in the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after purchasing an additional 1,607 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Confluent in the fourth quarter worth about $59,000. GAMMA Investing LLC increased its position in shares of Confluent by 85.3% in the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after acquiring an additional 1,136 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Confluent during the third quarter valued at approximately $68,000. Finally, AlphaQuest LLC lifted its position in shares of Confluent by 22,112.5% in the 4th quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock valued at $99,000 after acquiring an additional 3,538 shares in the last quarter. 78.09% of the stock is owned by institutional investors and hedge funds.

Confluent Trading Up 3.0 %

NASDAQ:CFLT opened at $27.30 on Tuesday. The company’s 50 day moving average is $29.47 and its 200-day moving average is $27.08. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. Confluent, Inc. has a 12 month low of $17.79 and a 12 month high of $37.90. The firm has a market cap of $9.12 billion, a price-to-earnings ratio of -25.28 and a beta of 0.90.

Confluent (NASDAQ:CFLT) last announced its 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 return on equity of 34.70% and a negative net margin of 35.81%. Equities analysts anticipate that Confluent, Inc. will post -0.83 EPS for the current year.

Wall Street Analysts Forecast Growth

CFLT has been the topic of several research analyst reports. UBS Group upgraded shares of Confluent from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $34.00 to $38.00 in a research report on Wednesday, February 26th. Royal Bank of Canada lifted their price target on Confluent from $36.00 to $41.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. William Blair reissued an “outperform” rating on shares of Confluent in a research report on Monday, March 17th. Scotiabank lifted their target price on Confluent from $27.00 to $35.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 12th. Finally, Evercore ISI upped their target price on Confluent from $32.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. One equities research 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. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $35.33.

Insider Transactions at Confluent

In other news, CAO Kong Phan sold 3,175 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $26.86, for a total value of $85,280.50. Following the completion of the sale, the chief accounting officer now directly owns 246,516 shares of the company’s stock, valued at approximately $6,621,419.76. This represents a 1.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Erica Schultz sold 150,000 shares of the business’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $35.82, for a total transaction of $5,373,000.00. Following the transaction, the insider now directly owns 678,016 shares in the company, valued at $24,286,533.12. This trade represents a 18.12 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,200,746 shares of company stock worth $38,505,150. Company insiders own 13.82% of the company’s stock.

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.