ExodusPoint Capital Management LP Takes $6.89 Million Position in Confluent, Inc. (NASDAQ:CFLT)

ExodusPoint Capital Management LP bought a new position in shares of Confluent, Inc. (NASDAQ:CFLT) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 246,509 shares of the company’s stock, valued at approximately $6,892,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in CFLT. Blue Trust Inc. increased its holdings in Confluent by 354.0% during 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. bought a new stake in Confluent during the fourth quarter worth $59,000. GAMMA Investing LLC raised its position in Confluent by 85.3% in the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after buying an additional 1,136 shares during the last quarter. AlphaQuest LLC lifted its stake in Confluent by 22,112.5% during 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. Finally, IFP Advisors Inc boosted its holdings in Confluent by 48.4% during the 4th quarter. IFP Advisors Inc now owns 4,945 shares of the company’s stock worth $138,000 after acquiring an additional 1,613 shares during the last quarter. Institutional investors and hedge funds own 78.09% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on CFLT. Evercore ISI increased their target price on shares of Confluent from $32.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Guggenheim increased their price objective on shares of Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Wells Fargo & Company boosted their target price on Confluent from $40.00 to $42.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Morgan Stanley upped their target price on Confluent from $30.00 to $32.00 and gave the company an “equal weight” rating in a report on Wednesday, February 12th. Finally, Canaccord Genuity Group lifted their price target on Confluent from $34.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $35.15.

Confluent Price Performance

Shares of NASDAQ:CFLT opened at $20.17 on Friday. The company has a 50 day moving average of $28.82 and a 200 day moving average of $27.28. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14. The stock has a market cap of $6.74 billion, a P/E ratio of -18.68 and a beta of 1.03. Confluent, Inc. has a 12 month low of $17.79 and a 12 month high of $37.90.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. As a group, sell-side analysts forecast that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Kong Phan sold 3,175 shares of the stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $26.86, for a total value of $85,280.50. Following the transaction, the chief accounting officer now owns 246,516 shares of the company’s stock, valued at $6,621,419.76. This represents a 1.27 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Erica Schultz sold 150,000 shares of Confluent 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 sale, the insider now directly owns 678,016 shares of the company’s stock, valued at $24,286,533.12. This represents a 18.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,200,746 shares of company stock worth $38,505,150 in the last ninety days. 13.82% of the stock is currently owned by insiders.

Confluent Profile

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.