CloudAlpha Capital Management Limited Hong Kong Takes $29.83 Million Position in Confluent, Inc. (NASDAQ:CFLT)

CloudAlpha Capital Management Limited Hong Kong acquired a new stake in Confluent, Inc. (NASDAQ:CFLT) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,274,927 shares of the company’s stock, valued at approximately $29,833,000. Confluent accounts for approximately 2.8% of CloudAlpha Capital Management Limited Hong Kong’s investment portfolio, making the stock its 10th largest holding. CloudAlpha Capital Management Limited Hong Kong owned about 0.41% of Confluent at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Whale Rock Capital Management LLC acquired a new stake in shares of Confluent in the second quarter worth approximately $105,594,000. Vanguard Group Inc. raised its holdings in Confluent by 96.6% in the 1st quarter. Vanguard Group Inc. now owns 5,063,242 shares of the company’s stock valued at $207,593,000 after acquiring an additional 2,488,471 shares during the last quarter. Altimeter Capital Management LP increased its holdings in shares of Confluent by 79.9% during the 1st quarter. Altimeter Capital Management LP now owns 5,306,700 shares of the company’s stock worth $217,575,000 after buying an additional 2,356,700 shares during the last quarter. T. Rowe Price Investment Management Inc. purchased a new stake in shares of Confluent during the 4th quarter valued at approximately $44,837,000. Finally, Price T Rowe Associates Inc. MD grew its position in Confluent by 18.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 12,476,920 shares of the company’s stock worth $300,320,000 after acquiring an additional 1,938,668 shares during the period. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Loop Capital initiated coverage on Confluent in a research note on Tuesday, January 30th. They issued a “hold” rating and a $23.00 price target on the stock. Barclays raised their price target on Confluent from $26.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, February 8th. JMP Securities lifted their price target on shares of Confluent from $25.00 to $38.00 and gave the company a “market outperform” rating in a research report on Thursday, February 8th. The Goldman Sachs Group boosted their target price on Confluent from $24.00 to $27.00 and gave the stock a “neutral” rating in a research report on Thursday, February 8th. Finally, JPMorgan Chase & Co. raised their price target on Confluent from $23.00 to $27.00 and gave the company a “neutral” rating in a research report on Thursday, February 8th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, Confluent has an average rating of “Moderate Buy” and an average target price of $30.64.

Insider Buying and Selling at Confluent

In related news, insider Erica Schultz sold 63,729 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $33.91, for a total value of $2,161,050.39. Following the completion of the transaction, the insider now owns 706,715 shares in the company, valued at approximately $23,964,705.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Confluent news, CTO Chad Verbowski sold 8,086 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total transaction of $252,283.20. Following the sale, the chief technology officer now directly owns 532,072 shares of the company’s stock, valued at approximately $16,600,646.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $33.91, for a total value of $2,161,050.39. Following the completion of the sale, the insider now directly owns 706,715 shares of the company’s stock, valued at approximately $23,964,705.65. The disclosure for this sale can be found here. Insiders sold 1,433,170 shares of company stock valued at $46,438,029 in the last ninety days. Company insiders own 22.08% of the company’s stock.

Confluent Stock Down 3.1 %

Shares of Confluent stock traded down $0.89 during trading hours on Wednesday, hitting $27.66. 2,299,464 shares of the company’s stock traded hands, compared to its average volume of 5,022,563. The company has a quick ratio of 4.62, a current ratio of 4.62 and a debt-to-equity ratio of 1.34. Confluent, Inc. has a twelve month low of $14.69 and a twelve month high of $41.22. The stock has a 50 day simple moving average of $31.48 and a 200-day simple moving average of $26.41. The company has a market cap of $8.65 billion, a PE ratio of -19.61 and a beta of 0.91.

Confluent (NASDAQ:CFLT) last issued its earnings results on Wednesday, February 7th. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). Confluent had a negative return on equity of 44.16% and a negative net margin of 56.99%. The business had revenue of $213.18 million for the quarter, compared to analyst estimates of $204.62 million. Equities research analysts anticipate that Confluent, Inc. will post -0.92 earnings per share for the current fiscal 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.