Altimeter Capital Management LP Has $344.67 Million Position in Confluent, Inc. (NASDAQ:CFLT)

Altimeter Capital Management LP decreased its position in shares of Confluent, Inc. (NASDAQ:CFLTFree Report) by 11.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,729,458 shares of the company’s stock after selling 1,882,485 shares during the quarter. Confluent accounts for approximately 5.7% of Altimeter Capital Management LP’s investment portfolio, making the stock its 6th largest position. Altimeter Capital Management LP owned 4.78% of Confluent worth $344,669,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Confluent by 13.0% in the third quarter. Vanguard Group Inc. now owns 18,424,394 shares of the company’s stock worth $545,546,000 after acquiring an additional 2,125,843 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of Confluent by 15.3% in the fourth quarter. First Trust Advisors LP now owns 5,551,696 shares of the company’s stock worth $129,910,000 after acquiring an additional 738,147 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Confluent by 14.0% in the third quarter. Invesco Ltd. now owns 3,824,055 shares of the company’s stock worth $113,230,000 after acquiring an additional 470,002 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Confluent by 5.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,931,677 shares of the company’s stock worth $45,201,000 after acquiring an additional 104,801 shares during the last quarter. Finally, Optimus Prime Fund Management Co. Ltd. lifted its holdings in shares of Confluent by 12.1% in the fourth quarter. Optimus Prime Fund Management Co. Ltd. now owns 1,613,044 shares of the company’s stock worth $37,745,000 after acquiring an additional 174,100 shares during the last quarter. Institutional investors own 78.09% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on CFLT. The Goldman Sachs Group raised their price objective on shares of Confluent from $27.00 to $30.00 and gave the company a “neutral” rating in a report on Thursday, May 9th. Truist Financial reiterated a “buy” rating and issued a $36.00 price objective (up previously from $33.00) on shares of Confluent in a report on Wednesday, May 8th. Oppenheimer began coverage on shares of Confluent in a report on Friday, May 17th. They issued an “outperform” rating and a $37.00 price objective for the company. JMP Securities raised their price objective on shares of Confluent from $38.00 to $40.00 and gave the company a “market outperform” rating in a report on Wednesday, May 8th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $40.00 price objective on shares of Confluent in a report on Tuesday, June 4th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat, Confluent has an average rating of “Moderate Buy” and an average target price of $33.11.

Read Our Latest Stock Analysis on Confluent

Insider Activity at Confluent

In other Confluent news, CAO Ying Christina Liu sold 68,000 shares of the firm’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $31.06, for a total transaction of $2,112,080.00. Following the transaction, the chief accounting officer now directly owns 168,338 shares in the company, valued at approximately $5,228,578.28. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Confluent news, CTO Chad Verbowski sold 8,086 shares of the firm’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $31.20, for a total transaction of $252,283.20. Following the transaction, the chief technology officer now directly owns 532,072 shares in the company, valued at approximately $16,600,646.40. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Ying Christina Liu sold 68,000 shares of the firm’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $31.06, for a total value of $2,112,080.00. Following the transaction, the chief accounting officer now owns 168,338 shares in the company, valued at $5,228,578.28. The disclosure for this sale can be found here. In the last 90 days, insiders sold 632,636 shares of company stock valued at $18,176,366. 13.82% of the stock is owned by company insiders.

Confluent Stock Up 8.0 %

NASDAQ CFLT traded up $2.07 during mid-day trading on Wednesday, hitting $27.93. The company’s stock had a trading volume of 5,148,990 shares, compared to its average volume of 4,550,786. The company’s 50 day simple moving average is $28.91 and its 200 day simple moving average is $27.61. Confluent, Inc. has a twelve month low of $14.69 and a twelve month high of $41.22. The company has a current ratio of 5.07, a quick ratio of 5.07 and a debt-to-equity ratio of 1.29. The firm has a market capitalization of $8.88 billion, a price-to-earnings ratio of -22.34 and a beta of 0.88.

Confluent (NASDAQ:CFLTGet Free Report) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.04). Confluent had a negative net margin of 46.73% and a negative return on equity of 40.55%. The business had revenue of $217.24 million during the quarter, compared to analyst estimates of $211.57 million. Analysts anticipate that Confluent, Inc. will post -0.94 earnings per share for the current year.

Confluent Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Confluent (NASDAQ:CFLT)

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