Friedenthal Financial Buys New Shares in Confluent, Inc. (NASDAQ:CFLT)

Friedenthal Financial purchased a new position in shares of Confluent, Inc. (NASDAQ:CFLT) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 27,103 shares of the company’s stock, valued at approximately $758,000.

Other hedge funds have also recently made changes to their positions in the company. EP Wealth Advisors LLC grew its stake in Confluent by 3.6% during the third quarter. EP Wealth Advisors LLC now owns 14,371 shares of the company’s stock worth $293,000 after purchasing an additional 503 shares during the period. 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. Truist Financial Corp grew its position in shares of Confluent by 5.3% during the 2nd quarter. Truist Financial Corp now owns 24,420 shares of the company’s stock worth $721,000 after buying an additional 1,238 shares during the period. Elo Mutual Pension Insurance Co increased its stake in shares of Confluent by 8.4% in the 2nd quarter. Elo Mutual Pension Insurance Co now owns 18,643 shares of the company’s stock valued at $551,000 after acquiring an additional 1,448 shares in the last quarter. Finally, Daiwa Securities Group Inc. lifted its position in shares of Confluent by 14.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 13,800 shares of the company’s stock valued at $408,000 after acquiring an additional 1,700 shares during the period. 78.09% of the stock is owned by institutional investors.

Confluent Stock Performance

NASDAQ CFLT traded down $0.69 on Monday, hitting $26.95. 3,359,747 shares of the stock traded hands, compared to its average volume of 2,591,144. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24. The business’s fifty day moving average is $29.60 and its two-hundred day moving average is $24.98. Confluent, Inc. has a 12 month low of $17.79 and a 12 month high of $35.07. The firm has a market capitalization of $8.84 billion, a price-to-earnings ratio of -24.28 and a beta of 0.91.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.03. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. The company had revenue of $250.20 million during the quarter, compared to the consensus estimate of $243.98 million. As a group, equities analysts anticipate that Confluent, Inc. will post -0.9 EPS for the current fiscal year.

Insider Activity

In other news, CTO Chad Verbowski sold 13,414 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total transaction of $378,677.22. Following the sale, the chief technology officer now directly owns 483,393 shares in the company, valued at $13,646,184.39. This represents a 2.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CMO Stephanie Buscemi sold 164,123 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $26.24, for a total transaction of $4,306,587.52. Following the completion of the transaction, the chief marketing officer now owns 149,644 shares of the company’s stock, valued at $3,926,658.56. This trade represents a 52.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,584,712 shares of company stock valued at $132,928,936 over the last quarter. Company insiders own 13.82% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on CFLT. Citigroup lifted their price target on shares of Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, October 29th. Mizuho upped their price target on Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Piper Sandler raised their price objective on Confluent from $32.00 to $35.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Wolfe Research raised Confluent to a “strong-buy” rating in a research report on Wednesday, September 18th. Finally, Scotiabank lifted their price target on shares of Confluent from $25.00 to $27.00 and gave the company a “sector perform” rating in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $32.46.

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.