Zweig DiMenna Associates LLC Invests $1.15 Million in Confluent, Inc. (NASDAQ:CFLT)

Zweig DiMenna Associates LLC acquired a new stake in shares of Confluent, Inc. (NASDAQ:CFLT) in the fourth quarter, HoldingsChannel reports. The institutional investor acquired 41,000 shares of the company’s stock, valued at approximately $1,146,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. American Century Companies Inc. increased its holdings in shares of Confluent by 21.9% during the second quarter. American Century Companies Inc. now owns 13,518 shares of the company’s stock valued at $399,000 after acquiring an additional 2,431 shares in the last quarter. Amalgamated Bank grew its position in Confluent by 29.6% during the 2nd quarter. Amalgamated Bank now owns 16,334 shares of the company’s stock valued at $482,000 after purchasing an additional 3,727 shares during the last quarter. Hsbc Holdings PLC increased its stake in Confluent by 23.6% during the 2nd quarter. Hsbc Holdings PLC now owns 51,200 shares of the company’s stock valued at $1,510,000 after purchasing an additional 9,776 shares in the last quarter. Sei Investments Co. increased its stake in Confluent by 29.1% during the 2nd quarter. Sei Investments Co. now owns 305,537 shares of the company’s stock valued at $9,022,000 after purchasing an additional 68,880 shares in the last quarter. Finally, ProShare Advisors LLC raised its holdings in Confluent by 16.0% in the second quarter. ProShare Advisors LLC now owns 13,589 shares of the company’s stock worth $401,000 after buying an additional 1,870 shares during the last quarter. Institutional investors own 78.09% of the company’s stock.

Insider Buying and Selling at Confluent

In other news, Director Matthew Craig Miller sold 53,512 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $33.64, for a total value of $1,800,143.68. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CMO Stephanie Buscemi sold 164,123 shares of the firm’s stock in a transaction 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 transaction, the chief marketing officer now directly owns 149,644 shares of the company’s stock, valued at $3,926,658.56. The trade was 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 ninety days. 13.82% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CFLT shares. Citigroup raised their price target on shares of Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. Piper Sandler lifted their target price on Confluent from $32.00 to $35.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Robert W. Baird boosted their price target on Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. JMP Securities reaffirmed a “market outperform” rating and set a $40.00 price objective on shares of Confluent in a research report on Tuesday, October 29th. Finally, Truist Financial boosted their target price on Confluent from $32.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Confluent currently has an average rating of “Moderate Buy” and a consensus price target of $32.37.

Confluent Trading Up 3.2 %

Confluent stock opened at $29.23 on Friday. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. 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 $9.59 billion, a price-to-earnings ratio of -26.14 and a beta of 0.91. The firm has a 50 day moving average of $29.58 and a 200 day moving average of $24.93.

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

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.