Quadrature Capital Ltd Reduces Stock Position in Confluent, Inc. (NASDAQ:CFLT)

Quadrature Capital Ltd reduced its stake in Confluent, Inc. (NASDAQ:CFLT) by 63.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,034 shares of the company’s stock after selling 29,757 shares during the period. Quadrature Capital Ltd’s holdings in Confluent were worth $347,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. Diversified Trust Co boosted its stake in Confluent by 110.3% in the 3rd quarter. Diversified Trust Co now owns 60,503 shares of the company’s stock worth $1,233,000 after purchasing an additional 31,729 shares during the period. Sycomore Asset Management increased its position in shares of Confluent by 308.3% during the second quarter. Sycomore Asset Management now owns 333,083 shares of the company’s stock valued at $9,176,000 after buying an additional 251,507 shares during the period. Quantbot Technologies LP lifted its holdings in shares of Confluent by 1,465.6% in the third quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock worth $617,000 after buying an additional 28,360 shares in the last quarter. Pathway Capital Management LP bought a new position in shares of Confluent in the third quarter valued at approximately $918,000. Finally, Sei Investments Co. boosted its position in shares of Confluent by 29.1% in the second quarter. Sei Investments Co. now owns 305,537 shares of the company’s stock valued at $9,022,000 after acquiring an additional 68,880 shares during the period. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CFLT has been the topic of a number of analyst reports. DA Davidson reaffirmed a “buy” rating and set a $30.00 target price on shares of Confluent in a report on Wednesday, September 18th. Sanford C. Bernstein decreased their price target on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Baird R W raised Confluent to a “hold” rating in a research note on Wednesday, September 4th. Citigroup upped their target price on Confluent from $24.00 to $25.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th. Finally, Robert W. Baird lifted their price target on Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Confluent has an average rating of “Moderate Buy” and an average target price of $31.23.

Insiders Place Their Bets

In other news, insider Erica Schultz sold 63,729 shares of Confluent stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $31.21, for a total value of $1,988,982.09. Following the sale, the insider now directly owns 678,016 shares in the company, valued at approximately $21,160,879.36. This trade represents a 8.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Chad Verbowski sold 13,414 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $378,677.22. Following the transaction, the chief technology officer now directly owns 483,393 shares in the company, valued at $13,646,184.39. This trade represents a 2.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,069,108 shares of company stock valued at $116,165,158 in the last quarter. Insiders own 13.82% of the company’s stock.

Confluent Trading Down 3.6 %

Shares of CFLT stock opened at $32.44 on Tuesday. The business has a 50-day moving average of $25.92 and a 200 day moving average of $24.62. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. Confluent, Inc. has a 1-year low of $17.79 and a 1-year high of $35.07. The stock has a market capitalization of $10.64 billion, a PE ratio of -29.22 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last issued its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $243.98 million. As a group, sell-side analysts anticipate that Confluent, Inc. will post -0.9 earnings per share for the current 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.