Jericho Capital Asset Management L.P. Takes $163.67 Million Position in Confluent, Inc. $CFLT

Jericho Capital Asset Management L.P. bought a new stake in Confluent, Inc. (NASDAQ:CFLT) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 8,266,000 shares of the company’s stock, valued at approximately $163,667,000. Confluent comprises 1.7% of Jericho Capital Asset Management L.P.’s portfolio, making the stock its 23rd biggest position.

Several other institutional investors and hedge funds have also bought and sold shares of CFLT. True Wealth Design LLC acquired a new position in Confluent during the third quarter valued at approximately $36,000. Ramirez Asset Management Inc. acquired a new position in shares of Confluent during the 3rd quarter worth approximately $40,000. Elevation Point Wealth Partners LLC acquired a new position in shares of Confluent during the 2nd quarter worth approximately $49,000. Jones Financial Companies Lllp raised its stake in shares of Confluent by 250.6% during the 3rd quarter. Jones Financial Companies Lllp now owns 3,471 shares of the company’s stock worth $69,000 after purchasing an additional 2,481 shares in the last quarter. Finally, Rothschild Investment LLC raised its stake in shares of Confluent by 110,016.7% during the 3rd quarter. Rothschild Investment LLC now owns 6,607 shares of the company’s stock worth $131,000 after purchasing an additional 6,601 shares in the last quarter. Institutional investors own 78.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on CFLT shares. Citizens Jmp cut shares of Confluent from an “outperform” rating to a “market perform” rating in a research note on Friday, January 9th. Piper Sandler lowered shares of Confluent from an “overweight” rating to a “hold” rating and set a $31.00 price target on the stock. in a research report on Monday, December 8th. Evercore set a $31.00 price target on shares of Confluent in a research note on Monday, December 8th. Guggenheim lowered shares of Confluent from a “buy” rating to a “hold” rating in a research note on Tuesday, December 9th. Finally, Wolfe Research cut shares of Confluent from an “outperform” rating to a “hold” rating in a report on Monday, December 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, twenty-eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $28.71.

Confluent Stock Down 0.1%

CFLT opened at $30.67 on Monday. Confluent, Inc. has a 1-year low of $15.64 and a 1-year high of $30.81. The stock’s fifty day simple moving average is $30.56 and its 200 day simple moving average is $25.94. The company has a current ratio of 3.83, a quick ratio of 3.83 and a debt-to-equity ratio of 0.94. The stock has a market cap of $10.97 billion, a PE ratio of -35.66 and a beta of 0.95.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.02. Confluent had a negative return on equity of 22.66% and a negative net margin of 25.31%.The business had revenue of $314.82 million during the quarter, compared to the consensus estimate of $308.03 million. During the same quarter last year, the firm posted $0.09 EPS. The company’s quarterly revenue was up 20.5% on a year-over-year basis. As a group, research analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current year.

Insider Activity at Confluent

In other Confluent news, CRO Ban Ryan Norris Mac sold 19,756 shares of the stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $30.66, for a total value of $605,718.96. Following the transaction, the executive directly owned 358,890 shares of the company’s stock, valued at $11,003,567.40. This represents a 5.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Kong Phan sold 2,277 shares of the firm’s stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $30.70, for a total transaction of $69,903.90. Following the sale, the chief accounting officer owned 218,228 shares of the company’s stock, valued at $6,699,599.60. This trade represents a 1.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 534,745 shares of company stock worth $16,388,405 in the last quarter. 13.82% of the stock is owned by corporate insiders.

Confluent Profile

Confluent, Inc (NASDAQ: CFLT) is a leading provider of an event streaming platform built on Apache Kafka. The company’s flagship offerings include Confluent Platform—a self-managed software solution—and Confluent Cloud, a fully managed service designed to simplify real-time data processing across hybrid and multi-cloud environments. These products enable enterprises to collect, process and distribute high volumes of data in real time, supporting use cases such as fraud detection, supply chain optimization and personalized customer experiences.

Founded in 2014 by Apache Kafka co-creators Jay Kreps, Neha Narkhede and Jun Rao, Confluent has driven the commercialization of Kafka technologies and extended the platform with tools for data integration, stream processing and enterprise-grade security.