Altimeter Capital Management LP Sells 4,271,183 Shares of Confluent, Inc. $CFLT

Altimeter Capital Management LP lowered its stake in Confluent, Inc. (NASDAQ:CFLT) by 27.5% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 11,281,793 shares of the company’s stock after selling 4,271,183 shares during the period. Confluent accounts for about 2.9% of Altimeter Capital Management LP’s holdings, making the stock its 11th largest holding. Altimeter Capital Management LP’s holdings in Confluent were worth $223,380,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. AQR Capital Management LLC increased its position in Confluent by 3,646.4% during the 3rd quarter. AQR Capital Management LLC now owns 4,904,459 shares of the company’s stock valued at $97,108,000 after buying an additional 4,773,548 shares in the last quarter. Norges Bank bought a new stake in Confluent in the second quarter worth $89,736,000. Vanguard Group Inc. grew its stake in shares of Confluent by 10.5% in the third quarter. Vanguard Group Inc. now owns 31,347,214 shares of the company’s stock worth $620,675,000 after acquiring an additional 2,970,708 shares during the last quarter. Invesco Ltd. grew its stake in shares of Confluent by 895.2% in the third quarter. Invesco Ltd. now owns 2,408,170 shares of the company’s stock worth $47,682,000 after acquiring an additional 2,166,196 shares during the last quarter. Finally, Atreides Management LP increased its holdings in shares of Confluent by 82.0% during the second quarter. Atreides Management LP now owns 3,012,215 shares of the company’s stock valued at $75,095,000 after acquiring an additional 1,357,246 shares in the last quarter. Institutional investors own 78.09% of the company’s stock.

Confluent Price Performance

NASDAQ CFLT opened at $30.67 on Friday. Confluent, Inc. has a one year low of $15.64 and a one year high of $30.81. The stock has a 50-day moving average of $30.56 and a 200 day moving average of $25.89. The company has a debt-to-equity ratio of 0.94, a quick ratio of 3.83 and a current ratio of 3.83. The company has a market capitalization of $10.97 billion, a price-to-earnings ratio of -35.66 and a beta of 0.95.

Confluent (NASDAQ:CFLT) last posted its 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. The business had revenue of $314.82 million for the quarter, compared to analysts’ expectations of $308.03 million. Confluent had a negative net margin of 25.31% and a negative return on equity of 22.66%. The business’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.09 EPS. On average, sell-side analysts forecast that Confluent, Inc. will post -0.83 EPS for the current year.

Insider Activity at Confluent

In related news, Director Michelangelo Volpi sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $30.59, for a total value of $764,750.00. Following the sale, the director owned 155,512 shares in the company, valued at approximately $4,757,112.08. This trade represents a 13.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Rohan Sivaram sold 29,996 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $30.67, for a total transaction of $919,977.32. Following the completion of the sale, the chief financial officer owned 531,971 shares in the company, valued at $16,315,550.57. This represents a 5.34% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 767,245 shares of company stock valued at $23,386,655 over the last quarter. 9.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Mizuho lowered Confluent from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 8th. Citizens Jmp downgraded shares of Confluent from an “outperform” rating to a “market perform” rating in a research report on Friday, January 9th. Truist Financial set a $31.00 price objective on shares of Confluent in a research note on Monday, December 8th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $31.00 target price on shares of Confluent in a research note on Monday, December 8th. Finally, Citigroup increased their price target on shares of Confluent from $26.00 to $31.00 and gave the company a “neutral” rating in a report on Tuesday, December 9th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, twenty-eight have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $28.71.

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.