Clearline Capital LP Buys Shares of 764,277 Confluent, Inc. $CFLT

Clearline Capital LP bought a new position in shares of Confluent, Inc. (NASDAQ:CFLT) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 764,277 shares of the company’s stock, valued at approximately $15,133,000. Clearline Capital LP owned approximately 0.22% of Confluent as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in CFLT. True Wealth Design LLC purchased a new position in shares of Confluent in the 3rd quarter valued at about $36,000. Elevation Point Wealth Partners LLC acquired a new stake in shares of Confluent in the second quarter valued at about $49,000. Ramirez Asset Management Inc. acquired a new stake in shares of Confluent in the third quarter valued at about $40,000. Jones Financial Companies Lllp boosted its holdings in Confluent by 250.6% during the third quarter. Jones Financial Companies Lllp now owns 3,471 shares of the company’s stock worth $69,000 after buying an additional 2,481 shares in the last quarter. Finally, Rothschild Investment LLC boosted its holdings in Confluent by 110,016.7% during the third quarter. Rothschild Investment LLC now owns 6,607 shares of the company’s stock worth $131,000 after buying an additional 6,601 shares in the last quarter. 78.09% of the stock is owned by institutional investors and hedge funds.

Confluent Stock Performance

Shares of NASDAQ CFLT opened at $30.67 on Friday. The company has a 50-day simple moving average of $30.56 and a 200-day simple moving average of $25.89. The company has a debt-to-equity ratio of 0.94, a current ratio of 3.83 and a quick ratio of 3.83. The company has a market cap of $10.97 billion, a PE ratio of -35.66 and a beta of 0.95. Confluent, Inc. has a 12 month low of $15.64 and a 12 month high of $30.81.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data 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 net margin of 25.31% and a negative return on equity of 22.66%. The business had revenue of $314.82 million for the quarter, compared to the consensus estimate of $308.03 million. During the same quarter in the prior year, the firm posted $0.09 earnings per share. The company’s quarterly revenue was up 20.5% compared to the same quarter last year. On average, equities analysts anticipate that Confluent, Inc. will post -0.83 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Piper Sandler cut shares of Confluent from an “overweight” rating to a “hold” rating and set a $31.00 target price for the company. in a report on Monday, December 8th. Royal Bank Of Canada lowered Confluent from an “outperform” rating to a “sector perform” rating and boosted their price target for the stock from $30.00 to $31.00 in a research note on Tuesday, December 9th. Oppenheimer cut Confluent from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 9th. Canaccord Genuity Group cut Confluent from a “buy” rating to a “hold” rating and lifted their price objective for the stock from $27.00 to $31.00 in a report on Monday, December 8th. Finally, Deutsche Bank Aktiengesellschaft set a $31.00 target price on Confluent and gave the stock a “hold” rating in a research report on Monday, December 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, twenty-eight have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Confluent presently has an average rating of “Hold” and a consensus price target of $28.71.

Insider Activity at Confluent

In other news, CEO Edward Jay Kreps sold 270,207 shares of the firm’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $30.70, for a total transaction of $8,295,354.90. Following the sale, the chief executive officer owned 301,660 shares in the company, valued at $9,260,962. This trade represents a 47.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Eric Vishria sold 61,905 shares of Confluent stock in a transaction on Friday, February 13th. The shares were sold at an average price of $30.57, for a total value of $1,892,435.85. Following the completion of the sale, the director directly owned 663,637 shares of the company’s stock, valued at approximately $20,287,383.09. This represents a 8.53% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 767,245 shares of company stock worth $23,386,655. Company insiders own 9.20% of the company’s stock.

About Confluent

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.