Tower Research Capital LLC TRC Lowers Stake in Confluent, Inc. (NASDAQ:CFLT)

Tower Research Capital LLC TRC trimmed its position in Confluent, Inc. (NASDAQ:CFLT) by 37.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,988 shares of the company’s stock after selling 1,781 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Confluent were worth $84,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank purchased a new position in Confluent in the fourth quarter valued at approximately $81,092,000. Pictet Asset Management Holding SA raised its stake in shares of Confluent by 7,342.2% in the 4th quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company’s stock valued at $65,748,000 after acquiring an additional 2,319,919 shares during the period. MIG Capital LLC acquired a new position in shares of Confluent during the 4th quarter valued at $27,007,000. Great Lakes Advisors LLC purchased a new stake in Confluent during the 4th quarter worth $20,061,000. Finally, Trexquant Investment LP increased its holdings in Confluent by 4,111.5% in the 4th quarter. Trexquant Investment LP now owns 652,193 shares of the company’s stock valued at $18,235,000 after purchasing an additional 636,707 shares in the last quarter. 78.09% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CFLT has been the topic of several analyst reports. DA Davidson dropped their target price on Confluent from $42.00 to $28.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. Bank of America lifted their price objective on shares of Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a research note on Wednesday, February 12th. Evercore ISI decreased their target price on shares of Confluent from $29.00 to $28.00 and set an “outperform” rating for the company in a research note on Thursday, May 1st. TD Securities dropped their price target on shares of Confluent from $34.00 to $32.00 and set a “buy” rating on the stock in a research note on Thursday, May 1st. Finally, Raymond James started coverage on shares of Confluent in a research report on Friday, April 11th. They issued an “outperform” rating and a $30.00 price objective for the company. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $30.11.

Confluent Trading Down 1.6 %

Shares of NASDAQ CFLT opened at $20.65 on Friday. The company has a market cap of $6.90 billion, a price-to-earnings ratio of -19.12 and a beta of 1.02. The stock’s 50 day simple moving average is $23.40 and its 200 day simple moving average is $27.31. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14. Confluent, Inc. has a 12-month low of $17.79 and a 12-month high of $37.90.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.01. Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. The company had revenue of $271.12 million during the quarter, compared to the consensus estimate of $264.45 million. During the same quarter in the previous year, the company posted $0.05 earnings per share. The company’s revenue for the quarter was up 24.8% compared to the same quarter last year. Equities research analysts expect that Confluent, Inc. will post -0.83 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Rohan Sivaram sold 68,350 shares of the stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $36.23, for a total value of $2,476,320.50. Following the completion of the transaction, the chief financial officer now directly owns 520,273 shares of the company’s stock, valued at $18,849,490.79. This represents a 11.61 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Neha Narkhede sold 60,000 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $19.96, for a total value of $1,197,600.00. Following the completion of the sale, the director now owns 20,247 shares in the company, valued at approximately $404,130.12. This represents a 74.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,260,746 shares of company stock worth $39,702,750. Insiders own 13.82% of the company’s stock.

Confluent Company 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.