Cache Advisors LLC Trims Stake in Confluent, Inc. $CFLT

Cache Advisors LLC lessened its position in Confluent, Inc. (NASDAQ:CFLT) by 66.8% in the 3rd quarter, Holdings Channel.com reports. The fund owned 17,471 shares of the company’s stock after selling 35,173 shares during the period. Cache Advisors LLC’s holdings in Confluent were worth $346,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. True Wealth Design LLC purchased a new stake in Confluent in the 3rd quarter worth about $36,000. Elevation Point Wealth Partners LLC purchased a new stake in shares of Confluent in the second quarter worth approximately $49,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Confluent in the second quarter worth approximately $67,000. Jones Financial Companies Lllp lifted 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 acquiring an additional 2,481 shares during the last quarter. Finally, AlphaQuest LLC boosted its holdings in Confluent by 21.7% during the 2nd quarter. AlphaQuest LLC now owns 4,636 shares of the company’s stock valued at $116,000 after acquiring an additional 826 shares during the period. 78.09% of the stock is currently owned by institutional investors.

Insider Transactions at Confluent

In other Confluent news, CEO Edward Jay Kreps sold 506,000 shares of the business’s stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $30.04, for a total value of $15,200,240.00. Following the completion of the transaction, the chief executive officer directly owned 339,367 shares in the company, valued at approximately $10,194,584.68. The trade was a 59.86% 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, Director Neha Narkhede sold 80,000 shares of the stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $30.59, for a total transaction of $2,447,200.00. Following the sale, the director directly owned 28,549 shares of the company’s stock, valued at approximately $873,313.91. The trade was a 73.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 1,539,830 shares of company stock worth $46,231,391. Company insiders own 9.20% of the company’s stock.

Confluent Price Performance

Shares of CFLT opened at $30.67 on Friday. 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 50 day moving average price of $30.43 and a 200-day moving average price of $24.97. Confluent, Inc. has a fifty-two week low of $15.64 and a fifty-two week high of $32.63. The stock has a market capitalization of $10.97 billion, a PE ratio of -35.66 and a beta of 0.95.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, February 11th. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.02. The company had revenue of $314.82 million during the quarter, compared to the consensus estimate of $308.03 million. Confluent had a negative net margin of 25.31% and a negative return on equity of 22.66%. Confluent’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.09 earnings per share. Equities analysts predict that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on CFLT shares. Canaccord Genuity Group downgraded Confluent from a “buy” rating to a “hold” rating and lifted their target price for the stock from $27.00 to $31.00 in a research report on Monday, December 8th. Robert W. Baird boosted their price objective on shares of Confluent from $26.00 to $31.00 and gave the company a “neutral” rating in a research report on Tuesday, December 9th. Wells Fargo & Company restated an “equal weight” rating and issued a $31.00 target price on shares of Confluent in a research note on Monday, December 8th. DA Davidson reaffirmed a “neutral” rating and set a $31.00 price target (up from $29.00) on shares of Confluent in a research note on Monday, December 8th. Finally, UBS Group cut Confluent from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $29.00 to $31.00 in a research note on Tuesday, December 9th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, twenty-eight have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price 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.