Tremblant Capital Group Sells 252,049 Shares of Confluent, Inc. $CFLT

Tremblant Capital Group lessened its holdings in shares of Confluent, Inc. (NASDAQ:CFLT) by 44.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 312,702 shares of the company’s stock after selling 252,049 shares during the quarter. Tremblant Capital Group’s holdings in Confluent were worth $6,192,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of CFLT. Hsbc Holdings PLC raised its holdings in Confluent by 655.7% in the 2nd quarter. Hsbc Holdings PLC now owns 243,596 shares of the company’s stock worth $6,013,000 after purchasing an additional 211,360 shares during the period. Persistent Asset Partners Ltd bought a new stake in Confluent during the second quarter valued at about $499,000. Neuberger Berman Group LLC bought a new stake in Confluent during the second quarter valued at about $305,000. First Trust Advisors LP increased its position in Confluent by 15.7% in the second quarter. First Trust Advisors LP now owns 4,555,913 shares of the company’s stock worth $113,579,000 after buying an additional 616,822 shares in the last quarter. Finally, Meridian Wealth Management LLC purchased a new stake in Confluent in the second quarter worth about $394,000. Institutional investors own 78.09% of the company’s stock.

Insider Buying and Selling at Confluent

In other news, CRO Ban Ryan Norris Mac sold 19,756 shares of Confluent stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $30.66, for a total transaction of $605,718.96. Following the sale, the executive owned 358,890 shares in the company, valued at $11,003,567.40. This trade represents a 5.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Rohan Sivaram sold 29,996 shares of the business’s stock in a transaction 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 transaction, the chief financial officer directly owned 531,971 shares in the company, valued at $16,315,550.57. This trade represents a 5.34% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 767,245 shares of company stock worth $23,386,655. Insiders own 9.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. DA Davidson reaffirmed a “neutral” rating and set a $31.00 price objective (up from $29.00) on shares of Confluent in a research report on Monday, December 8th. Truist Financial set a $31.00 target price on shares of Confluent in a report on Monday, December 8th. Citizens Jmp cut shares of Confluent from an “outperform” rating to a “market perform” rating in a research note on Friday, January 9th. William Blair downgraded shares of Confluent from an “outperform” rating to a “market perform” rating in a report on Monday, December 8th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Confluent in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, twenty-eight have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $28.71.

Confluent Stock Performance

NASDAQ CFLT opened at $30.67 on Friday. The company has a quick ratio of 3.83, a current ratio of 3.83 and a debt-to-equity ratio of 0.94. Confluent, Inc. has a twelve month low of $15.64 and a twelve month high of $30.81. The business has a 50-day moving average price of $30.56 and a 200-day moving average price of $25.84. The firm has a market cap of $10.97 billion, a price-to-earnings ratio of -35.66 and a beta of 0.95.

Confluent (NASDAQ:CFLT) last issued 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. Confluent had a negative return on equity of 22.66% and a negative net margin of 25.31%.The company had revenue of $314.82 million for the quarter, compared to the consensus estimate of $308.03 million. During the same quarter last year, the company earned $0.09 EPS. The firm’s quarterly revenue was up 20.5% on a year-over-year basis. As a group, equities research analysts predict that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Confluent Company 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.