Light Street Capital Management LLC Makes New $25.12 Million Investment in Confluent, Inc. $CFLT

Light Street Capital Management LLC acquired a new stake in shares of Confluent, Inc. (NASDAQ:CFLT) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,268,640 shares of the company’s stock, valued at approximately $25,119,000. Confluent accounts for approximately 4.2% of Light Street Capital Management LLC’s holdings, making the stock its 11th largest position. Light Street Capital Management LLC owned approximately 0.36% of Confluent as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Confluent by 10.5% in the 3rd quarter. Vanguard Group Inc. now owns 31,347,214 shares of the company’s stock valued at $620,675,000 after purchasing an additional 2,970,708 shares in the last quarter. Champlain Investment Partners LLC raised its position in Confluent by 6.7% in the 2nd quarter. Champlain Investment Partners LLC now owns 11,590,026 shares of the company’s stock worth $288,939,000 after purchasing an additional 727,943 shares during the period. Franklin Resources Inc. raised its position in Confluent by 1.7% in the 2nd quarter. Franklin Resources Inc. now owns 8,592,443 shares of the company’s stock worth $214,210,000 after purchasing an additional 143,232 shares during the period. Jericho Capital Asset Management L.P. bought a new stake in Confluent in the third quarter worth $163,667,000. Finally, Optimus Prime Fund Management Co. Ltd. lifted its stake in Confluent by 16.8% in the third quarter. Optimus Prime Fund Management Co. Ltd. now owns 5,920,000 shares of the company’s stock worth $117,216,000 after purchasing an additional 850,000 shares during the last quarter. 78.09% of the stock is owned by hedge funds and other institutional investors.

Confluent Trading Up 1.0%

CFLT opened at $30.99 on Tuesday. The business has a 50 day simple moving average of $30.58 and a two-hundred day simple moving average of $26.02. The firm has a market capitalization of $11.08 billion, a price-to-earnings ratio of -36.03 and a beta of 0.95. The company has a debt-to-equity ratio of 0.94, a current ratio of 3.83 and a quick ratio of 3.83. Confluent, Inc. has a one year low of $15.64 and a one year high of $31.00.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, February 11th. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $314.82 million for the quarter, compared to analyst estimates of $308.03 million. During the same period last year, the company earned $0.09 EPS. The business’s quarterly revenue was up 20.5% compared to the same quarter last year. Analysts predict that Confluent, Inc. will post -0.83 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft set a $31.00 price objective on Confluent and gave the company a “hold” rating in a research note on Monday, December 8th. Citizens Jmp cut Confluent from an “outperform” rating to a “market perform” rating in a report on Friday, January 9th. Canaccord Genuity Group lowered Confluent from a “buy” rating to a “hold” rating and raised their price target for the stock from $27.00 to $31.00 in a research report on Monday, December 8th. Needham & Company LLC cut Confluent from a “buy” rating to a “hold” rating in a research note on Monday, December 8th. Finally, Citigroup boosted their price objective on Confluent from $26.00 to $31.00 and gave the company a “neutral” rating in a research report 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 issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $28.71.

Insider Transactions at Confluent

In other Confluent news, CEO Edward Jay Kreps sold 270,207 shares of Confluent stock in a transaction that occurred 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 directly owned 301,660 shares of the company’s stock, valued at approximately $9,260,962. The trade was a 47.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Kong Phan sold 2,277 shares of the firm’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $30.70, for a total value of $69,903.90. Following the completion of the transaction, the chief accounting officer owned 218,228 shares of the company’s stock, valued at approximately $6,699,599.60. The trade was a 1.03% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 534,745 shares of company stock worth $16,388,405. 13.82% of the stock is owned by corporate insiders.

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.