ExodusPoint Capital Management LP Takes Position in Confluent, Inc. (NASDAQ:CFLT)

ExodusPoint Capital Management LP purchased a new position in shares of Confluent, Inc. (NASDAQ:CFLT) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 246,509 shares of the company’s stock, valued at approximately $6,892,000. ExodusPoint Capital Management LP owned 0.08% of Confluent as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of CFLT. Blue Trust Inc. increased its holdings in shares of Confluent by 354.0% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after purchasing an additional 1,607 shares during the period. SBI Securities Co. Ltd. acquired a new stake in Confluent during the fourth quarter worth approximately $59,000. GAMMA Investing LLC increased its stake in Confluent by 85.3% during the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after acquiring an additional 1,136 shares during the period. AlphaQuest LLC raised its holdings in Confluent by 22,112.5% in the 4th quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock valued at $99,000 after acquiring an additional 3,538 shares in the last quarter. Finally, IFP Advisors Inc lifted its position in shares of Confluent by 48.4% during the 4th quarter. IFP Advisors Inc now owns 4,945 shares of the company’s stock valued at $138,000 after acquiring an additional 1,613 shares during the period. Institutional investors and hedge funds own 78.09% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CFLT. Truist Financial decreased their price target on Confluent from $40.00 to $35.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Guggenheim boosted their target price on shares of Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. William Blair reaffirmed an “outperform” rating on shares of Confluent in a report on Monday, March 17th. Canaccord Genuity Group lifted their price objective on shares of Confluent from $34.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Finally, Morgan Stanley upped their target price on Confluent from $30.00 to $32.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Confluent has an average rating of “Moderate Buy” and an average price target of $35.15.

Insider Activity

In other news, CAO Kong Phan sold 2,178 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $31.58, for a total value of $68,781.24. Following the completion of the sale, the chief accounting officer now directly owns 177,415 shares in the company, valued at $5,602,765.70. This trade represents a 1.21 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $32.33, for a total value of $7,516,725.00. Following the transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $14,628,937.04. This trade represents a 33.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,200,746 shares of company stock worth $38,505,150 in the last quarter. 13.82% of the stock is owned by corporate insiders.

Confluent Price Performance

CFLT stock opened at $20.17 on Friday. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. The company’s fifty day simple moving average is $28.82 and its 200 day simple moving average is $27.28. Confluent, Inc. has a 12-month low of $17.79 and a 12-month high of $37.90. The firm has a market cap of $6.74 billion, a price-to-earnings ratio of -18.68 and a beta of 1.03.

Confluent (NASDAQ:CFLT) last announced its earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. On average, analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current year.

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.