Fortitude Advisory Group L.L.C. Has $937,000 Holdings in Confluent, Inc. (NASDAQ:CFLT)

Fortitude Advisory Group L.L.C. trimmed its position in shares of Confluent, Inc. (NASDAQ:CFLT) by 29.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 33,500 shares of the company’s stock after selling 13,825 shares during the period. Confluent accounts for approximately 0.6% of Fortitude Advisory Group L.L.C.’s investment portfolio, making the stock its 29th biggest position. Fortitude Advisory Group L.L.C.’s holdings in Confluent were worth $937,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Champlain Investment Partners LLC grew its holdings in Confluent by 72.2% during the third quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock worth $218,083,000 after purchasing an additional 4,486,841 shares during the period. Fiera Capital Corp acquired a new stake in shares of Confluent in the third quarter valued at approximately $21,127,000. Jacobs Levy Equity Management Inc. lifted its position in shares of Confluent by 46.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 2,513,426 shares of the company’s stock valued at $51,224,000 after buying an additional 802,353 shares during the last quarter. Oddo BHF Asset Management Sas bought a new position in shares of Confluent during the 3rd quarter worth approximately $7,646,000. Finally, Bridgewater Associates LP increased its holdings in shares of Confluent by 1,325.2% during the 3rd quarter. Bridgewater Associates LP now owns 281,093 shares of the company’s stock worth $5,729,000 after acquiring an additional 261,370 shares during the last quarter. 78.09% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Piper Sandler raised their price target on Confluent from $32.00 to $35.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Morgan Stanley restated an “equal weight” rating and set a $30.00 target price (down previously from $33.00) on shares of Confluent in a research note on Thursday, January 16th. TD Cowen upped their price target on shares of Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Needham & Company LLC reissued a “buy” rating and issued a $31.00 price target on shares of Confluent in a report on Friday, November 15th. Finally, Robert W. Baird boosted their price objective on Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Confluent presently has an average rating of “Moderate Buy” and an average price target of $32.37.

Insider Buying and Selling

In other news, Director Michelangelo Volpi sold 50,000 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $25.92, for a total value of $1,296,000.00. Following the completion of the sale, the director now owns 280,200 shares of the company’s stock, valued at approximately $7,262,784. This represents a 15.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Kong Phan sold 3,947 shares of Confluent stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $28.74, for a total value of $113,436.78. Following the completion of the transaction, the chief accounting officer now directly owns 179,939 shares in the company, valued at approximately $5,171,446.86. This represents a 2.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,584,712 shares of company stock worth $132,928,936 in the last ninety days. Company insiders own 13.82% of the company’s stock.

Confluent Stock Performance

NASDAQ CFLT opened at $28.93 on Tuesday. Confluent, Inc. has a fifty-two week low of $17.79 and a fifty-two week high of $35.07. The stock has a market cap of $9.49 billion, a PE ratio of -26.06 and a beta of 0.91. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24. The firm’s fifty day moving average price is $29.64 and its two-hundred day moving average price is $24.93.

Confluent (NASDAQ:CFLT) last posted its earnings results on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.03. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. The firm had revenue of $250.20 million during the quarter, compared to the consensus estimate of $243.98 million. On average, equities analysts expect that Confluent, Inc. will post -0.9 EPS for the current fiscal year.

About Confluent

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.