Jacobs Levy Equity Management Inc. Increases Stake in Confluent, Inc. (NASDAQ:CFLT)

Jacobs Levy Equity Management Inc. grew its position in Confluent, Inc. (NASDAQ:CFLT) by 24.6% during the 1st quarter, HoldingsChannel reports. The fund owned 1,157,231 shares of the company’s stock after purchasing an additional 228,429 shares during the period. Jacobs Levy Equity Management Inc.’s holdings in Confluent were worth $35,319,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in CFLT. Assenagon Asset Management S.A. purchased a new stake in shares of Confluent in the fourth quarter valued at $348,000. Fifth Third Bancorp raised its stake in shares of Confluent by 5.0% in the fourth quarter. Fifth Third Bancorp now owns 11,703 shares of the company’s stock valued at $274,000 after acquiring an additional 556 shares during the period. Arizona State Retirement System raised its stake in shares of Confluent by 11.5% in the fourth quarter. Arizona State Retirement System now owns 49,772 shares of the company’s stock valued at $1,165,000 after acquiring an additional 5,123 shares during the period. Asset Management One Co. Ltd. raised its stake in shares of Confluent by 22.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 175,942 shares of the company’s stock valued at $4,263,000 after acquiring an additional 31,947 shares during the period. Finally, Stratos Wealth Advisors LLC purchased a new stake in shares of Confluent in the fourth quarter valued at $458,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Insiders Place Their Bets

In other Confluent news, CTO Chad Verbowski sold 8,312 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $26.76, for a total transaction of $222,429.12. Following the completion of the transaction, the chief technology officer now directly owns 510,347 shares of the company’s stock, valued at approximately $13,656,885.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CTO Chad Verbowski sold 8,312 shares of Confluent stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $26.76, for a total transaction of $222,429.12. Following the completion of the transaction, the chief technology officer now directly owns 510,347 shares of the company’s stock, valued at approximately $13,656,885.72. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Erica Schultz sold 63,729 shares of Confluent stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $26.01, for a total transaction of $1,657,591.29. Following the transaction, the insider now directly owns 697,039 shares of the company’s stock, valued at $18,129,984.39. The disclosure for this sale can be found here. In the last ninety days, insiders sold 632,725 shares of company stock valued at $18,138,428. 13.82% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts recently commented on CFLT shares. TD Cowen raised their price target on shares of Confluent from $34.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Mizuho reduced their price target on shares of Confluent from $36.00 to $34.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 16th. JMP Securities raised their price target on shares of Confluent from $38.00 to $40.00 and gave the stock a “market outperform” rating in a research note on Wednesday, May 8th. Canaccord Genuity Group raised shares of Confluent from a “hold” rating to a “buy” rating and set a $35.00 price target on the stock in a research note on Wednesday, May 8th. Finally, Citigroup reduced their price target on shares of Confluent from $32.00 to $28.00 and set a “neutral” rating on the stock in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat, Confluent has a consensus rating of “Moderate Buy” and an average price target of $32.59.

Confluent Stock Performance

CFLT traded down $0.29 during trading on Tuesday, reaching $24.29. 4,635,641 shares of the company’s stock were exchanged, compared to its average volume of 4,397,040. Confluent, Inc. has a 1 year low of $14.69 and a 1 year high of $38.19. The company has a debt-to-equity ratio of 1.29, a current ratio of 5.07 and a quick ratio of 5.07. The stock has a market capitalization of $7.72 billion, a P/E ratio of -19.39 and a beta of 0.91. The company’s fifty day simple moving average is $27.35 and its 200-day simple moving average is $28.55.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). Confluent had a negative return on equity of 40.55% and a negative net margin of 46.73%. The business had revenue of $217.24 million for the quarter, compared to analysts’ expectations of $211.57 million. As a group, research analysts predict that Confluent, Inc. will post -0.94 earnings per share for the current fiscal year.

Confluent 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.