Legato Capital Management LLC Invests $724,000 in Confluent, Inc. (NASDAQ:CFLT)

Legato Capital Management LLC acquired a new position in Confluent, Inc. (NASDAQ:CFLT) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 25,890 shares of the company’s stock, valued at approximately $724,000.

Several other large investors have also recently made changes to their positions in CFLT. Sanctuary Advisors LLC acquired a new position in shares of Confluent in the 2nd quarter worth approximately $462,000. Creative Planning lifted its holdings in shares of Confluent by 109.9% in the 3rd quarter. Creative Planning now owns 94,939 shares of the company’s stock worth $1,935,000 after acquiring an additional 49,699 shares during the last quarter. Lake Street Advisors Group LLC lifted its holdings in shares of Confluent by 14.0% in the 3rd quarter. Lake Street Advisors Group LLC now owns 18,481 shares of the company’s stock worth $377,000 after acquiring an additional 2,263 shares during the last quarter. US Bancorp DE lifted its holdings in shares of Confluent by 307.7% in the 3rd quarter. US Bancorp DE now owns 16,702 shares of the company’s stock worth $340,000 after acquiring an additional 12,605 shares during the last quarter. Finally, Janney Capital Management LLC lifted its holdings in shares of Confluent by 52.2% in the 3rd quarter. Janney Capital Management LLC now owns 19,946 shares of the company’s stock worth $406,000 after acquiring an additional 6,842 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Confluent news, CAO Kong Phan sold 2,096 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $59,170.08. Following the transaction, the chief accounting officer now directly owns 190,680 shares of the company’s stock, valued at approximately $5,382,896.40. This trade represents a 1.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $27.40, for a total transaction of $1,746,174.60. Following the transaction, the insider now directly owns 687,483 shares in the company, valued at $18,837,034.20. The trade was a 8.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,508,636 shares of company stock valued at $47,198,798. Insiders own 13.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. UBS Group increased their target price on shares of Confluent from $26.00 to $34.00 and gave the stock a “neutral” rating in a report on Wednesday. Needham & Company LLC increased their target price on shares of Confluent from $31.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday. Stifel Nicolaus increased their target price on shares of Confluent from $37.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday. Evercore ISI increased their target price on shares of Confluent from $32.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, Piper Sandler increased their target price on shares of Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Confluent has an average rating of “Moderate Buy” and an average target price of $35.00.

Confluent Trading Down 3.8 %

NASDAQ CFLT opened at $36.23 on Friday. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The firm’s fifty day moving average price is $29.64 and its 200 day moving average price is $25.45. The company has a market capitalization of $11.88 billion, a price-to-earnings ratio of -32.64 and a beta of 0.92. Confluent, Inc. has a 12 month low of $17.79 and a 12 month high of $37.90.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. On average, sell-side analysts expect that Confluent, Inc. will post -0.9 earnings per share for the current fiscal 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.