Fox Run Management L.L.C. Boosts Stake in Confluent, Inc. (NASDAQ:CFLT)

Fox Run Management L.L.C. raised its holdings in shares of Confluent, Inc. (NASDAQ:CFLT) by 19.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 71,717 shares of the company’s stock after buying an additional 11,870 shares during the quarter. Confluent comprises about 0.4% of Fox Run Management L.L.C.’s holdings, making the stock its 17th largest position. Fox Run Management L.L.C.’s holdings in Confluent were worth $2,005,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Blue Trust Inc. boosted its holdings in shares of Confluent by 354.0% in the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after purchasing an additional 1,607 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Confluent in the 4th quarter worth about $59,000. Point72 Hong Kong Ltd purchased a new position in shares of Confluent in the 3rd quarter worth about $68,000. GAMMA Investing LLC boosted its holdings in shares of Confluent by 85.3% in the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after purchasing an additional 1,136 shares in the last quarter. Finally, AlphaQuest LLC boosted its holdings in shares of Confluent by 22,112.5% in the 4th quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock worth $99,000 after purchasing an additional 3,538 shares in the last quarter. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Loop Capital lowered their target price on Confluent from $34.00 to $30.00 and set a “hold” rating for the company in a research note on Monday, March 10th. Morgan Stanley boosted their target price on Confluent from $30.00 to $32.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 12th. Canaccord Genuity Group boosted their target price on Confluent from $34.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Wells Fargo & Company upped their price target on Confluent from $40.00 to $42.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Finally, UBS Group upgraded Confluent from a “neutral” rating to a “buy” rating and upped their target price for the stock from $34.00 to $38.00 in a report on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $35.33.

Insider Transactions at Confluent

In other news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $29.36, for a total transaction of $6,826,200.00. Following the transaction, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at approximately $13,285,047.68. This trade represents a 33.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $29.47, for a total transaction of $1,878,093.63. Following the transaction, the insider now directly owns 502,424 shares in the company, valued at approximately $14,806,435.28. This trade represents a 11.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,197,571 shares of company stock valued at $38,419,870. 13.82% of the stock is currently owned by company insiders.

Confluent Stock Performance

Confluent stock opened at $26.50 on Friday. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24. Confluent, Inc. has a 1-year low of $17.79 and a 1-year high of $37.90. The firm has a market capitalization of $8.85 billion, a P/E ratio of -24.54 and a beta of 0.90. The company’s 50-day moving average is $29.46 and its 200 day moving average is $26.94.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. Research analysts forecast that Confluent, Inc. will post -0.83 EPS for the current 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.