Trivest Advisors Ltd Invests $11.99 Million in Confluent, Inc. (NASDAQ:CFLT)

Trivest Advisors Ltd purchased a new position in Confluent, Inc. (NASDAQ:CFLT) during the 4th quarter, HoldingsChannel reports. The fund purchased 428,800 shares of the company’s stock, valued at approximately $11,989,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of CFLT. Blue Trust Inc. raised its holdings in Confluent by 354.0% in the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock valued at $58,000 after acquiring an additional 1,607 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of Confluent in the fourth quarter valued at approximately $59,000. GAMMA Investing LLC grew its position in shares of Confluent by 85.3% in the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after purchasing an additional 1,136 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Confluent in the third quarter valued at approximately $68,000. Finally, AlphaQuest LLC lifted its position in Confluent by 22,112.5% during the fourth quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock worth $99,000 after buying an additional 3,538 shares in the last quarter. 78.09% of the stock is owned by hedge funds and other institutional investors.

Confluent Stock Performance

Shares of Confluent stock opened at $26.36 on Wednesday. The business has a 50-day simple moving average of $29.56 and a 200-day simple moving average of $26.90. The company has a market cap of $8.80 billion, a PE ratio of -24.41 and a beta of 0.90. Confluent, Inc. has a one year low of $17.79 and a one year high of $37.90. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99.

Confluent (NASDAQ:CFLT) last posted its quarterly 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 return on equity of 34.70% and a negative net margin of 35.81%. On average, equities research analysts forecast that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Kong Phan sold 3,947 shares of the company’s 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 of the company’s stock, valued at $5,171,446.86. This represents a 2.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of the 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 completion of the transaction, the chief executive officer now owns 452,488 shares in the company, valued at $13,285,047.68. This represents a 33.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,201,518 shares of company stock worth $38,533,306. Corporate insiders own 13.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CFLT shares. Scotiabank raised their target price on Confluent from $27.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 12th. Royal Bank of Canada lifted their target price on shares of Confluent from $36.00 to $41.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. Needham & Company LLC reiterated a “buy” rating and issued a $40.00 target price on shares of Confluent in a report on Friday, March 7th. JPMorgan Chase & Co. raised their price target on shares of Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Finally, Canaccord Genuity Group upped their price objective on Confluent from $34.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $35.33.

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.