Sycomore Asset Management Sells 249,498 Shares of Confluent, Inc. (NASDAQ:CFLT)

Sycomore Asset Management trimmed its holdings in shares of Confluent, Inc. (NASDAQ:CFLT) by 58.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 177,319 shares of the company’s stock after selling 249,498 shares during the quarter. Sycomore Asset Management’s holdings in Confluent were worth $4,958,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CFLT. AQR Capital Management LLC boosted its stake in shares of Confluent by 116.1% during the 2nd quarter. AQR Capital Management LLC now owns 24,440 shares of the company’s stock worth $722,000 after acquiring an additional 13,133 shares during the last quarter. Truist Financial Corp raised its holdings in Confluent by 5.3% in the 2nd quarter. Truist Financial Corp now owns 24,420 shares of the company’s stock worth $721,000 after purchasing an additional 1,238 shares during the period. Sanctuary Advisors LLC purchased a new position in Confluent during the second quarter valued at $462,000. Creative Planning grew its holdings in Confluent by 109.9% during the third quarter. Creative Planning now owns 94,939 shares of the company’s stock valued at $1,935,000 after purchasing an additional 49,699 shares during the period. Finally, SWS Partners purchased a new stake in Confluent in the third quarter worth about $802,000. 78.09% of the stock is owned by hedge funds and other institutional investors.

Confluent Price Performance

Shares of CFLT stock opened at $30.02 on Monday. The stock’s 50-day moving average is $29.51 and its 200 day moving average is $25.20. Confluent, Inc. has a 1-year low of $17.79 and a 1-year high of $35.07. 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 company has a market cap of $9.85 billion, a P/E ratio of -27.04 and a beta of 0.92.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Guggenheim lifted their price objective on Confluent from $32.00 to $35.00 and gave the company a “buy” rating in a research report on Friday, January 31st. Barclays lifted their price target on shares of Confluent from $32.00 to $35.00 and gave the company an “overweight” rating in a report on Friday, December 6th. TD Cowen increased their price objective on shares of Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. UBS Group lifted their target price on shares of Confluent from $23.00 to $26.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Finally, Stifel Nicolaus increased their price target on Confluent from $34.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Confluent has an average rating of “Moderate Buy” and a consensus price target of $32.30.

Insider Transactions at Confluent

In related news, CMO Stephanie Buscemi sold 5,271 shares of Confluent stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $148,800.33. Following the completion of the sale, the chief marketing officer now directly owns 144,373 shares in the company, valued at $4,075,649.79. This trade represents a 3.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Kong Phan sold 2,096 shares of the company’s stock in a transaction that occurred 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 owns 190,680 shares in the company, valued at $5,382,896.40. The trade was a 1.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,825,395 shares of company stock valued at $85,343,808 in the last 90 days. Insiders own 13.82% of the company’s stock.

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.