965,904 Shares in Confluent, Inc. (NASDAQ:CFLT) Bought by MIG Capital LLC

MIG Capital LLC bought a new stake in Confluent, Inc. (NASDAQ:CFLT) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 965,904 shares of the company’s stock, valued at approximately $27,007,000. Confluent comprises 2.8% of MIG Capital LLC’s portfolio, making the stock its 17th largest position.

Several other institutional investors have also recently bought and sold shares of the business. Commonwealth Equity Services LLC lifted its stake in shares of Confluent by 4.1% in the 4th quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company’s stock valued at $323,000 after acquiring an additional 458 shares during the last quarter. EP Wealth Advisors LLC boosted its stake in shares of Confluent by 3.6% during the third quarter. EP Wealth Advisors LLC now owns 14,371 shares of the company’s stock valued at $293,000 after purchasing an additional 503 shares in the last quarter. Truist Financial Corp grew its holdings in shares of Confluent by 2.5% during the fourth quarter. Truist Financial Corp now owns 21,081 shares of the company’s stock worth $589,000 after purchasing an additional 514 shares during the last quarter. Sit Investment Associates Inc. grew its holdings in shares of Confluent by 0.5% during the fourth quarter. Sit Investment Associates Inc. now owns 124,623 shares of the company’s stock worth $3,484,000 after purchasing an additional 680 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake 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 buying an additional 1,136 shares during the period. Institutional investors and hedge funds own 78.09% of the company’s stock.

Insider Activity at Confluent

In other Confluent news, CAO Kong Phan sold 6,346 shares of the firm’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $36.22, for a total transaction of $229,852.12. Following the transaction, the chief accounting officer now directly owns 179,593 shares in the company, valued at approximately $6,504,858.46. This trade represents a 3.41 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Rohan Sivaram sold 68,350 shares of Confluent stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $36.23, for a total transaction of $2,476,320.50. Following the transaction, the chief financial officer now directly owns 520,273 shares in the company, valued at $18,849,490.79. This represents a 11.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,200,746 shares of company stock valued at $38,505,150. 13.82% of the stock is owned by corporate insiders.

Confluent Price Performance

Shares of NASDAQ:CFLT opened at $20.17 on Friday. Confluent, Inc. has a twelve month low of $17.79 and a twelve month high of $37.90. The stock’s 50 day moving average is $28.82 and its 200-day moving average is $27.28. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. The firm has a market capitalization of $6.74 billion, a price-to-earnings ratio of -18.68 and a beta of 1.03.

Confluent (NASDAQ:CFLT) last released its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share 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%. Sell-side analysts forecast that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Scotiabank lifted their target price on shares of Confluent from $27.00 to $35.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 12th. Bank of America boosted their price objective on shares of Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a research note on Wednesday, February 12th. Wells Fargo & Company raised their target price on Confluent from $40.00 to $42.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. UBS Group upgraded Confluent from a “neutral” rating to a “buy” rating and upped their price target for the company from $34.00 to $38.00 in a research report on Wednesday, February 26th. Finally, Royal Bank of Canada raised their price objective on Confluent from $36.00 to $41.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Confluent has a consensus rating of “Moderate Buy” and a consensus target price of $35.15.

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.