Washington Harbour Partners LP Lowers Stock Holdings in Confluent, Inc. (NASDAQ:CFLT)

Washington Harbour Partners LP reduced its position in Confluent, Inc. (NASDAQ:CFLT) by 5.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 94,400 shares of the company’s stock after selling 5,300 shares during the quarter. Confluent accounts for about 3.4% of Washington Harbour Partners LP’s holdings, making the stock its 15th largest holding. Washington Harbour Partners LP’s holdings in Confluent were worth $1,924,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of CFLT. Diversified Trust Co raised its stake in shares of Confluent by 110.3% during the third quarter. Diversified Trust Co now owns 60,503 shares of the company’s stock worth $1,233,000 after acquiring an additional 31,729 shares in the last quarter. Sycomore Asset Management grew its holdings in shares of Confluent by 308.3% during the 2nd quarter. Sycomore Asset Management now owns 333,083 shares of the company’s stock valued at $9,176,000 after purchasing an additional 251,507 shares during the last quarter. Quantbot Technologies LP raised its position in Confluent by 1,465.6% in the 3rd quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock worth $617,000 after purchasing an additional 28,360 shares during the period. Pathway Capital Management LP bought a new stake in Confluent in the third quarter worth $918,000. Finally, Sei Investments Co. boosted its position in Confluent by 29.1% during the second quarter. Sei Investments Co. now owns 305,537 shares of the company’s stock valued at $9,022,000 after buying an additional 68,880 shares during the period. 78.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Citigroup boosted their target price on Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, October 29th. Evercore ISI lowered their price objective on Confluent from $33.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, September 20th. Sanford C. Bernstein cut their target price on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Robert W. Baird upped their price target on shares of Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Finally, Needham & Company LLC reissued a “buy” rating and set a $31.00 price target on shares of Confluent in a research report on Friday, November 15th. One analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $31.12.

Insider Buying and Selling at Confluent

In other Confluent news, insider Erica Schultz sold 63,729 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $27.40, for a total value of $1,746,174.60. Following the completion of the sale, the insider now directly owns 687,483 shares in the company, valued at $18,837,034.20. This represents a 8.48 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michelangelo Volpi sold 50,000 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $25.92, for a total transaction of $1,296,000.00. Following the sale, the director now owns 280,200 shares of the company’s stock, valued at approximately $7,262,784. The trade was a 15.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,069,108 shares of company stock valued at $116,165,158 over the last ninety days. Corporate insiders own 13.82% of the company’s stock.

Confluent Trading Up 0.6 %

Shares of Confluent stock opened at $33.29 on Friday. Confluent, Inc. has a 12-month low of $17.79 and a 12-month high of $35.07. The firm’s 50 day simple moving average is $25.13 and its two-hundred day simple moving average is $24.64. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. The firm has a market capitalization of $10.92 billion, a price-to-earnings ratio of -29.99 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. The firm had revenue of $250.20 million for the quarter, compared to analyst estimates of $243.98 million. Analysts predict that Confluent, Inc. will post -0.9 EPS for the current year.

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.