AGF Management Ltd. Purchases 61,707 Shares of Confluent, Inc. (NASDAQ:CFLT)

AGF Management Ltd. increased its stake in shares of Confluent, Inc. (NASDAQ:CFLT) by 17.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 413,595 shares of the company’s stock after acquiring an additional 61,707 shares during the quarter. AGF Management Ltd.’s holdings in Confluent were worth $11,564,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Blue Trust Inc. raised its position in Confluent by 354.0% in the fourth 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. bought a new position in shares of Confluent in the fourth quarter valued at about $59,000. Point72 Hong Kong Ltd bought a new stake in shares of Confluent during the third quarter valued at approximately $68,000. GAMMA Investing LLC increased its stake in shares of Confluent by 85.3% in the 4th 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. Finally, AlphaQuest LLC lifted its holdings in Confluent by 22,112.5% in the fourth quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock valued at $99,000 after buying an additional 3,538 shares during the period. Institutional investors own 78.09% of the company’s stock.

Confluent Price Performance

Confluent stock opened at $25.50 on Wednesday. The stock has a market cap of $8.52 billion, a price-to-earnings ratio of -23.61 and a beta of 0.89. 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 50-day moving average of $29.80 and a two-hundred day moving average of $26.71.

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

Analyst Upgrades and Downgrades

CFLT has been the subject of several recent analyst reports. Royal Bank of Canada increased their price target on Confluent from $36.00 to $41.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Scotiabank increased their price target on Confluent from $27.00 to $35.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 12th. Loop Capital dropped their target price on shares of Confluent from $34.00 to $30.00 and set a “hold” rating on the stock in a report on Monday. Evercore ISI lifted their price objective on shares of Confluent from $32.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Finally, Mizuho increased their target price on Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Confluent currently has a consensus rating of “Moderate Buy” and an average price target of $35.33.

Insider Transactions at Confluent

In other news, CAO Kong Phan sold 12,460 shares of Confluent stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $31.30, for a total transaction of $389,998.00. Following the completion of the transaction, the chief accounting officer now directly owns 183,886 shares of the company’s stock, valued at $5,755,631.80. The trade was a 6.35 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $32.33, for a total transaction of $7,516,725.00. Following the completion of the transaction, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $14,628,937.04. The trade was a 33.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,248,478 shares of company stock worth $40,003,844 over the last three months. 13.82% of the stock is currently owned by insiders.

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.