Shannon River Fund Management LLC Acquires New Stake in Confluent, Inc. (NASDAQ:CFLT)

Shannon River Fund Management LLC bought a new position in Confluent, Inc. (NASDAQ:CFLT) in the fourth quarter, Holdings Channel.com reports. The fund bought 359,019 shares of the company’s stock, valued at approximately $10,038,000. Confluent accounts for 1.5% of Shannon River Fund Management LLC’s investment portfolio, making the stock its 13th biggest holding.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CFLT. Commonwealth Equity Services LLC raised its holdings 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 worth $323,000 after purchasing an additional 458 shares in the last quarter. Truist Financial Corp grew its holdings in shares of Confluent by 2.5% in the 4th quarter. Truist Financial Corp now owns 21,081 shares of the company’s stock worth $589,000 after acquiring an additional 514 shares during the last quarter. Sit Investment Associates Inc. raised its position 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 period. Treasurer of the State of North Carolina lifted its holdings in shares of Confluent by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 108,859 shares of the company’s stock valued at $3,044,000 after purchasing an additional 680 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in Confluent by 85.3% in the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after purchasing an additional 1,136 shares in the last quarter. 78.09% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on CFLT. Scotiabank upped their price objective on shares of Confluent from $27.00 to $35.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 12th. Stifel Nicolaus raised their price objective on shares of Confluent from $37.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Piper Sandler lifted their price objective on shares of Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Evercore ISI increased their target price on Confluent from $32.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Finally, Wells Fargo & Company upped their price target on Confluent from $40.00 to $42.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.96.

Confluent Stock Performance

NASDAQ CFLT opened at $21.50 on Tuesday. The company’s fifty day moving average is $27.48 and its two-hundred day moving average is $27.35. Confluent, Inc. has a 52-week low of $17.79 and a 52-week high of $37.90. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24. The firm has a market capitalization of $7.18 billion, a price-to-earnings ratio of -19.91 and a beta of 1.03.

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 net margin of 35.81% and a negative return on equity of 34.70%. Equities research analysts forecast that Confluent, Inc. will post -0.83 EPS for the current year.

Insiders Place Their Bets

In related news, insider Erica Schultz sold 150,000 shares of the firm’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $35.82, for a total transaction of $5,373,000.00. Following the completion of the sale, the insider now directly owns 678,016 shares of the company’s stock, valued at $24,286,533.12. This trade represents a 18.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Rohan Sivaram sold 68,350 shares of Confluent stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $36.23, for a total value of $2,476,320.50. Following the completion of the transaction, the chief financial officer now owns 520,273 shares of the company’s stock, valued at approximately $18,849,490.79. The trade was a 11.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,200,746 shares of company stock worth $38,505,150 over the last 90 days. Corporate insiders own 13.82% of the company’s stock.

About Confluent

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.