Bridgewater Associates LP Lowers Holdings in Confluent, Inc. (NASDAQ:CFLT)

Bridgewater Associates LP trimmed its stake in shares of Confluent, Inc. (NASDAQ:CFLT) by 66.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 93,040 shares of the company’s stock after selling 188,053 shares during the period. Bridgewater Associates LP’s holdings in Confluent were worth $2,601,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of CFLT. Blue Trust Inc. boosted its holdings in Confluent by 354.0% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after buying an additional 1,607 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of Confluent during the 4th quarter worth about $59,000. GAMMA Investing LLC grew its position in shares of Confluent by 85.3% during the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after acquiring an additional 1,136 shares during the period. AlphaQuest LLC increased its stake in shares of Confluent by 22,112.5% in the 4th quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock valued at $99,000 after purchasing an additional 3,538 shares in the last quarter. Finally, IFP Advisors Inc raised its holdings in Confluent by 48.4% in the 4th quarter. IFP Advisors Inc now owns 4,945 shares of the company’s stock worth $138,000 after purchasing an additional 1,613 shares during the period. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Confluent Price Performance

Confluent stock opened at $21.15 on Friday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99. The company has a market capitalization of $7.06 billion, a price-to-earnings ratio of -19.58 and a beta of 1.03. The company’s 50 day simple moving average is $26.76 and its 200-day simple moving average is $27.29. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $37.90.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) 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%. As a group, equities research analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CFLT has been the subject of a number of recent analyst reports. UBS Group upgraded Confluent from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $34.00 to $38.00 in a research report on Wednesday, February 26th. Evercore ISI boosted their price target on shares of Confluent from $32.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Needham & Company LLC reiterated a “buy” rating and issued a $40.00 target price on shares of Confluent in a research report on Friday, March 7th. Bank of America upped their price target on shares of Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a research report on Wednesday, February 12th. Finally, Barclays lifted their price objective on Confluent from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. One research 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $34.71.

Insider Buying and Selling at Confluent

In other news, CAO Kong Phan sold 6,346 shares of the stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $36.22, for a total value of $229,852.12. Following the sale, 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 ownership of the stock. 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 the business’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $36.23, for a total value of $2,476,320.50. Following the transaction, the chief financial officer now directly owns 520,273 shares of the company’s stock, valued at $18,849,490.79. The trade was a 11.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,200,746 shares of company stock valued at $38,505,150 in the last three months. 13.82% of the stock is owned by corporate insiders.

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.