Pursue Wealth Partners LLC Boosts Stock Position in Confluent, Inc. (NASDAQ:CFLT)

Pursue Wealth Partners LLC boosted its stake in shares of Confluent, Inc. (NASDAQ:CFLT) by 169.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 215,201 shares of the company’s stock after buying an additional 135,330 shares during the period. Confluent accounts for about 3.5% of Pursue Wealth Partners LLC’s investment portfolio, making the stock its 6th biggest holding. Pursue Wealth Partners LLC owned approximately 0.07% of Confluent worth $6,355,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Panagora Asset Management Inc. purchased a new stake in shares of Confluent during the fourth quarter worth about $745,000. Norges Bank purchased a new stake in shares of Confluent in the fourth quarter worth about $37,046,000. Victory Capital Management Inc. increased its holdings in shares of Confluent by 20.2% during the 4th quarter. Victory Capital Management Inc. now owns 561,497 shares of the company’s stock valued at $13,139,000 after purchasing an additional 94,405 shares in the last quarter. AGF Management Ltd. purchased a new stake in shares of Confluent during the 4th quarter worth about $3,537,000. Finally, Highland Capital Management LLC acquired a new stake in Confluent in the first quarter valued at approximately $1,181,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Analyst Ratings Changes

CFLT has been the topic of several research analyst reports. Oppenheimer started coverage on Confluent in a report on Friday, May 17th. They issued an “outperform” rating and a $37.00 price objective on the stock. Mizuho dropped their price target on shares of Confluent from $36.00 to $34.00 and set an “outperform” rating for the company in a research report on Tuesday, July 16th. Barclays lifted their target price on Confluent from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. Baird R W raised Confluent to a “hold” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. upgraded shares of Confluent from a “neutral” rating to an “overweight” rating and set a $25.00 price objective on the stock in a report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-three have given a buy rating to the company’s stock. According to MarketBeat, Confluent currently has a consensus rating of “Moderate Buy” and an average price target of $30.69.

Confluent Price Performance

Shares of NASDAQ CFLT opened at $19.79 on Thursday. The company has a current ratio of 4.44, a quick ratio of 4.44 and a debt-to-equity ratio of 1.25. The stock has a market cap of $6.29 billion, a price-to-earnings ratio of -15.83 and a beta of 0.91. The company’s 50-day moving average price is $23.63 and its 200 day moving average price is $27.69. Confluent, Inc. has a 52 week low of $14.69 and a 52 week high of $35.22.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.04). Confluent had a negative net margin of 42.70% and a negative return on equity of 37.78%. The business had revenue of $234.99 million during the quarter, compared to analyst estimates of $229.49 million. As a group, research analysts forecast that Confluent, Inc. will post -0.95 earnings per share for the current fiscal year.

Insider Activity

In related news, CMO Stephanie Buscemi sold 3,866 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $83,814.88. Following the completion of the transaction, the chief marketing officer now owns 161,673 shares of the company’s stock, valued at approximately $3,505,070.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Confluent news, CTO Chad Verbowski sold 8,312 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $26.76, for a total transaction of $222,429.12. Following the transaction, the chief technology officer now owns 510,347 shares of the company’s stock, valued at approximately $13,656,885.72. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CMO Stephanie Buscemi sold 3,866 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $83,814.88. Following the sale, the chief marketing officer now owns 161,673 shares in the company, valued at approximately $3,505,070.64. The disclosure for this sale can be found here. Insiders have sold 300,933 shares of company stock worth $6,427,280 over the last three months. 13.82% of the stock is currently 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.