Nicholas Investment Partners LP Decreases Stock Position in Confluent, Inc. (NASDAQ:CFLT)

Nicholas Investment Partners LP trimmed its position in shares of Confluent, Inc. (NASDAQ:CFLT) by 52.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 75,205 shares of the company’s stock after selling 82,189 shares during the quarter. Nicholas Investment Partners LP’s holdings in Confluent were worth $2,221,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd raised its position in shares of Confluent by 1.9% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 19,129 shares of the company’s stock valued at $448,000 after buying an additional 359 shares during the last quarter. Treasurer of the State of North Carolina grew its stake in Confluent by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 82,082 shares of the company’s stock valued at $1,921,000 after acquiring an additional 800 shares in the last quarter. Daiwa Securities Group Inc. raised its holdings in Confluent by 7.1% in the 1st quarter. Daiwa Securities Group Inc. now owns 12,100 shares of the company’s stock valued at $369,000 after acquiring an additional 800 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its stake in Confluent by 8.7% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock worth $322,000 after purchasing an additional 857 shares in the last quarter. Finally, Advisors Asset Management Inc. boosted its holdings in shares of Confluent by 40.3% during the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after purchasing an additional 859 shares during the last quarter. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Confluent Price Performance

Shares of NASDAQ:CFLT opened at $19.49 on Thursday. Confluent, Inc. has a 12 month low of $14.69 and a 12 month high of $35.07. The firm has a market capitalization of $6.19 billion, a P/E ratio of -15.59 and a beta of 0.89. The company has a debt-to-equity ratio of 1.25, a current ratio of 4.44 and a quick ratio of 4.44. The company’s fifty day moving average price is $22.70 and its 200 day moving average price is $27.21.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data on Wednesday, July 31st. The company reported ($0.27) earnings per share 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 firm had revenue of $234.99 million during the quarter, compared to analyst estimates of $229.49 million. As a group, sell-side analysts predict that Confluent, Inc. will post -0.95 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CFLT has been the topic of a number of analyst reports. Scotiabank reduced their price objective on Confluent from $28.00 to $25.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 1st. Mizuho lowered their price target on shares of Confluent from $36.00 to $34.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 16th. DA Davidson cut their price objective on shares of Confluent from $37.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Robert W. Baird started coverage on shares of Confluent in a report on Wednesday, September 4th. They set a “neutral” rating and a $23.00 price target for the company. Finally, Evercore ISI assumed coverage on Confluent in a research report on Tuesday, June 11th. They issued an “outperform” rating and a $35.00 price objective for the company. One 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 stock. According to MarketBeat.com, Confluent presently has an average rating of “Moderate Buy” and an average target price of $30.69.

Insiders Place Their Bets

In other news, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $21.13, for a total value of $4,912,725.00. Following the transaction, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $9,561,071.44. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Confluent news, insider Erica Schultz sold 9,556 shares of Confluent stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $207,174.08. Following the sale, the insider now owns 687,483 shares of the company’s stock, valued at approximately $14,904,631.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $21.13, for a total value of $4,912,725.00. Following the transaction, the chief executive officer now owns 452,488 shares in the company, valued at approximately $9,561,071.44. The disclosure for this sale can be found here. In the last ninety days, insiders sold 533,433 shares of company stock valued at $11,074,955. 13.82% of the stock is owned by company 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.