Triumph Capital Management Lowers Stock Holdings in Confluent, Inc. $CFLT

Triumph Capital Management lowered its stake in Confluent, Inc. (NASDAQ:CFLT) by 87.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,750 shares of the company’s stock after selling 40,800 shares during the period. Triumph Capital Management’s holdings in Confluent were worth $114,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Allworth Financial LP grew its position in Confluent by 763.7% in the 3rd quarter. Allworth Financial LP now owns 4,042 shares of the company’s stock valued at $80,000 after buying an additional 3,574 shares during the last quarter. IFP Advisors Inc increased its stake in Confluent by 53.3% in the 3rd quarter. IFP Advisors Inc now owns 7,221 shares of the company’s stock valued at $143,000 after buying an additional 2,510 shares during the period. Swiss Life Asset Management Ltd purchased a new position in Confluent during the 3rd quarter worth $246,000. Caerus Investment Advisors LLC purchased a new position in Confluent during the 3rd quarter worth $270,000. Finally, Danske Bank A S acquired a new stake in shares of Confluent in the 3rd quarter worth $34,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Confluent Price Performance

Confluent stock opened at $30.99 on Friday. The firm has a market capitalization of $11.08 billion, a PE ratio of -36.03 and a beta of 0.95. Confluent, Inc. has a 52 week low of $15.64 and a 52 week high of $31.00. The firm’s 50-day simple moving average is $30.63 and its 200 day simple moving average is $26.24. The company has a quick ratio of 3.83, a current ratio of 3.83 and a debt-to-equity ratio of 0.94.

Confluent (NASDAQ:CFLT) last posted its earnings results on Wednesday, February 11th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.02. The firm had revenue of $314.82 million during the quarter, compared to the consensus estimate of $308.03 million. Confluent had a negative net margin of 25.31% and a negative return on equity of 22.66%. The firm’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same period last year, the firm posted $0.09 EPS. On average, equities research analysts predict that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Kong Phan sold 2,277 shares of the firm’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $30.70, for a total transaction of $69,903.90. Following the completion of the transaction, the chief accounting officer directly owned 218,228 shares of the company’s stock, valued at $6,699,599.60. This trade represents a 1.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Eric Vishria sold 61,905 shares of Confluent stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $30.57, for a total value of $1,892,435.85. Following the transaction, the director owned 663,637 shares of the company’s stock, valued at $20,287,383.09. This represents a 8.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 534,745 shares of company stock valued at $16,388,405. Corporate insiders own 9.20% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CFLT. DA Davidson reiterated a “neutral” rating and set a $31.00 price target (up from $29.00) on shares of Confluent in a research note on Monday, December 8th. Canaccord Genuity Group downgraded shares of Confluent from a “buy” rating to a “hold” rating and raised their price objective for the company from $27.00 to $31.00 in a research report on Monday, December 8th. Oppenheimer lowered Confluent from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 9th. Wolfe Research cut Confluent from an “outperform” rating to a “hold” rating in a research report on Monday, December 8th. Finally, Wells Fargo & Company reissued an “equal weight” rating and set a $31.00 target price on shares of Confluent in a research note on Monday, December 8th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, twenty-eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Confluent presently has an average rating of “Hold” and a consensus price target of $28.71.

Confluent Company Profile

Confluent, Inc (NASDAQ: CFLT) is a leading provider of an event streaming platform built on Apache Kafka. The company’s flagship offerings include Confluent Platform—a self-managed software solution—and Confluent Cloud, a fully managed service designed to simplify real-time data processing across hybrid and multi-cloud environments. These products enable enterprises to collect, process and distribute high volumes of data in real time, supporting use cases such as fraud detection, supply chain optimization and personalized customer experiences.

Founded in 2014 by Apache Kafka co-creators Jay Kreps, Neha Narkhede and Jun Rao, Confluent has driven the commercialization of Kafka technologies and extended the platform with tools for data integration, stream processing and enterprise-grade security.