Inspire Investing LLC Takes Position in Confluent, Inc. (NASDAQ:CFLT)

Inspire Investing LLC acquired a new stake in Confluent, Inc. (NASDAQ:CFLT) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 49,855 shares of the company’s stock, valued at approximately $1,522,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hollencrest Capital Management bought a new stake in shares of Confluent in the 1st quarter valued at $26,000. Rakuten Securities Inc. bought a new stake in Confluent during the fourth quarter valued at $31,000. Quest Partners LLC bought a new position in shares of Confluent in the 4th quarter worth about $31,000. GAMMA Investing LLC acquired a new stake in shares of Confluent during the 4th quarter worth approximately $35,000. Finally, CWM LLC increased its position in shares of Confluent by 35.4% during the fourth quarter. CWM LLC now owns 8,694 shares of the company’s stock worth $203,000 after acquiring an additional 2,271 shares in the last quarter. Institutional investors own 78.09% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on CFLT shares. Oppenheimer started coverage on shares of Confluent in a research report on Friday, May 17th. They set an “outperform” rating and a $37.00 target price on the stock. TD Cowen increased their target price on shares of Confluent from $34.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Truist Financial reiterated a “buy” rating and issued a $36.00 price objective (up previously from $33.00) on shares of Confluent in a research note on Wednesday, May 8th. Evercore ISI assumed coverage on Confluent in a research note on Tuesday, June 11th. They set an “outperform” rating and a $35.00 price target for the company. Finally, Mizuho cut their target price on shares of Confluent from $36.00 to $34.00 and set an “outperform” rating for the company in a research report on Tuesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $32.85.

Insider Buying and Selling

In related news, CTO Chad Verbowski sold 8,312 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $26.76, for a total transaction of $222,429.12. Following the completion of the transaction, the chief technology officer now directly owns 510,347 shares of the company’s stock, valued at $13,656,885.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Confluent news, CTO Chad Verbowski sold 8,312 shares of Confluent stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $26.76, for a total value of $222,429.12. Following the completion of the transaction, the chief technology officer now directly 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 Securities & Exchange Commission, which is accessible through this link. Also, CAO Ying Christina Liu sold 7,261 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $31.96, for a total value of $232,061.56. Following the completion of the sale, the chief accounting officer now directly owns 161,077 shares of the company’s stock, valued at $5,148,020.92. The disclosure for this sale can be found here. In the last three months, insiders have sold 632,725 shares of company stock valued at $18,138,428. Corporate insiders own 13.82% of the company’s stock.

Confluent Stock Performance

CFLT stock traded down $0.46 on Tuesday, hitting $26.10. The company had a trading volume of 1,969,255 shares, compared to its average volume of 4,430,190. The stock’s 50-day simple moving average is $28.50 and its 200 day simple moving average is $28.37. The stock has a market cap of $8.30 billion, a price-to-earnings ratio of -21.25 and a beta of 0.91. The company has a current ratio of 5.07, a quick ratio of 5.07 and a debt-to-equity ratio of 1.29. Confluent, Inc. has a 12-month low of $14.69 and a 12-month high of $41.22.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data on Tuesday, May 7th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). Confluent had a negative net margin of 46.73% and a negative return on equity of 40.55%. The firm had revenue of $217.24 million for the quarter, compared to analysts’ expectations of $211.57 million. As a group, equities research analysts expect that Confluent, Inc. will post -0.94 earnings per share for the current fiscal year.

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.