Altimeter Capital Management LP Reduces Stock Position in Confluent, Inc. $CFLT

Altimeter Capital Management LP decreased its position in Confluent, Inc. (NASDAQ:CFLT) by 27.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,281,793 shares of the company’s stock after selling 4,271,183 shares during the quarter. Confluent makes up 2.9% of Altimeter Capital Management LP’s investment portfolio, making the stock its 11th largest position. Altimeter Capital Management LP owned 3.23% of Confluent worth $223,380,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Aquatic Capital Management LLC boosted its holdings in shares of Confluent by 676.2% during the third quarter. Aquatic Capital Management LLC now owns 132,401 shares of the company’s stock worth $2,622,000 after purchasing an additional 115,343 shares during the period. Algert Global LLC increased its holdings in Confluent by 117.4% during the 3rd quarter. Algert Global LLC now owns 290,822 shares of the company’s stock valued at $5,758,000 after purchasing an additional 157,030 shares during the period. Creative Planning increased its holdings in Confluent by 69.1% during the 3rd quarter. Creative Planning now owns 101,102 shares of the company’s stock valued at $2,002,000 after purchasing an additional 41,309 shares during the period. AQR Capital Management LLC raised its position in Confluent by 3,646.4% during the 3rd quarter. AQR Capital Management LLC now owns 4,904,459 shares of the company’s stock valued at $97,108,000 after purchasing an additional 4,773,548 shares during the last quarter. Finally, ThornTree Capital Partners LP raised its position in Confluent by 45.0% during the 3rd quarter. ThornTree Capital Partners LP now owns 1,750,817 shares of the company’s stock valued at $34,666,000 after purchasing an additional 543,184 shares during the last quarter. 78.09% of the stock is owned by institutional investors.

Insider Activity

In related news, CFO Rohan Sivaram sold 29,996 shares of the stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $30.67, for a total value of $919,977.32. Following the completion of the transaction, the chief financial officer directly owned 531,971 shares in the company, valued at $16,315,550.57. This trade represents a 5.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Edward Jay Kreps sold 270,207 shares of Confluent stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $30.70, for a total transaction of $8,295,354.90. Following the transaction, the chief executive officer directly owned 301,660 shares of the company’s stock, valued at approximately $9,260,962. This trade represents a 47.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 767,245 shares of company stock worth $23,386,655. 9.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. William Blair lowered Confluent from an “outperform” rating to a “market perform” rating in a research report on Monday, December 8th. Evercore set a $31.00 target price on Confluent in a report on Monday, December 8th. Canaccord Genuity Group lowered Confluent from a “buy” rating to a “hold” rating and raised their price target for the stock from $27.00 to $31.00 in a research note on Monday, December 8th. Citizens Jmp cut shares of Confluent from an “outperform” rating to a “market perform” rating in a report on Friday, January 9th. Finally, Wells Fargo & Company reissued an “equal weight” rating and set a $31.00 price objective on shares of Confluent in a research report on Monday, December 8th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, twenty-eight have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $28.71.

Confluent Stock Down 0.1%

Shares of NASDAQ:CFLT opened at $30.67 on Friday. The firm has a market capitalization of $10.97 billion, a P/E ratio of -35.66 and a beta of 0.95. The company has a debt-to-equity ratio of 0.94, a quick ratio of 3.83 and a current ratio of 3.83. The stock has a 50 day moving average price of $30.56 and a 200-day moving average price of $25.89. Confluent, Inc. has a 52-week low of $15.64 and a 52-week high of $30.81.

Confluent (NASDAQ:CFLT) last released its quarterly 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 company had revenue of $314.82 million for the quarter, compared to analyst estimates of $308.03 million. Confluent had a negative return on equity of 22.66% and a negative net margin of 25.31%.The firm’s revenue was up 20.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.09 earnings per share. As a group, equities research analysts anticipate that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

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.