Jericho Capital Asset Management L.P. Invests $163.67 Million in Confluent, Inc. $CFLT

Jericho Capital Asset Management L.P. purchased a new stake in Confluent, Inc. (NASDAQ:CFLT) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 8,266,000 shares of the company’s stock, valued at approximately $163,667,000. Confluent comprises 1.7% of Jericho Capital Asset Management L.P.’s portfolio, making the stock its 23rd biggest position. Jericho Capital Asset Management L.P. owned 2.36% of Confluent at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. True Wealth Design LLC acquired a new position in Confluent during the third quarter valued at approximately $36,000. Ramirez Asset Management Inc. bought a new position in shares of Confluent during the third quarter worth $40,000. Elevation Point Wealth Partners LLC acquired a new position in shares of Confluent in the 2nd quarter valued at $49,000. Jones Financial Companies Lllp grew its holdings in shares of Confluent by 250.6% in the 3rd quarter. Jones Financial Companies Lllp now owns 3,471 shares of the company’s stock valued at $69,000 after buying an additional 2,481 shares during the period. Finally, Rothschild Investment LLC increased its position in shares of Confluent by 110,016.7% in the 3rd quarter. Rothschild Investment LLC now owns 6,607 shares of the company’s stock valued at $131,000 after buying an additional 6,601 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Confluent Stock Performance

Shares of Confluent stock opened at $30.67 on Monday. The company has a debt-to-equity ratio of 0.94, a current ratio of 3.83 and a quick ratio of 3.83. The firm has a market cap of $10.97 billion, a price-to-earnings ratio of -35.66 and a beta of 0.95. The stock’s 50-day moving average is $30.56 and its 200-day moving average is $25.94. Confluent, Inc. has a one year low of $15.64 and a one year high of $30.81.

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

Insider Activity at Confluent

In related news, CEO Edward Jay Kreps sold 270,207 shares of the stock in a transaction on 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 completion of the transaction, the chief executive officer owned 301,660 shares in the company, valued at approximately $9,260,962. This represents a 47.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Rohan Sivaram sold 29,996 shares of the firm’s stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $30.67, for a total transaction of $919,977.32. Following the completion of the transaction, the chief financial officer directly owned 531,971 shares of the company’s stock, valued at approximately $16,315,550.57. This trade represents a 5.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 534,745 shares of company stock worth $16,388,405. 13.82% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have weighed in on CFLT. Robert W. Baird lifted their target price on Confluent from $26.00 to $31.00 and gave the stock a “neutral” rating in a report on Tuesday, December 9th. DA Davidson restated a “neutral” rating and issued a $31.00 price target (up from $29.00) on shares of Confluent in a report on Monday, December 8th. Citigroup raised their price target on Confluent from $26.00 to $31.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Confluent in a report on Monday, December 29th. Finally, Truist Financial set a $31.00 target price on Confluent in a research note on Monday, December 8th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, twenty-eight have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $28.71.

Confluent 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.