Granahan Investment Management LLC Has $3.79 Million Stock Holdings in Confluent, Inc. $CFLT

Granahan Investment Management LLC decreased its holdings in shares of Confluent, Inc. (NASDAQ:CFLT) by 40.9% in the third quarter, Holdings Channel reports. The firm owned 191,479 shares of the company’s stock after selling 132,573 shares during the quarter. Granahan Investment Management LLC’s holdings in Confluent were worth $3,791,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Flight Deck Capital LP grew its stake in shares of Confluent by 15.1% in the 3rd quarter. Flight Deck Capital LP now owns 389,859 shares of the company’s stock valued at $7,719,000 after purchasing an additional 51,000 shares during the period. Delta Global Management LP bought a new position in shares of Confluent during the 3rd quarter worth approximately $6,008,000. Clearline Capital LP bought a new position in shares of Confluent during the 3rd quarter worth approximately $15,133,000. California Public Employees Retirement System boosted its stake in Confluent by 8.7% in the 3rd quarter. California Public Employees Retirement System now owns 377,089 shares of the company’s stock valued at $7,466,000 after buying an additional 30,073 shares in the last quarter. Finally, Boothbay Fund Management LLC acquired a new stake in Confluent in the 3rd quarter valued at $522,000. 78.09% of the stock is owned by institutional investors and hedge funds.

Confluent Trading Up 1.0%

Shares of CFLT opened at $30.99 on Tuesday. 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 company has a market cap of $11.08 billion, a price-to-earnings ratio of -36.03 and a beta of 0.95. The stock has a fifty day moving average price of $30.58 and a two-hundred day moving average price of $26.02. Confluent, Inc. has a 52-week low of $15.64 and a 52-week high of $31.00.

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

Insider Activity

In other Confluent news, CFO Rohan Sivaram sold 29,996 shares of the business’s 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 of the company’s stock, valued at approximately $16,315,550.57. The trade was a 5.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Edward Jay Kreps sold 270,207 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $30.70, for a total transaction of $8,295,354.90. Following the transaction, the chief executive officer owned 301,660 shares in the company, valued at $9,260,962. The trade was a 47.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 534,745 shares of company stock worth $16,388,405. 13.82% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Wells Fargo & Company reiterated an “equal weight” rating and set a $31.00 price objective on shares of Confluent in a research note on Monday, December 8th. Guggenheim downgraded shares of Confluent from a “buy” rating to a “hold” rating in a research note on Tuesday, December 9th. Citigroup upped their target price on shares of Confluent from $26.00 to $31.00 and gave the stock a “neutral” rating in a report on Tuesday, December 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Confluent in a research report on Monday, December 29th. Finally, Royal Bank Of Canada downgraded shares of Confluent from an “outperform” rating to a “sector perform” rating and lifted their price target for the company from $30.00 to $31.00 in a report on Tuesday, December 9th. One equities research 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 assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price 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.