Oppenheimer & Co. Inc. Grows Stake in Confluent, Inc. (NASDAQ:CFLT)

Oppenheimer & Co. Inc. grew its position in shares of Confluent, Inc. (NASDAQ:CFLT) by 152.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 68,613 shares of the company’s stock after purchasing an additional 41,431 shares during the period. Oppenheimer & Co. Inc.’s holdings in Confluent were worth $1,398,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. purchased a new position in shares of Confluent during the 3rd quarter valued at $214,000. Baillie Gifford & Co. grew its position in shares of Confluent by 0.8% during the 3rd quarter. Baillie Gifford & Co. now owns 451,566 shares of the company’s stock valued at $9,203,000 after purchasing an additional 3,608 shares in the last quarter. GSA Capital Partners LLP grew its position in Confluent by 6.8% in the third quarter. GSA Capital Partners LLP now owns 30,461 shares of the company’s stock worth $621,000 after acquiring an additional 1,938 shares in the last quarter. Pathway Capital Management LP purchased a new position in Confluent in the third quarter worth $918,000. Finally, State of New Jersey Common Pension Fund D grew its position in Confluent by 16.0% in the third quarter. State of New Jersey Common Pension Fund D now owns 92,518 shares of the company’s stock worth $1,886,000 after acquiring an additional 12,779 shares in the last quarter. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Confluent news, Director Matthew Craig Miller sold 1,084,259 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $28.90, for a total transaction of $31,335,085.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $29.29, for a total transaction of $6,809,925.00. Following the transaction, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $13,253,373.52. This represents a 33.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,308,766 shares of company stock valued at $90,381,635 over the last three months. Corporate insiders own 13.82% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. TD Cowen upped their target price on shares of Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Stifel Nicolaus cut their target price on shares of Confluent from $40.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Wells Fargo & Company cut their target price on shares of Confluent from $38.00 to $34.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. Wolfe Research upgraded shares of Confluent to a “strong-buy” rating in a research report on Wednesday, September 18th. Finally, Citigroup upped their price target on shares of Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $30.88.

Confluent Price Performance

CFLT stock opened at $27.51 on Tuesday. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $35.07. The company has a market cap of $9.02 billion, a P/E ratio of -24.78 and a beta of 0.82. The firm has a 50-day moving average of $22.54 and a 200 day moving average of $24.55. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. The company had revenue of $250.20 million during the quarter, compared to the consensus estimate of $243.98 million. On average, sell-side analysts forecast that Confluent, Inc. will post -0.9 EPS for the current 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.