AlpInvest Partners B.V. Trims Position in Confluent, Inc. (NASDAQ:CFLT)

AlpInvest Partners B.V. lessened its stake in shares of Confluent, Inc. (NASDAQ:CFLT) by 13.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 165,196 shares of the company’s stock after selling 25,914 shares during the period. Confluent accounts for approximately 2.0% of AlpInvest Partners B.V.’s portfolio, making the stock its 11th biggest position. AlpInvest Partners B.V. owned about 0.05% of Confluent worth $3,367,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Intellectus Partners LLC raised its holdings in Confluent by 132.1% in the 3rd quarter. Intellectus Partners LLC now owns 67,300 shares of the company’s stock valued at $1,372,000 after buying an additional 38,300 shares during the period. Sycomore Asset Management raised its holdings in Confluent by 28.1% in the 3rd quarter. Sycomore Asset Management now owns 426,817 shares of the company’s stock valued at $8,404,000 after buying an additional 93,734 shares during the period. Oppenheimer & Co. Inc. raised its holdings in Confluent by 152.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 68,613 shares of the company’s stock valued at $1,398,000 after buying an additional 41,431 shares during the period. Oppenheimer Asset Management Inc. purchased a new stake in Confluent in the 3rd quarter valued at about $214,000. Finally, Baillie Gifford & Co. grew its position in Confluent by 0.8% in the 3rd quarter. Baillie Gifford & Co. now owns 451,566 shares of the company’s stock valued at $9,203,000 after acquiring an additional 3,608 shares in the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Confluent Price Performance

CFLT stock traded up $0.09 on Wednesday, reaching $28.38. 277,970 shares of the company’s stock were exchanged, compared to its average volume of 4,339,061. The stock has a fifty day moving average of $22.72 and a 200-day moving average of $24.55. Confluent, Inc. has a twelve month low of $17.79 and a twelve month high of $35.07. The firm has a market cap of $9.31 billion, a PE ratio of -25.52 and a beta of 0.82. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. The firm had revenue of $250.20 million for the quarter, compared to analyst estimates of $243.98 million. As a group, equities analysts predict that Confluent, Inc. will post -0.9 EPS for the current fiscal year.

Analysts Set New Price Targets

CFLT has been the subject of a number of analyst reports. Sanford C. Bernstein lowered their price objective on Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. UBS Group boosted their price objective on Confluent from $23.00 to $26.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Scotiabank boosted their price objective on Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 31st. JPMorgan Chase & Co. boosted their price objective on Confluent from $25.00 to $26.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Finally, Piper Sandler lowered their price objective on Confluent from $37.00 to $32.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Confluent has a consensus rating of “Moderate Buy” and an average target price of $30.88.

Insider Buying and Selling

In other Confluent news, Director Michelangelo Volpi sold 50,000 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $25.92, for a total value of $1,296,000.00. Following the sale, the director now owns 280,200 shares of the company’s stock, valued at approximately $7,262,784. This represents a 15.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total value of $4,647,675.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at $9,045,235.12. This trade represents a 33.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,308,766 shares of company stock valued at $90,381,635 over the last quarter. Company insiders own 13.82% of the company’s stock.

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.