Zweig DiMenna Associates LLC Buys Shares of 41,000 Confluent, Inc. (NASDAQ:CFLT)

Zweig DiMenna Associates LLC purchased a new position in shares of Confluent, Inc. (NASDAQ:CFLT) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 41,000 shares of the company’s stock, valued at approximately $1,146,000.

Several other large investors also recently modified their holdings of CFLT. Inspire Investing LLC purchased a new stake in Confluent in the fourth quarter worth $1,093,000. Jackson Square Capital LLC bought a new stake in Confluent in the 4th quarter valued at about $389,000. Friedenthal Financial purchased a new stake in Confluent during the fourth quarter valued at about $758,000. Moody National Bank Trust Division purchased a new stake in Confluent during the fourth quarter valued at about $203,000. Finally, Diversified Trust Co boosted its position in Confluent by 21.5% during the fourth quarter. Diversified Trust Co now owns 73,529 shares of the company’s stock worth $2,056,000 after purchasing an additional 13,026 shares during the period. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Insider Buying and Selling

In related news, CTO Chad Verbowski sold 13,414 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $378,677.22. Following the transaction, the chief technology officer now owns 483,393 shares in the company, valued at $13,646,184.39. The trade was a 2.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Kong Phan sold 3,947 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $28.74, for a total transaction of $113,436.78. Following the completion of the sale, the chief accounting officer now owns 179,939 shares of the company’s stock, valued at $5,171,446.86. This trade represents a 2.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 4,584,712 shares of company stock valued at $132,928,936 over the last ninety days. 13.82% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts recently commented on CFLT shares. Scotiabank upped their price target on shares of Confluent from $25.00 to $27.00 and gave the company a “sector perform” rating in a research note on Thursday, October 31st. Citigroup increased their target price on Confluent from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 29th. TD Cowen lifted their price target on Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. UBS Group increased their price objective on Confluent from $23.00 to $26.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Finally, Royal Bank of Canada lifted their target price on Confluent from $33.00 to $36.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Confluent presently has a consensus rating of “Moderate Buy” and an average target price of $32.37.

Confluent Stock Performance

Shares of CFLT stock opened at $29.23 on Friday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24. Confluent, Inc. has a fifty-two week low of $17.79 and a fifty-two week high of $35.07. The company has a market capitalization of $9.59 billion, a P/E ratio of -26.14 and a beta of 0.91. The stock has a 50 day moving average price of $29.58 and a two-hundred day moving average price of $24.93.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $250.20 million during the quarter, compared to analysts’ expectations of $243.98 million. Analysts expect that Confluent, Inc. will post -0.9 earnings per share for the current year.

Confluent 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.