Y Intercept Hong Kong Ltd Grows Stake in Confluent, Inc. (NASDAQ:CFLT)

Y Intercept Hong Kong Ltd lifted its holdings in shares of Confluent, Inc. (NASDAQ:CFLT) by 57.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 48,923 shares of the company’s stock after acquiring an additional 17,803 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Confluent were worth $1,368,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Blue Trust Inc. increased its position in shares of Confluent by 354.0% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after acquiring an additional 1,607 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Confluent by 85.3% during the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after acquiring an additional 1,136 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Confluent during the third quarter worth about $68,000. Pacer Advisors Inc. increased its position in shares of Confluent by 36.4% during the fourth quarter. Pacer Advisors Inc. now owns 6,068 shares of the company’s stock worth $170,000 after acquiring an additional 1,619 shares during the last quarter. Finally, DMC Group LLC purchased a new stake in shares of Confluent during the fourth quarter worth about $201,000. 78.09% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $31.21, for a total transaction of $1,988,982.09. Following the sale, the insider now owns 678,016 shares of the company’s stock, valued at $21,160,879.36. The trade was a 8.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Kong Phan sold 3,947 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $28.74, for a total value of $113,436.78. Following the sale, the chief accounting officer now directly owns 179,939 shares in the company, valued at approximately $5,171,446.86. The trade was a 2.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,394,730 shares of company stock valued at $45,827,255 over the last quarter. Corporate insiders own 13.82% of the company’s stock.

Analysts Set New Price Targets

CFLT has been the topic of a number of analyst reports. Piper Sandler lifted their target price on Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Canaccord Genuity Group lifted their price target on Confluent from $34.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Bank of America lifted their price target on Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a research note on Wednesday, February 12th. Mizuho lifted their price target on Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Finally, Scotiabank lifted their price target on Confluent from $27.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $35.00.

Confluent Stock Performance

Shares of NASDAQ CFLT opened at $30.44 on Wednesday. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14. The stock has a 50 day simple moving average of $29.84 and a 200-day simple moving average of $26.17. The company has a market cap of $9.98 billion, a PE ratio of -28.19 and a beta of 0.92. Confluent, Inc. has a 12-month low of $17.79 and a 12-month high of $37.90.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. On average, equities research analysts forecast that Confluent, Inc. will post -0.83 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.