Gilder Gagnon Howe & Co. LLC Takes Position in Confluent, Inc. (NASDAQ:CFLT)

Gilder Gagnon Howe & Co. LLC acquired a new stake in shares of Confluent, Inc. (NASDAQ:CFLT) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 135,467 shares of the company’s stock, valued at approximately $3,788,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Norges Bank acquired a new position in Confluent in the fourth quarter worth approximately $81,092,000. Pictet Asset Management Holding SA raised its holdings in shares of Confluent by 7,342.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company’s stock valued at $65,748,000 after purchasing an additional 2,319,919 shares in the last quarter. Fuller & Thaler Asset Management Inc. acquired a new stake in shares of Confluent in the 4th quarter valued at $64,658,000. MIG Capital LLC bought a new stake in Confluent in the fourth quarter worth $27,007,000. Finally, Greenhouse Funds LLLP increased its position in Confluent by 102.2% during the fourth quarter. Greenhouse Funds LLLP now owns 1,820,446 shares of the company’s stock worth $50,900,000 after buying an additional 919,997 shares during the last quarter. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CAO Kong Phan sold 2,178 shares of the business’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $31.58, for a total transaction of $68,781.24. Following the completion of the sale, the chief accounting officer now owns 177,415 shares in the company, valued at $5,602,765.70. The trade was a 1.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Rohan Sivaram sold 68,350 shares of the company’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $36.23, for a total value of $2,476,320.50. Following the transaction, the chief financial officer now directly owns 520,273 shares in the company, valued at $18,849,490.79. This trade represents a 11.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,200,746 shares of company stock valued at $38,505,150 in the last 90 days. 13.82% of the stock is currently owned by insiders.

Confluent Stock Up 3.7 %

Shares of NASDAQ:CFLT opened at $24.13 on Friday. The company’s fifty day moving average is $25.39 and its 200-day moving average is $27.42. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99. Confluent, Inc. has a 52 week low of $17.79 and a 52 week high of $37.90. The company has a market capitalization of $8.06 billion, a PE ratio of -22.34 and a beta of 1.03.

Confluent (NASDAQ:CFLT) last announced its earnings results on Tuesday, February 11th. The company reported ($0.23) 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%. Equities research analysts predict that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CFLT. Bank of America boosted their target price on shares of Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a research report on Wednesday, February 12th. Wells Fargo & Company lowered their target price on Confluent from $42.00 to $32.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Needham & Company LLC reiterated a “buy” rating and set a $40.00 price target on shares of Confluent in a report on Friday, March 7th. Truist Financial reduced their price objective on Confluent from $40.00 to $35.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Finally, Raymond James began coverage on shares of Confluent in a research report on Friday, April 11th. They set an “outperform” rating and a $30.00 target price on the stock. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $33.39.

About Confluent

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.