a16z Perennial Management L.P. Takes Position in Confluent, Inc. $CFLT

a16z Perennial Management L.P. bought a new position in shares of Confluent, Inc. (NASDAQ:CFLT) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 31,332 shares of the company’s stock, valued at approximately $620,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Confluent during the 2nd quarter worth approximately $89,736,000. Atreides Management LP increased its stake in Confluent by 82.0% in the second quarter. Atreides Management LP now owns 3,012,215 shares of the company’s stock valued at $75,095,000 after purchasing an additional 1,357,246 shares in the last quarter. Bienville Capital Management LLC increased its stake in Confluent by 275.9% in the second quarter. Bienville Capital Management LLC now owns 1,267,195 shares of the company’s stock valued at $31,591,000 after purchasing an additional 930,097 shares in the last quarter. Optimus Prime Fund Management Co. Ltd. raised its holdings in shares of Confluent by 17.9% during the second quarter. Optimus Prime Fund Management Co. Ltd. now owns 5,070,000 shares of the company’s stock valued at $126,395,000 after purchasing an additional 770,000 shares during the period. Finally, Champlain Investment Partners LLC boosted its position in shares of Confluent by 6.7% during the 2nd quarter. Champlain Investment Partners LLC now owns 11,590,026 shares of the company’s stock worth $288,939,000 after purchasing an additional 727,943 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CFLT has been the subject of a number of research analyst reports. Wolfe Research lowered Confluent from an “outperform” rating to a “hold” rating in a research report on Monday, December 8th. UBS Group downgraded Confluent from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $29.00 to $31.00 in a report on Tuesday, December 9th. William Blair cut Confluent from an “outperform” rating to a “market perform” rating in a report on Monday, December 8th. Raymond James Financial downgraded shares of Confluent from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 9th. Finally, FBN Securities restated an “outperform” rating and set a $28.00 price objective on shares of Confluent in a report on Tuesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, twenty-eight have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $28.78.

Insider Buying and Selling

In related news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $30.10, for a total transaction of $6,998,250.00. Following the transaction, the chief executive officer directly owned 339,367 shares of the company’s stock, valued at $10,214,946.70. This trade represents a 40.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Kong Phan sold 4,545 shares of the business’s stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $29.96, for a total transaction of $136,168.20. Following the transaction, the chief accounting officer owned 220,505 shares in the company, valued at approximately $6,606,329.80. This trade represents a 2.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,357,664 shares of company stock valued at $38,315,446 over the last 90 days. 9.20% of the stock is currently owned by company insiders.

Confluent Trading Up 0.7%

Shares of Confluent stock opened at $30.57 on Friday. The company has a market capitalization of $10.69 billion, a P/E ratio of -33.97 and a beta of 0.95. The stock has a fifty day simple moving average of $29.55 and a 200 day simple moving average of $23.96. Confluent, Inc. has a 12-month low of $15.64 and a 12-month high of $37.90. The company has a current ratio of 4.01, a quick ratio of 4.01 and a debt-to-equity ratio of 0.98.

Confluent Company Profile

Confluent, Inc (NASDAQ: CFLT) is a leading provider of an event streaming platform built on Apache Kafka. The company’s flagship offerings include Confluent Platform—a self-managed software solution—and Confluent Cloud, a fully managed service designed to simplify real-time data processing across hybrid and multi-cloud environments. These products enable enterprises to collect, process and distribute high volumes of data in real time, supporting use cases such as fraud detection, supply chain optimization and personalized customer experiences.

Founded in 2014 by Apache Kafka co-creators Jay Kreps, Neha Narkhede and Jun Rao, Confluent has driven the commercialization of Kafka technologies and extended the platform with tools for data integration, stream processing and enterprise-grade security.