Granahan Investment Management LLC Sells 132,573 Shares of Confluent, Inc. $CFLT

Granahan Investment Management LLC trimmed its position in Confluent, Inc. (NASDAQ:CFLT) by 40.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 191,479 shares of the company’s stock after selling 132,573 shares during the quarter. Granahan Investment Management LLC owned about 0.05% of Confluent worth $3,791,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Goldman Sachs Group Inc. raised its holdings in Confluent by 133.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 942,303 shares of the company’s stock worth $22,088,000 after acquiring an additional 537,874 shares during the period. Woodline Partners LP bought a new stake in Confluent during the first quarter valued at about $332,000. Campbell & CO Investment Adviser LLC acquired a new stake in shares of Confluent in the second quarter valued at about $260,000. ProShare Advisors LLC grew its position in shares of Confluent by 34.1% in the second quarter. ProShare Advisors LLC now owns 14,311 shares of the company’s stock valued at $357,000 after purchasing an additional 3,639 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Confluent by 12.5% in the second quarter. Geode Capital Management LLC now owns 5,235,819 shares of the company’s stock worth $130,551,000 after purchasing an additional 583,219 shares during the period. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Confluent Stock Up 1.0%

CFLT stock opened at $30.99 on Tuesday. Confluent, Inc. has a twelve month low of $15.64 and a twelve month high of $31.00. The company has a quick ratio of 3.83, a current ratio of 3.83 and a debt-to-equity ratio of 0.94. The company has a market cap of $11.08 billion, a PE ratio of -36.03 and a beta of 0.95. The business’s 50-day simple moving average is $30.58 and its 200 day simple moving average is $26.02.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Wednesday, February 11th. The company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.10 by $0.02. Confluent had a negative return on equity of 22.66% and a negative net margin of 25.31%.The firm had revenue of $314.82 million during the quarter, compared to analysts’ expectations of $308.03 million. During the same quarter in the prior year, the firm posted $0.09 EPS. The company’s revenue for the quarter was up 20.5% on a year-over-year basis. On average, research analysts anticipate that Confluent, Inc. will post -0.83 earnings per share for the current year.

Insiders Place Their Bets

In other Confluent news, Director Neha Narkhede sold 80,000 shares of Confluent stock in a transaction on Friday, February 13th. The shares were sold at an average price of $30.59, for a total transaction of $2,447,200.00. Following the sale, the director owned 28,549 shares in the company, valued at $873,313.91. The trade was a 73.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Eric Vishria sold 61,905 shares of the business’s stock in a transaction on Friday, February 13th. The shares were sold at an average price of $30.57, for a total transaction of $1,892,435.85. Following the completion of the sale, the director directly owned 663,637 shares in the company, valued at $20,287,383.09. This trade represents a 8.53% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 534,745 shares of company stock valued at $16,388,405 in the last ninety days. 13.82% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CFLT shares. Robert W. Baird boosted their price objective on Confluent from $26.00 to $31.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Confluent in a report on Monday, December 29th. Mizuho downgraded Confluent from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 8th. Canaccord Genuity Group lowered Confluent from a “buy” rating to a “hold” rating and upped their price target for the stock from $27.00 to $31.00 in a report on Monday, December 8th. Finally, UBS Group cut Confluent from a “buy” rating to a “neutral” rating and increased their price objective for the company from $29.00 to $31.00 in a research report on Tuesday, December 9th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, twenty-eight have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $28.71.

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.