Light Street Capital Management LLC Takes Position in Confluent, Inc. $CFLT

Light Street Capital Management LLC purchased a new position in Confluent, Inc. (NASDAQ:CFLT) in the 3rd quarter, HoldingsChannel.com reports. The firm purchased 1,268,640 shares of the company’s stock, valued at approximately $25,119,000. Confluent comprises approximately 4.2% of Light Street Capital Management LLC’s holdings, making the stock its 11th biggest position.

Other institutional investors also recently modified their holdings of the company. Jericho Capital Asset Management L.P. bought a new position in shares of Confluent during the third quarter valued at approximately $163,667,000. AQR Capital Management LLC grew its position in Confluent by 3,646.4% during the 3rd quarter. AQR Capital Management LLC now owns 4,904,459 shares of the company’s stock valued at $97,108,000 after purchasing an additional 4,773,548 shares during the last quarter. Norges Bank purchased a new stake in Confluent during the 2nd quarter valued at about $89,736,000. Vanguard Group Inc. increased its stake in Confluent by 10.5% during the 3rd quarter. Vanguard Group Inc. now owns 31,347,214 shares of the company’s stock valued at $620,675,000 after purchasing an additional 2,970,708 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in Confluent by 895.2% in the third quarter. Invesco Ltd. now owns 2,408,170 shares of the company’s stock worth $47,682,000 after buying an additional 2,166,196 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors.

Confluent Trading Up 1.0%

NASDAQ:CFLT opened at $30.99 on Tuesday. The company has a market cap of $11.08 billion, a PE ratio of -36.03 and a beta of 0.95. The company has a current ratio of 3.83, a quick ratio of 3.83 and a debt-to-equity ratio of 0.94. The company has a 50 day simple moving average of $30.58 and a two-hundred day simple moving average of $26.02. Confluent, Inc. has a 12 month low of $15.64 and a 12 month high of $31.00.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results on Wednesday, February 11th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $308.03 million. During the same period last year, the business posted $0.09 EPS. The company’s revenue for the quarter was up 20.5% on a year-over-year basis. Research analysts forecast that Confluent, Inc. will post -0.83 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on CFLT shares. Evercore set a $31.00 price target on shares of Confluent in a report on Monday, December 8th. Truist Financial set a $31.00 price objective on Confluent in a research report on Monday, December 8th. Needham & Company LLC downgraded Confluent from a “buy” rating to a “hold” rating in a research note on Monday, December 8th. UBS Group cut Confluent from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $29.00 to $31.00 in a research note on Tuesday, December 9th. Finally, Guggenheim downgraded Confluent from a “buy” rating to a “hold” rating in a report on Tuesday, December 9th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, twenty-eight have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $28.71.

Insiders Place Their Bets

In other Confluent news, Director Michelangelo Volpi sold 25,000 shares of the business’s stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $30.59, for a total transaction of $764,750.00. Following the completion of the sale, the director directly owned 155,512 shares in the company, valued at $4,757,112.08. The trade was a 13.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Neha Narkhede sold 80,000 shares of the company’s stock in a transaction dated 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 directly owned 28,549 shares of the company’s stock, valued at $873,313.91. The trade was a 73.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 534,745 shares of company stock valued at $16,388,405. 13.82% of the stock is currently owned by company insiders.

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.