Whetstone Capital Advisors LLC Has $5.73 Million Stock Position in Confluent, Inc. (NASDAQ:CFLT)

Whetstone Capital Advisors LLC cut its holdings in shares of Confluent, Inc. (NASDAQ:CFLT) by 0.7% in the third quarter, HoldingsChannel reports. The fund owned 281,316 shares of the company’s stock after selling 1,867 shares during the quarter. Confluent accounts for 2.8% of Whetstone Capital Advisors LLC’s portfolio, making the stock its 13th biggest holding. Whetstone Capital Advisors LLC’s holdings in Confluent were worth $5,733,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of CFLT. Champlain Investment Partners LLC increased its holdings in shares of Confluent by 72.2% in the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock valued at $218,083,000 after purchasing an additional 4,486,841 shares during the period. 1832 Asset Management L.P. increased its stake in Confluent by 28.4% in the 2nd quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock valued at $224,933,000 after buying an additional 1,684,100 shares during the period. William Blair Investment Management LLC purchased a new stake in Confluent in the 2nd quarter worth approximately $193,403,000. Bank of New York Mellon Corp lifted its position in Confluent by 60.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,510,483 shares of the company’s stock worth $103,665,000 after buying an additional 1,316,804 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Confluent by 2.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company’s stock valued at $46,549,000 after buying an additional 64,926 shares during the period. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Confluent Trading Up 2.5 %

Shares of CFLT stock opened at $32.30 on Monday. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $35.07. The firm’s fifty day simple moving average is $23.35 and its 200 day simple moving average is $24.57.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.03. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. The business had revenue of $250.20 million during the quarter, compared to analyst estimates of $243.98 million. Analysts expect that Confluent, Inc. will post -0.9 earnings per share for the current fiscal year.

Insider Buying and Selling at Confluent

In other news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total value of $4,647,675.00. Following the completion of the transaction, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at approximately $9,045,235.12. This represents a 33.94 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Erica Schultz sold 9,467 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $267,253.41. Following the completion of the sale, the insider now directly owns 678,016 shares in the company, valued at approximately $19,140,391.68. This represents a 1.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,425,457 shares of company stock valued at $93,622,927 in the last quarter. Corporate insiders own 13.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on CFLT shares. Mizuho upped their price target on shares of Confluent from $29.00 to $31.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. TD Cowen raised their price target on Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Sanford C. Bernstein lowered their price target on Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Stifel Nicolaus dropped their price objective on Confluent from $40.00 to $32.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. Finally, Piper Sandler decreased their target price on shares of Confluent from $37.00 to $32.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Confluent currently has an average rating of “Moderate Buy” and a consensus price target of $30.88.

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.