Coatue Management LLC Buys Shares of 1,725,000 Confluent, Inc. (NASDAQ:CFLT)

Coatue Management LLC bought a new stake in Confluent, Inc. (NASDAQ:CFLT) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 1,725,000 shares of the company’s stock, valued at approximately $81,938,000. Coatue Management LLC owned 0.68% of Confluent as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Advisory Services Network LLC bought a new position in shares of Confluent in the second quarter valued at $86,000. Legal & General Group Plc purchased a new position in shares of Confluent during the 2nd quarter valued at $95,000. Berman Capital Advisors LLC purchased a new position in shares of Confluent during the 2nd quarter valued at $166,000. Qube Research & Technologies Ltd purchased a new position in shares of Confluent during the 2nd quarter valued at $228,000. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Confluent during the 2nd quarter valued at $238,000. Institutional investors own 17.15% of the company’s stock.

Shares of CFLT traded up $1.97 during mid-day trading on Thursday, hitting $68.47. 21,894 shares of the company traded hands, compared to its average volume of 1,054,455. Confluent, Inc. has a one year low of $37.71 and a one year high of $74.25. The business has a 50-day simple moving average of $59.19.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Thursday, August 5th. The company reported ($0.60) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.70) by $0.10. The business had revenue of $88.34 million during the quarter, compared to analyst estimates of $76.48 million. As a group, sell-side analysts anticipate that Confluent, Inc. will post -1.95 EPS for the current fiscal year.

A number of research analysts have weighed in on CFLT shares. Zacks Investment Research raised shares of Confluent from a “sell” rating to a “hold” rating in a research report on Tuesday, October 5th. UBS Group started coverage on shares of Confluent in a research report on Monday, July 19th. They set a “buy” rating and a $46.00 target price for the company. JPMorgan Chase & Co. started coverage on shares of Confluent in a research report on Monday, July 19th. They set a “neutral” rating and a $44.00 target price for the company. Cowen started coverage on shares of Confluent in a research report on Monday, July 19th. They set an “outperform” rating and a $40.40 target price for the company. Finally, KeyCorp assumed coverage on shares of Confluent in a research report on Monday, July 19th. They set a “sector weight” rating and a $40.40 target price for the company. Ten investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $46.99.

About Confluent

Confluent, Inc engages in developing cloud-native platform for data-in-motion that helps companies to connect their applications around real-time streams in the United States and internationally. The company offers Apache Kafka, a community distributed event streaming platform. Its products also include Confluent Cloud, a managed cloud-native service for Apache Kafka to connect and process data of user companies; Confluent platform, a self-managed platform to connect, process, and react to data in real-time for streaming data from across the organization for customer experiences and data-driven operations; ksqlDB that enables users to build real-time applications; and Confluent hub.

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Institutional Ownership by Quarter for Confluent (NASDAQ:CFLT)

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