Here’s Why Confluent (CFLT) Shares Detracted
Fred Alger Management, an investment management company, released its “Alger Small Cap Growth Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The fourth quarter witnessed a significant easing in financial conditions, which was most notable in the final two months. Class A shares of the fund outperformed the Russell 2000 Growth Index during the quarter. The Information Technology and Healthcare sectors contributed to the fund’s relative performance in the quarter, while financial and consumer staples detracted from performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Small Cap Growth Fund featured stocks like Confluent, Inc. (NASDAQ:CFLT) in its Q4 2023 investor letter. Headquartered in Mountain View, California, Confluent, Inc. (NASDAQ:CFLT) offers a data streaming platform. On February 27, 2024, Confluent, Inc. (NASDAQ:CFLT) stock closed at $33.57 per share. One-month return of Confluent, Inc. (NASDAQ:CFLT) was 45.89%, and its shares gained 37.64% of their value over the last 52 weeks. Confluent, Inc. (NASDAQ:CFLT) has a market capitalization of $10.495 billion.
Alger Small Cap Growth Fund stated the following regarding Confluent, Inc. (NASDAQ:CFLT) in its fourth quarter 2023 investor letter:
"Confluent, Inc. (NASDAQ:CFLT) is a software company that develops data streaming platforms, which connects a company's systems, applications, and data layers in real-time. The platform allows businesses to process data continuously in real-time, which can improve workflows, automation, and customer experiences. During the quarter, shares detracted from performance after the company reported weaker-than-expected cloud het dollar retention, along with management lowering their fiscal fourth quarter outlook, citing incremental macroeconomic pressure and some larger customers migrating back to on-premise."
A team of consultants in suits, discussing the importance of stream governance for real-time data.
Confluent, Inc. (NASDAQ:CFLT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Confluent, Inc. (NASDAQ:CFLT) was held by 43 hedge fund portfolios, down from 34 in the previous quarter, according to our database.
We discussed Confluent, Inc. (NASDAQ:CFLT) in another article and shared Carillon Eagle Small Cap Growth Fund's views on the company. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article is originally published at Insider Monkey.
