Billionaire Paul Singer’s Top 12 Long-Term Stock Picks

8. Confluent Inc (NASDAQ:CFLT)

Elliott Management’s Stake Value: $17.67 Million

Elliott Management First Major Purchase: 2022

Number of Hedge Fund Holders: 39

Confluent, Inc. (NASDAQ:CFLT) is a data streaming company. It offers a platform that allows people to connect their applications systems and services like Confluent Cloud to connect applications, systems, and data layers on the cloud. The stock has gained 38.51% year-to-date, driven by strong financial results.

In the third quarter, Confluent, Inc. (NASDAQ:CFLT) subscription revenue was up by 27% year-over-year to $240 million as cloud revenue increased 42%. The increase underlined strong demand for the company’s cloud solutions. As of Q3 2024, the company’s revenue growth is still strong, having increased by 25.01% over the previous 12 months to $915.61 million. Likewise, clients spending over $100,000 on the company’s solution increased by 14% to 1,346.

The significant client base growth comes on confluent boasting of a comprehensive product portfolio offering end-to-end data streaming and analytical data estate. In addition, Confluent, Inc. (NASDAQ:CFLT) made a big move when it acquired WarpStream, a bring-your-own-cloud data streaming company, to expand its product line and target open-source Kafka users and cloud clients in highly regulated settings.