Lake Street Advisors Group LLC acquired a new position in shares of Confluent, Inc. (NASDAQ:CFLT – Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 16,218 shares of the company’s stock, valued at approximately $495,000.
A number of other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Confluent by 3.5% during the first quarter. Vanguard Group Inc. now owns 19,741,320 shares of the company’s stock worth $602,505,000 after acquiring an additional 669,675 shares during the period. Coatue Management LLC bought a new position in shares of Confluent during the fourth quarter worth approximately $134,132,000. First Trust Advisors LP raised its position in shares of Confluent by 15.3% in the fourth quarter. First Trust Advisors LP now owns 5,551,696 shares of the company’s stock valued at $129,910,000 after buying an additional 738,147 shares in the last quarter. Champlain Investment Partners LLC bought a new stake in shares of Confluent in the first quarter valued at approximately $144,563,000. Finally, Charles Schwab Investment Management Inc. grew its position in Confluent by 5.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,931,677 shares of the company’s stock worth $45,201,000 after buying an additional 104,801 shares in the last quarter. Institutional investors own 78.09% of the company’s stock.
Analyst Ratings Changes
CFLT has been the subject of several analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Confluent in a report on Tuesday, June 11th. Canaccord Genuity Group raised Confluent from a “hold” rating to a “buy” rating and boosted their price target for the company from $28.00 to $35.00 in a research note on Wednesday, May 8th. JMP Securities increased their price objective on shares of Confluent from $38.00 to $40.00 and gave the stock a “market outperform” rating in a research note on Wednesday, May 8th. Barclays boosted their target price on shares of Confluent from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. Finally, Loop Capital reduced their price target on shares of Confluent from $30.00 to $25.00 and set a “hold” rating on the stock in a research report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $32.93.
Confluent Trading Down 4.0 %
NASDAQ CFLT traded down $1.01 on Wednesday, reaching $24.37. The company had a trading volume of 2,981,009 shares, compared to its average volume of 4,421,063. The firm has a market cap of $7.75 billion, a price-to-earnings ratio of -19.50 and a beta of 0.91. Confluent, Inc. has a fifty-two week low of $14.69 and a fifty-two week high of $38.19. The business has a 50 day moving average of $27.77 and a two-hundred day moving average of $28.46. The company has a debt-to-equity ratio of 1.29, a current ratio of 5.07 and a quick ratio of 5.07.
Confluent (NASDAQ:CFLT – Get Free Report) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). The company had revenue of $217.24 million for the quarter, compared to the consensus estimate of $211.57 million. Confluent had a negative return on equity of 40.55% and a negative net margin of 46.73%. Analysts forecast that Confluent, Inc. will post -0.94 EPS for the current year.
Insiders Place Their Bets
In other news, CTO Chad Verbowski sold 8,312 shares of the stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $26.76, for a total transaction of $222,429.12. Following the completion of the sale, the chief technology officer now directly owns 510,347 shares in the company, valued at $13,656,885.72. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, CTO Chad Verbowski sold 8,312 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $26.76, for a total value of $222,429.12. Following the transaction, the chief technology officer now directly owns 510,347 shares of the company’s stock, valued at approximately $13,656,885.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $31.00, for a total value of $1,975,599.00. Following the sale, the insider now directly owns 706,715 shares of the company’s stock, valued at approximately $21,908,165. The disclosure for this sale can be found here. In the last 90 days, insiders sold 632,725 shares of company stock worth $18,138,428. 13.82% of the stock is currently owned by insiders.
Confluent Company Profile
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.
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