Lake Street Advisors Group LLC Purchases New Position in Confluent, Inc. (NASDAQ:CFLT)

Lake Street Advisors Group LLC acquired a new position in shares of Confluent, Inc. (NASDAQ:CFLT) 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) 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.