Arizona State Retirement System Acquires 5,123 Shares of Confluent, Inc. (NASDAQ:CFLT)

Arizona State Retirement System increased its holdings in shares of Confluent, Inc. (NASDAQ:CFLT) by 11.5% in the fourth quarter, HoldingsChannel reports. The firm owned 49,772 shares of the company’s stock after buying an additional 5,123 shares during the period. Arizona State Retirement System’s holdings in Confluent were worth $1,165,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of CFLT. Whale Rock Capital Management LLC acquired a new stake in Confluent during the second quarter worth approximately $105,594,000. Vanguard Group Inc. lifted its position in Confluent by 96.6% during the first quarter. Vanguard Group Inc. now owns 5,063,242 shares of the company’s stock worth $207,593,000 after acquiring an additional 2,488,471 shares during the last quarter. Altimeter Capital Management LP lifted its position in Confluent by 79.9% during the first quarter. Altimeter Capital Management LP now owns 5,306,700 shares of the company’s stock worth $217,575,000 after acquiring an additional 2,356,700 shares during the last quarter. T. Rowe Price Investment Management Inc. acquired a new stake in Confluent during the fourth quarter worth approximately $44,837,000. Finally, Price T Rowe Associates Inc. MD lifted its position in Confluent by 18.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 12,476,920 shares of the company’s stock worth $300,320,000 after acquiring an additional 1,938,668 shares during the last quarter. Institutional investors own 78.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CFLT. JMP Securities raised their price objective on shares of Confluent from $25.00 to $38.00 and gave the stock a “market outperform” rating in a research report on Thursday, February 8th. The Goldman Sachs Group lifted their price target on shares of Confluent from $24.00 to $27.00 and gave the company a “neutral” rating in a research report on Thursday, February 8th. UBS Group lifted their price target on shares of Confluent from $21.00 to $26.00 and gave the company a “neutral” rating in a research report on Monday, February 5th. Loop Capital assumed coverage on shares of Confluent in a research report on Tuesday, January 30th. They issued a “hold” rating and a $23.00 price target for the company. Finally, Needham & Company LLC lifted their price target on shares of Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.64.

Insider Transactions at Confluent

In related news, insider Erica Schultz sold 63,729 shares of the stock in a transaction on Friday, February 9th. The stock was sold at an average price of $31.75, for a total value of $2,023,395.75. Following the completion of the sale, the insider now directly owns 479,537 shares in the company, valued at $15,225,299.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CTO Chad Verbowski sold 5,963 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total value of $191,710.45. Following the completion of the sale, the chief technology officer now directly owns 404,412 shares in the company, valued at $13,001,845.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Erica Schultz sold 63,729 shares of the stock in a transaction on Friday, February 9th. The shares were sold at an average price of $31.75, for a total value of $2,023,395.75. Following the completion of the sale, the insider now owns 479,537 shares of the company’s stock, valued at $15,225,299.75. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,433,170 shares of company stock worth $46,438,029. Corporate insiders own 22.08% of the company’s stock.

Confluent Stock Down 0.5 %

Shares of NASDAQ:CFLT opened at $28.41 on Tuesday. The company has a fifty day moving average of $31.38 and a 200-day moving average of $26.42. The company has a market capitalization of $8.88 billion, a PE ratio of -19.33 and a beta of 0.91. The company has a debt-to-equity ratio of 1.34, a quick ratio of 4.62 and a current ratio of 4.62. Confluent, Inc. has a 52-week low of $14.69 and a 52-week high of $41.22.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Wednesday, February 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.01). The company had revenue of $213.18 million for the quarter, compared to analyst estimates of $204.62 million. Confluent had a negative return on equity of 44.16% and a negative net margin of 56.99%. On average, equities analysts predict that Confluent, Inc. will post -0.92 EPS for the current fiscal year.

About Confluent

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.