Sigma Planning Corp Grows Stake in Confluent, Inc. (NASDAQ:CFLT)

Sigma Planning Corp raised its stake in shares of Confluent, Inc. (NASDAQ:CFLT) by 43.3% during the 4th quarter, Holdings Channel reports. The fund owned 12,545 shares of the company’s stock after purchasing an additional 3,789 shares during the period. Sigma Planning Corp’s holdings in Confluent were worth $294,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Rakuten Securities Inc. bought a new stake in Confluent during the 4th quarter valued at $31,000. UniSuper Management Pty Ltd acquired a new stake in shares of Confluent in the 3rd quarter worth $36,000. Kayne Anderson Rudnick Investment Management LLC boosted its position in shares of Confluent by 56.5% in the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,748 shares of the company’s stock worth $81,000 after purchasing an additional 992 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Confluent by 32.4% in the 3rd quarter. PNC Financial Services Group Inc. now owns 3,533 shares of the company’s stock worth $105,000 after purchasing an additional 864 shares in the last quarter. Finally, CWM LLC boosted its position in shares of Confluent by 35.4% in the 4th quarter. CWM LLC now owns 8,694 shares of the company’s stock worth $203,000 after purchasing an additional 2,271 shares in the last quarter. Institutional investors own 78.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CFLT shares. UBS Group raised their price objective on Confluent from $21.00 to $26.00 and gave the stock a “neutral” rating in a research report on Monday, February 5th. Royal Bank of Canada raised their target price on Confluent from $35.00 to $37.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 14th. JMP Securities raised their target price on Confluent from $25.00 to $38.00 and gave the stock a “market outperform” rating in a research note on Thursday, February 8th. The Goldman Sachs Group lifted their price objective on Confluent from $24.00 to $27.00 and gave the company a “neutral” rating in a research note on Thursday, February 8th. Finally, Stifel Nicolaus started coverage on Confluent in a research note on Wednesday, February 21st. They set a “buy” rating and a $40.00 price objective for the company. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $30.64.

Insider Buying and Selling

In related news, Director Michelangelo Volpi sold 637,268 shares of Confluent stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $31.73, for a total value of $20,220,513.64. Following the sale, the director now directly owns 302,306 shares in the company, valued at approximately $9,592,169.38. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $31.75, for a total transaction of $2,023,395.75. Following the transaction, the insider now directly owns 479,537 shares in the company, valued at approximately $15,225,299.75. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Michelangelo Volpi sold 637,268 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $31.73, for a total value of $20,220,513.64. Following the transaction, the director now owns 302,306 shares in the company, valued at $9,592,169.38. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,433,170 shares of company stock worth $46,438,029. Insiders own 22.08% of the company’s stock.

Confluent Trading Up 3.0 %

CFLT stock opened at $29.75 on Friday. The company has a current ratio of 4.62, a quick ratio of 4.62 and a debt-to-equity ratio of 1.34. Confluent, Inc. has a 12-month low of $14.69 and a 12-month high of $41.22. The stock has a market cap of $9.30 billion, a price-to-earnings ratio of -20.24 and a beta of 0.91. The business’s 50-day moving average is $30.92 and its 200 day moving average is $26.36.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data 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). Confluent had a negative return on equity of 44.16% and a negative net margin of 56.99%. The firm had revenue of $213.18 million during the quarter, compared to analyst estimates of $204.62 million. On average, sell-side analysts anticipate that Confluent, Inc. will post -0.92 EPS for the current fiscal year.

Confluent 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.