Russell Investments Group Ltd. Purchases 255,478 Shares of Confluent, Inc. (NASDAQ:CFLT)

Russell Investments Group Ltd. grew its position in shares of Confluent, Inc. (NASDAQ:CFLT) by 7,051.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 259,101 shares of the company’s stock after acquiring an additional 255,478 shares during the quarter. Russell Investments Group Ltd.’s holdings in Confluent were worth $6,063,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Rakuten Securities Inc. bought a new stake in Confluent during the 4th quarter valued at $31,000. GAMMA Investing LLC bought a new stake in shares of Confluent during the fourth quarter worth about $35,000. UniSuper Management Pty Ltd acquired a new stake in shares of Confluent in the 3rd quarter worth about $36,000. Kayne Anderson Rudnick Investment Management LLC lifted its position in Confluent by 56.5% in the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,748 shares of the company’s stock valued at $81,000 after acquiring an additional 992 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in Confluent by 32.4% in the 3rd quarter. PNC Financial Services Group Inc. now owns 3,533 shares of the company’s stock valued at $105,000 after acquiring an additional 864 shares in the last quarter. 78.09% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on the company. Mizuho lowered their price objective on Confluent from $38.00 to $36.00 and set a “buy” rating for the company in a research note on Monday, April 15th. Loop Capital assumed coverage on shares of Confluent in a report on Tuesday, January 30th. They set a “hold” rating and a $23.00 price objective on the stock. Canaccord Genuity Group upgraded shares of Confluent from a “hold” rating to a “buy” rating and set a $35.00 target price for the company in a research note on Wednesday. Royal Bank of Canada upped their target price on shares of Confluent from $37.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Wells Fargo & Company upped their target price on shares of Confluent from $36.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Confluent presently has an average rating of “Moderate Buy” and a consensus price target of $32.77.

Confluent Price Performance

Shares of NASDAQ:CFLT opened at $31.38 on Thursday. The company has a quick ratio of 4.62, a current ratio of 4.62 and a debt-to-equity ratio of 1.34. The firm has a market capitalization of $9.81 billion, a PE ratio of -21.35 and a beta of 0.93. Confluent, Inc. has a twelve month low of $14.69 and a twelve month high of $41.22. The company has a 50-day moving average price of $30.23 and a two-hundred day moving average price of $26.24.

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

Insiders Place Their Bets

In other news, CTO Chad Verbowski sold 8,086 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total value of $252,283.20. Following the sale, the chief technology officer now directly owns 532,072 shares of the company’s stock, valued at $16,600,646.40. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CTO Chad Verbowski sold 8,086 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total value of $252,283.20. Following the sale, the chief technology officer now directly owns 532,072 shares of the company’s stock, valued at $16,600,646.40. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Erica Schultz sold 63,729 shares of the stock in a transaction dated 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 completion of the sale, the insider now directly owns 479,537 shares in the company, valued at $15,225,299.75. The disclosure for this sale can be found here. Insiders sold 1,433,170 shares of company stock worth $46,438,029 over the last quarter. 13.82% of the stock is currently owned by company insiders.

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.