Highland Capital Management LLC Lowers Holdings in Confluent, Inc. (NASDAQ:CFLT)

Highland Capital Management LLC reduced its stake in shares of Confluent, Inc. (NASDAQ:CFLT) by 16.6% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 32,278 shares of the company’s stock after selling 6,411 shares during the period. Highland Capital Management LLC’s holdings in Confluent were worth $953,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Hollencrest Capital Management purchased a new stake in shares of Confluent during the 1st quarter worth about $26,000. Quest Partners LLC purchased a new position in Confluent during the fourth quarter worth approximately $31,000. GAMMA Investing LLC acquired a new stake in Confluent in the fourth quarter valued at approximately $35,000. V Square Quantitative Management LLC acquired a new stake in Confluent in the second quarter valued at approximately $68,000. Finally, UniSuper Management Pty Ltd increased its position in shares of Confluent by 125.0% in the first quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock valued at $82,000 after buying an additional 1,500 shares in the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CFLT. Canaccord Genuity Group dropped their target price on shares of Confluent from $35.00 to $34.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. Citigroup cut their price objective on Confluent from $32.00 to $28.00 and set a “neutral” rating for the company in a research note on Tuesday, July 30th. Mizuho reduced their target price on Confluent from $36.00 to $34.00 and set an “outperform” rating for the company in a report on Tuesday, July 16th. Deutsche Bank Aktiengesellschaft lowered their price target on Confluent from $35.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. Finally, JPMorgan Chase & Co. raised Confluent from a “neutral” rating to an “overweight” rating and set a $25.00 price objective for the company in a research note on Friday, August 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $30.96.

Insider Transactions at Confluent

In other news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $26.17, for a total transaction of $6,084,525.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at approximately $11,841,610.96. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CTO Chad Verbowski sold 13,540 shares of Confluent stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $293,547.20. Following the sale, the chief technology officer now directly owns 496,807 shares in the company, valued at approximately $10,770,775.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $26.17, for a total value of $6,084,525.00. Following the transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $11,841,610.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 666,290 shares of company stock valued at $16,233,738. 13.82% of the stock is currently owned by corporate insiders.

Confluent Stock Up 1.4 %

CFLT traded up $0.30 during trading hours on Monday, hitting $21.66. 111,144 shares of the company’s stock were exchanged, compared to its average volume of 4,492,594. The firm has a market cap of $6.88 billion, a P/E ratio of -17.09 and a beta of 0.91. Confluent, Inc. has a 12-month low of $14.69 and a 12-month high of $35.22. The company has a current ratio of 5.07, a quick ratio of 5.07 and a debt-to-equity ratio of 1.29. The firm has a 50 day moving average of $24.69 and a 200 day moving average of $28.30.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.04). Confluent had a negative net margin of 42.70% and a negative return on equity of 38.46%. The company had revenue of $234.99 million during the quarter, compared to analyst estimates of $229.49 million. Analysts predict that Confluent, Inc. will post -0.94 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.