Toronto Dominion Bank Reduces Stock Holdings in Confluent, Inc. (NASDAQ:CFLT)

Toronto Dominion Bank trimmed its holdings in shares of Confluent, Inc. (NASDAQ:CFLT) by 98.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,775 shares of the company’s stock after selling 1,498,442 shares during the period. Toronto Dominion Bank’s holdings in Confluent were worth $584,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Hollencrest Capital Management acquired a new stake in shares of Confluent during the first quarter worth $26,000. V Square Quantitative Management LLC acquired a new position in shares of Confluent in the 2nd quarter valued at about $68,000. UniSuper Management Pty Ltd grew its holdings in shares of Confluent by 125.0% during the 1st quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock worth $82,000 after purchasing an additional 1,500 shares during the period. Advisors Asset Management Inc. lifted its holdings in shares of Confluent by 40.3% during the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock valued at $91,000 after acquiring an additional 859 shares in the last quarter. Finally, Lazard Asset Management LLC raised its position in Confluent by 25.5% in the first quarter. Lazard Asset Management LLC now owns 5,747 shares of the company’s stock valued at $175,000 after purchasing an additional 1,167 shares during the period. Institutional investors and hedge funds own 78.09% of the company’s stock.

Analyst Ratings Changes

CFLT has been the topic of several recent research reports. Baird R W raised Confluent to a “hold” rating in a research report on Wednesday, September 4th. Piper Sandler reduced their price target on shares of Confluent from $37.00 to $32.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. Bank of America cut their price target on Confluent from $32.00 to $26.00 and set an “underperform” rating on the stock in a report on Thursday, August 1st. TD Cowen dropped their target price on Confluent from $31.00 to $27.00 and set a “buy” rating on the stock in a research report on Friday, September 20th. Finally, Citigroup reduced their target price on shares of Confluent from $32.00 to $28.00 and set a “neutral” rating for the company in a research note on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $29.97.

Insider Buying and Selling at Confluent

In related news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total value of $4,647,675.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $9,045,235.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CTO Chad Verbowski sold 13,540 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $293,547.20. Following the transaction, the chief technology officer now owns 496,807 shares of the company’s stock, valued at $10,770,775.76. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total value of $4,647,675.00. Following the transaction, the chief executive officer now owns 452,488 shares in the company, valued at approximately $9,045,235.12. The disclosure for this sale can be found here. Insiders sold 524,453 shares of company stock valued at $10,833,388 over the last quarter. 13.82% of the stock is currently owned by insiders.

Confluent Trading Up 3.5 %

Shares of NASDAQ CFLT opened at $20.38 on Tuesday. Confluent, Inc. has a 1-year low of $14.69 and a 1-year high of $35.07. The stock has a market capitalization of $6.48 billion, a P/E ratio of -16.30 and a beta of 0.88. The company has a debt-to-equity ratio of 1.25, a current ratio of 4.44 and a quick ratio of 4.44. The business has a fifty day moving average price of $21.04 and a 200 day moving average price of $26.00.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.04). The business had revenue of $234.99 million for the quarter, compared to analyst estimates of $229.49 million. Confluent had a negative net margin of 42.70% and a negative return on equity of 37.78%. Equities research analysts expect that Confluent, Inc. will post -0.95 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.