Ameriprise Financial Inc. Buys 6,365 Shares of Confluent, Inc. (NASDAQ:CFLT)

Ameriprise Financial Inc. raised its stake in Confluent, Inc. (NASDAQ:CFLT) by 4.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 160,588 shares of the company’s stock after purchasing an additional 6,365 shares during the quarter. Ameriprise Financial Inc.’s holdings in Confluent were worth $4,490,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of CFLT. Blue Trust Inc. grew its holdings in Confluent by 354.0% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after buying an additional 1,607 shares in the last quarter. KBC Group NV boosted its holdings in Confluent by 683.8% during the 4th quarter. KBC Group NV now owns 122,090 shares of the company’s stock worth $3,414,000 after acquiring an additional 106,513 shares during the last quarter. Pacer Advisors Inc. grew its stake in shares of Confluent by 36.4% in the 4th quarter. Pacer Advisors Inc. now owns 6,068 shares of the company’s stock worth $170,000 after acquiring an additional 1,619 shares in the last quarter. Swedbank AB purchased a new stake in shares of Confluent in the fourth quarter valued at about $4,893,000. Finally, DMC Group LLC bought a new position in shares of Confluent during the fourth quarter valued at about $201,000. 78.09% of the stock is owned by hedge funds and other institutional investors.

Confluent Stock Performance

NASDAQ:CFLT opened at $21.84 on Monday. The business’s fifty day moving average is $22.47 and its 200 day moving average is $27.19. The firm has a market cap of $7.43 billion, a price-to-earnings ratio of -20.22 and a beta of 1.02. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99. Confluent, Inc. has a 52-week low of $17.79 and a 52-week high of $37.90.

Confluent (NASDAQ:CFLT) last posted its earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. The business had revenue of $271.12 million during the quarter, compared to analyst estimates of $264.45 million. During the same quarter in the previous year, the firm earned $0.05 EPS. The company’s quarterly revenue was up 24.8% compared to the same quarter last year. Research analysts predict that Confluent, Inc. will post -0.83 EPS for the current year.

Analysts Set New Price Targets

CFLT has been the subject of several analyst reports. JMP Securities decreased their price objective on shares of Confluent from $40.00 to $36.00 and set a “market outperform” rating for the company in a research note on Thursday, May 1st. TD Securities reduced their target price on Confluent from $34.00 to $32.00 and set a “buy” rating for the company in a report on Thursday, May 1st. Loop Capital dropped their price target on Confluent from $30.00 to $22.00 and set a “hold” rating on the stock in a report on Wednesday, April 23rd. Oppenheimer cut their price objective on Confluent from $35.00 to $32.00 and set an “outperform” rating on the stock in a research report on Thursday, May 1st. Finally, Wells Fargo & Company reduced their price objective on Confluent from $32.00 to $30.00 and set an “overweight” rating for the company in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $30.11.

Insider Buying and Selling at Confluent

In related news, Director Jonathan Chadwick sold 34,375 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $30.57, for a total value of $1,050,843.75. Following the sale, the director now owns 22,688 shares in the company, valued at approximately $693,572.16. This trade represents a 60.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Neha Narkhede sold 60,000 shares of the business’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $19.96, for a total value of $1,197,600.00. Following the transaction, the director now owns 20,247 shares of the company’s stock, valued at approximately $404,130.12. The trade was a 74.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 732,988 shares of company stock valued at $19,883,902 in the last three months. Company insiders own 13.82% of the company’s stock.

Confluent Company 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.