Wealth Enhancement Advisory Services LLC Has $860,000 Stock Position in Confluent, Inc. (NASDAQ:CFLT)

Wealth Enhancement Advisory Services LLC lifted its position in shares of Confluent, Inc. (NASDAQ:CFLT) by 36.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 30,763 shares of the company’s stock after buying an additional 8,204 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Confluent were worth $860,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of CFLT. Fluent Financial LLC acquired a new stake in Confluent in the fourth quarter worth $606,000. Infinitum Asset Management LLC bought a new stake in shares of Confluent in the fourth quarter valued at approximately $10,485,000. Cache Advisors LLC bought a new stake in shares of Confluent in the fourth quarter valued at approximately $1,322,000. Neo Ivy Capital Management bought a new stake in shares of Confluent in the fourth quarter valued at approximately $2,088,000. Finally, Vident Advisory LLC purchased a new position in Confluent during the fourth quarter valued at approximately $972,000. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Confluent Price Performance

Shares of NASDAQ:CFLT opened at $24.39 on Tuesday. The firm’s 50 day moving average price is $21.97 and its 200-day moving average price is $26.80. Confluent, Inc. has a twelve month low of $17.79 and a twelve month high of $37.90. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $8.30 billion, a PE ratio of -22.58 and a beta of 0.98.

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

Insider Buying and Selling at Confluent

In other Confluent news, Director Eric Vishria sold 15,476 shares of the business’s stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $25.00, for a total transaction of $386,900.00. Following the transaction, the director now owns 1,154,400 shares in the company, valued at $28,860,000. The trade was a 1.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Kong Phan sold 1,309 shares of the business’s stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $24.00, for a total transaction of $31,416.00. Following the transaction, the chief accounting officer now owns 243,317 shares in the company, valued at $5,839,608. This trade represents a 0.54% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 542,180 shares of company stock valued at $12,540,699 in the last three months. 9.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on CFLT shares. Robert W. Baird cut their price target on shares of Confluent from $37.00 to $24.00 and set a “neutral” rating for the company in a research note on Thursday, May 1st. DA Davidson lowered their price target on shares of Confluent from $42.00 to $28.00 and set a “buy” rating for the company in a report on Thursday, May 1st. Bank of America upped their price target on shares of Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a report on Wednesday, February 12th. Morgan Stanley decreased their price objective on shares of Confluent from $32.00 to $25.00 and set an “equal weight” rating for the company in a report on Wednesday, April 16th. Finally, Raymond James initiated coverage on shares of Confluent in a research report on Friday, April 11th. They issued an “outperform” rating and a $30.00 target price on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $30.11.

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.