Victory Capital Management Inc. Lowers Stake in Confluent, Inc. (NASDAQ:CFLT)

Victory Capital Management Inc. cut its position in Confluent, Inc. (NASDAQ:CFLT) by 5.8% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 611,298 shares of the company’s stock after selling 37,688 shares during the period. Victory Capital Management Inc. owned approximately 0.18% of Confluent worth $14,329,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Credit Industriel ET Commercial bought a new stake in shares of Confluent during the 4th quarter valued at about $28,000. Cloud Capital Management LLC bought a new position in Confluent in the 1st quarter worth $26,000. Versant Capital Management Inc lifted its position in Confluent by 2,458.2% during the first quarter. Versant Capital Management Inc now owns 1,714 shares of the company’s stock valued at $40,000 after purchasing an additional 1,647 shares in the last quarter. GAMMA Investing LLC grew its holdings in Confluent by 26.8% during the first quarter. GAMMA Investing LLC now owns 3,128 shares of the company’s stock valued at $73,000 after purchasing an additional 661 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Confluent in the fourth quarter worth about $153,000. 78.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on CFLT shares. Truist Financial reduced their price target on shares of Confluent from $35.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. Citigroup reaffirmed a “neutral” rating on shares of Confluent in a report on Wednesday, May 21st. JMP Securities dropped their price target on Confluent from $40.00 to $36.00 and set a “market outperform” rating for the company in a research note on Thursday, May 1st. Scotiabank cut their price target on Confluent from $35.00 to $24.00 and set a “sector perform” rating for the company in a report on Thursday, April 24th. Finally, Barclays reaffirmed an “overweight” rating and set a $31.00 price objective (up from $27.00) on shares of Confluent in a report on Monday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-one have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Confluent currently has an average rating of “Moderate Buy” and an average price target of $30.36.

Insider Buying and Selling

In other news, CAO Kong Phan sold 3,575 shares of the company’s stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $23.49, for a total transaction of $83,976.75. Following the completion of the sale, the chief accounting officer owned 239,742 shares in the company, valued at $5,631,539.58. This represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michelangelo Volpi sold 25,000 shares of the business’s stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $25.00, for a total transaction of $625,000.00. Following the transaction, the director owned 267,079 shares in the company, valued at approximately $6,676,975. This trade represents a 8.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 546,669 shares of company stock valued at $12,637,193 in the last 90 days. Company insiders own 9.20% of the company’s stock.

Confluent Price Performance

NASDAQ:CFLT opened at $26.35 on Thursday. The stock’s fifty day moving average is $24.03 and its two-hundred day moving average is $25.57. The company has a quick ratio of 4.42, a current ratio of 4.42 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $8.97 billion, a P/E ratio of -26.89 and a beta of 0.99. Confluent, Inc. has a 52 week low of $17.79 and a 52 week high of $37.90.

Confluent (NASDAQ:CFLT) last announced its earnings results on Wednesday, April 30th. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. The company had revenue of $271.12 million during the quarter, compared to analysts’ expectations of $264.45 million. Confluent had a negative return on equity of 29.92% and a negative net margin of 31.42%. Confluent’s revenue for the quarter was up 24.8% on a year-over-year basis. During the same period last year, the business posted $0.05 EPS. Equities analysts expect that Confluent, Inc. will post -0.83 EPS for the current 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.