Vanguard Group Inc. Boosts Stock Position in Confluent, Inc. (NASDAQ:CFLT)

Vanguard Group Inc. lifted its position in shares of Confluent, Inc. (NASDAQ:CFLT) by 7.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 26,620,150 shares of the company’s stock after purchasing an additional 1,791,588 shares during the period. Vanguard Group Inc. owned 7.97% of Confluent worth $623,976,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of CFLT. LPL Financial LLC boosted its holdings in shares of Confluent by 43.7% during the fourth quarter. LPL Financial LLC now owns 66,726 shares of the company’s stock worth $1,866,000 after purchasing an additional 20,300 shares during the period. Envestnet Asset Management Inc. lifted its holdings in Confluent by 8.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 119,321 shares of the company’s stock worth $3,336,000 after buying an additional 9,140 shares during the period. Cerity Partners LLC lifted its holdings in Confluent by 20.0% in the fourth quarter. Cerity Partners LLC now owns 42,147 shares of the company’s stock worth $1,151,000 after buying an additional 7,018 shares during the period. Treasurer of the State of North Carolina lifted its holdings in Confluent by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 108,859 shares of the company’s stock worth $3,044,000 after buying an additional 680 shares during the period. Finally, Mariner LLC lifted its holdings in Confluent by 23.1% in the fourth quarter. Mariner LLC now owns 28,359 shares of the company’s stock worth $793,000 after buying an additional 5,325 shares during the period. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Confluent Price Performance

Shares of CFLT opened at $17.29 on Thursday. The company has a market capitalization of $5.96 billion, a P/E ratio of -18.39 and a beta of 0.96. The company has a quick ratio of 3.98, a current ratio of 3.98 and a debt-to-equity ratio of 1.03. The firm has a 50 day moving average of $23.36 and a 200 day moving average of $24.78. Confluent, Inc. has a twelve month low of $15.64 and a twelve month high of $37.90.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.01. Confluent had a negative net margin of 29.27% and a negative return on equity of 27.34%. The company had revenue of $282.29 million during the quarter, compared to the consensus estimate of $278.32 million. During the same quarter last year, the firm earned $0.06 earnings per share. The firm’s quarterly revenue was up 20.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $24.50, for a total value of $5,696,250.00. Following the completion of the sale, the chief executive officer owned 452,488 shares of the company’s stock, valued at approximately $11,085,956. The trade was a 33.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Eric Vishria sold 15,476 shares of Confluent stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $25.00, for a total transaction of $386,900.00. Following the completion of the sale, the director directly owned 1,154,400 shares of the company’s stock, valued at approximately $28,860,000. This trade represents a 1.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 463,169 shares of company stock worth $10,906,848 in the last 90 days. Insiders own 9.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. TD Cowen restated a “hold” rating and issued a $24.00 price objective on shares of Confluent in a report on Thursday, July 31st. Morgan Stanley lowered 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. Oppenheimer lowered their price objective on shares of Confluent from $32.00 to $26.00 and set an “outperform” rating for the company in a report on Thursday, July 31st. Scotiabank lowered their price objective on shares of Confluent from $35.00 to $24.00 and set a “sector perform” rating for the company in a report on Thursday, April 24th. Finally, Loop Capital lowered their price objective on shares of Confluent from $30.00 to $22.00 and set a “hold” rating for the company in a report on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $27.36.

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.