US Bancorp DE Raises Position in Confluent, Inc. (NASDAQ:CFLT)

US Bancorp DE raised its holdings in shares of Confluent, Inc. (NASDAQ:CFLT) by 154.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,718 shares of the company’s stock after acquiring an additional 6,502 shares during the quarter. US Bancorp DE’s holdings in Confluent were worth $251,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. Natixis Advisors LLC purchased a new position in shares of Confluent during the 1st quarter worth $682,000. Bayforest Capital Ltd boosted its stake in shares of Confluent by 184.9% during the 1st quarter. Bayforest Capital Ltd now owns 17,273 shares of the company’s stock worth $405,000 after acquiring an additional 11,211 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of Confluent during the 1st quarter worth $679,000. Harvest Fund Management Co. Ltd purchased a new position in shares of Confluent during the 1st quarter worth $334,000. Finally, Federated Hermes Inc. boosted its stake in shares of Confluent by 22.8% during the 1st quarter. Federated Hermes Inc. now owns 1,218,100 shares of the company’s stock worth $28,552,000 after acquiring an additional 226,500 shares during the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $24.50, for a total transaction of $5,696,250.00. Following the completion of the transaction, the chief executive officer directly 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Neha Narkhede sold 20,000 shares of Confluent stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $22.82, for a total transaction of $456,400.00. Following the transaction, the director directly owned 20,247 shares of the company’s stock, valued at approximately $462,036.54. This represents a 49.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 463,169 shares of company stock worth $10,906,848. Insiders own 9.20% of the company’s stock.

Confluent Stock Performance

Shares of NASDAQ:CFLT opened at $17.85 on Friday. Confluent, Inc. has a 52 week low of $15.64 and a 52 week high of $37.90. The stock has a market capitalization of $6.15 billion, a P/E ratio of -18.99 and a beta of 0.96. The firm has a fifty day simple moving average of $23.23 and a two-hundred day simple moving average of $24.70. The company has a quick ratio of 3.98, a current ratio of 3.98 and a debt-to-equity ratio of 1.03.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $282.29 million during the quarter, compared to analysts’ expectations of $278.32 million. During the same period last year, the company posted $0.06 EPS. The business’s revenue was up 20.1% on a year-over-year basis. On average, analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CFLT shares. Wells Fargo & Company decreased their price objective on shares of Confluent from $30.00 to $27.00 and set an “overweight” rating on the stock in a research report on Thursday, July 31st. Cowen downgraded shares of Confluent from a “buy” rating to a “hold” rating in a research report on Thursday, July 31st. TD Cowen restated a “hold” rating and set a $24.00 price objective on shares of Confluent in a research report on Thursday, July 31st. Oppenheimer decreased their price objective on shares of Confluent from $32.00 to $26.00 and set an “outperform” rating on the stock in a research report on Thursday, July 31st. Finally, Barclays decreased their price objective on shares of Confluent from $31.00 to $24.00 and set an “overweight” rating on the stock in a research report on Friday, August 1st. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Confluent currently has a consensus rating of “Moderate Buy” and an average target price of $27.36.

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.