Envestnet Asset Management Inc. Lowers Holdings in Confluent, Inc. $CFLT

Envestnet Asset Management Inc. lowered its position in shares of Confluent, Inc. (NASDAQ:CFLT) by 22.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 76,912 shares of the company’s stock after selling 22,715 shares during the period. Envestnet Asset Management Inc.’s holdings in Confluent were worth $1,523,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in CFLT. Penserra Capital Management LLC grew its holdings in Confluent by 49.5% during the 3rd quarter. Penserra Capital Management LLC now owns 201,364 shares of the company’s stock worth $3,986,000 after acquiring an additional 66,676 shares in the last quarter. Jones Financial Companies Lllp lifted its position in shares of Confluent by 250.6% in the 3rd quarter. Jones Financial Companies Lllp now owns 3,471 shares of the company’s stock worth $69,000 after purchasing an additional 2,481 shares during the period. Prostatis Group LLC boosted its stake in shares of Confluent by 20.2% during the third quarter. Prostatis Group LLC now owns 12,138 shares of the company’s stock valued at $240,000 after purchasing an additional 2,044 shares in the last quarter. AlphaQuest LLC increased its holdings in Confluent by 215.9% during the third quarter. AlphaQuest LLC now owns 14,647 shares of the company’s stock valued at $290,000 after buying an additional 10,011 shares during the period. Finally, Arizona State Retirement System increased its holdings in Confluent by 4.2% during the third quarter. Arizona State Retirement System now owns 80,469 shares of the company’s stock valued at $1,593,000 after buying an additional 3,245 shares during the period. 78.09% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Michelangelo Volpi sold 25,000 shares of the company’s stock in a transaction on Friday, February 13th. The stock was sold at an average price of $30.59, for a total value of $764,750.00. Following the transaction, the director directly owned 155,512 shares of the company’s stock, valued at $4,757,112.08. This represents a 13.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Rohan Sivaram sold 21,503 shares of the firm’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $30.70, for a total value of $660,142.10. Following the completion of the transaction, the chief financial officer owned 561,966 shares of the company’s stock, valued at $17,252,356.20. This trade represents a 3.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 1,501,830 shares of company stock valued at $45,389,931. 13.82% of the stock is owned by corporate insiders.

Confluent Price Performance

Shares of NASDAQ CFLT opened at $30.67 on Monday. Confluent, Inc. has a fifty-two week low of $15.64 and a fifty-two week high of $32.63. The company has a market cap of $10.97 billion, a PE ratio of -35.66 and a beta of 0.95. The company has a debt-to-equity ratio of 0.94, a quick ratio of 3.83 and a current ratio of 3.83. The business has a 50-day simple moving average of $30.43 and a two-hundred day simple moving average of $25.03.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data on Wednesday, February 11th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.02. The firm had revenue of $314.82 million for the quarter, compared to the consensus estimate of $308.03 million. Confluent had a negative net margin of 25.31% and a negative return on equity of 22.66%. The company’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.09 earnings per share. As a group, equities analysts expect that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CFLT has been the topic of several recent research reports. Wolfe Research cut Confluent from an “outperform” rating to a “hold” rating in a research report on Monday, December 8th. Needham & Company LLC cut Confluent from a “buy” rating to a “hold” rating in a research note on Monday, December 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Confluent in a research note on Monday, December 29th. Raymond James Financial downgraded shares of Confluent from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 9th. Finally, Oppenheimer cut shares of Confluent from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 9th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, twenty-eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $28.71.

Confluent Profile

Confluent, Inc (NASDAQ: CFLT) is a leading provider of an event streaming platform built on Apache Kafka. The company’s flagship offerings include Confluent Platform—a self-managed software solution—and Confluent Cloud, a fully managed service designed to simplify real-time data processing across hybrid and multi-cloud environments. These products enable enterprises to collect, process and distribute high volumes of data in real time, supporting use cases such as fraud detection, supply chain optimization and personalized customer experiences.

Founded in 2014 by Apache Kafka co-creators Jay Kreps, Neha Narkhede and Jun Rao, Confluent has driven the commercialization of Kafka technologies and extended the platform with tools for data integration, stream processing and enterprise-grade security.