Confluent, Inc. (NASDAQ:CFLT) Stake Trimmed by Xponance Inc.

Xponance Inc. cut its position in shares of Confluent, Inc. (NASDAQ:CFLT) by 9.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,891 shares of the company’s stock after selling 2,536 shares during the quarter. Xponance Inc.’s holdings in Confluent were worth $559,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in CFLT. Rakuten Securities Inc. purchased a new stake in shares of Confluent in the 4th quarter valued at approximately $31,000. UniSuper Management Pty Ltd acquired a new stake in shares of Confluent in the third quarter worth $36,000. Kayne Anderson Rudnick Investment Management LLC grew its holdings in shares of Confluent by 56.5% during the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,748 shares of the company’s stock valued at $81,000 after buying an additional 992 shares in the last quarter. PNC Financial Services Group Inc. raised its position in Confluent by 32.4% during the third quarter. PNC Financial Services Group Inc. now owns 3,533 shares of the company’s stock valued at $105,000 after buying an additional 864 shares during the period. Finally, Belpointe Asset Management LLC purchased a new stake in Confluent in the 3rd quarter worth about $211,000. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Confluent Price Performance

Shares of CFLT stock opened at $29.75 on Friday. Confluent, Inc. has a 12 month low of $14.69 and a 12 month high of $41.22. The company has a market capitalization of $9.30 billion, a P/E ratio of -20.24 and a beta of 0.91. The stock has a 50 day moving average of $30.92 and a two-hundred day moving average of $26.39. The company has a current ratio of 4.62, a quick ratio of 4.62 and a debt-to-equity ratio of 1.34.

Confluent (NASDAQ:CFLT) last issued its earnings results on Wednesday, February 7th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.01). The firm had revenue of $213.18 million during the quarter, compared to the consensus estimate of $204.62 million. Confluent had a negative return on equity of 44.16% and a negative net margin of 56.99%. As a group, equities analysts expect that Confluent, Inc. will post -0.92 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on CFLT shares. Scotiabank upped their target price on Confluent from $22.00 to $28.00 and gave the company a “sector perform” rating in a report on Thursday, February 8th. Needham & Company LLC lifted their target price on shares of Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Wells Fargo & Company boosted their price target on shares of Confluent from $30.00 to $36.00 and gave the company an “overweight” rating in a report on Thursday, February 8th. Barclays increased their price objective on Confluent from $26.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, February 8th. Finally, JPMorgan Chase & Co. upped their target price on Confluent from $23.00 to $27.00 and gave the stock a “neutral” rating in a research report on Thursday, February 8th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $30.64.

Insider Activity at Confluent

In other Confluent news, CTO Chad Verbowski sold 8,086 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total transaction of $252,283.20. Following the completion of the transaction, the chief technology officer now owns 532,072 shares in the company, valued at $16,600,646.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Confluent news, CTO Chad Verbowski sold 8,086 shares of Confluent stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $31.20, for a total value of $252,283.20. Following the completion of the transaction, the chief technology officer now owns 532,072 shares in the company, valued at approximately $16,600,646.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Erica Schultz sold 63,729 shares of the company’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $31.75, for a total value of $2,023,395.75. Following the completion of the sale, the insider now owns 479,537 shares of the company’s stock, valued at approximately $15,225,299.75. The disclosure for this sale can be found here. Insiders have sold a total of 1,433,170 shares of company stock valued at $46,438,029 over the last quarter. 22.08% of the stock is owned by company insiders.

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.