California Public Employees Retirement System Purchases 25,882 Shares of Confluent, Inc. (NASDAQ:CFLT)

California Public Employees Retirement System increased its position in Confluent, Inc. (NASDAQ:CFLT) by 8.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 321,628 shares of the company’s stock after acquiring an additional 25,882 shares during the quarter. California Public Employees Retirement System owned about 0.10% of Confluent worth $7,526,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. Xponance Inc. raised its holdings in Confluent by 1.7% in the 3rd quarter. Xponance Inc. now owns 26,427 shares of the company’s stock worth $783,000 after acquiring an additional 440 shares during the period. Fifth Third Bancorp increased its holdings in shares of Confluent by 5.0% during the 4th quarter. Fifth Third Bancorp now owns 11,703 shares of the company’s stock worth $274,000 after purchasing an additional 556 shares during the period. Rhumbline Advisers increased its holdings in shares of Confluent by 0.3% during the 3rd quarter. Rhumbline Advisers now owns 243,828 shares of the company’s stock worth $7,220,000 after purchasing an additional 629 shares during the period. Daiwa Securities Group Inc. increased its holdings in shares of Confluent by 6.6% during the 4th quarter. Daiwa Securities Group Inc. now owns 11,300 shares of the company’s stock worth $264,000 after purchasing an additional 700 shares during the period. Finally, PNC Financial Services Group Inc. increased its holdings in shares of Confluent by 32.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 3,533 shares of the company’s stock worth $105,000 after purchasing an additional 864 shares during the period. Institutional investors own 78.09% of the company’s stock.

Insider Buying and Selling

In related news, CAO Ying Christina Liu sold 4,109 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total transaction of $132,104.35. Following the completion of the sale, the chief accounting officer now directly owns 123,497 shares of the company’s stock, valued at $3,970,428.55. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Confluent news, Director Michelangelo Volpi sold 637,268 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $31.73, for a total value of $20,220,513.64. Following the completion of the sale, the director now owns 302,306 shares of the company’s stock, valued at $9,592,169.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Ying Christina Liu sold 4,109 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total transaction of $132,104.35. Following the completion of the sale, the chief accounting officer now directly owns 123,497 shares of the company’s stock, valued at approximately $3,970,428.55. The disclosure for this sale can be found here. Insiders sold a total of 1,433,170 shares of company stock valued at $46,438,029 over the last ninety days. Insiders own 22.08% of the company’s stock.

Confluent Trading Up 1.6 %

CFLT opened at $28.61 on Friday. The company has a debt-to-equity ratio of 1.34, a current ratio of 4.62 and a quick ratio of 4.62. The company has a market cap of $8.94 billion, a price-to-earnings ratio of -19.46 and a beta of 0.93. The firm has a 50 day simple moving average of $30.53 and a 200 day simple moving average of $26.32. Confluent, Inc. has a fifty-two week low of $14.69 and a fifty-two week high of $41.22.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Wednesday, February 7th. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). The business had revenue of $213.18 million for 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%. On average, sell-side analysts anticipate that Confluent, Inc. will post -0.92 earnings per share for the current year.

Analyst Upgrades and Downgrades

CFLT has been the topic of several research reports. Mizuho dropped their price objective on shares of Confluent from $38.00 to $36.00 and set a “buy” rating on the stock in a report on Monday, April 15th. Scotiabank boosted their price objective on shares of Confluent from $22.00 to $28.00 and gave the stock a “sector perform” rating in a report on Thursday, February 8th. JPMorgan Chase & Co. lifted their target price on shares of Confluent from $23.00 to $27.00 and gave the company a “neutral” rating in a research report on Thursday, February 8th. Royal Bank of Canada lifted their target price on shares of Confluent from $35.00 to $37.00 and gave the company an “outperform” rating in a research report on Wednesday, February 14th. Finally, Wells Fargo & Company lifted their target price on shares of Confluent from $30.00 to $36.00 and gave the company an “overweight” rating in a research report on Thursday, February 8th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, Confluent presently has an average rating of “Moderate Buy” and an average target price of $30.64.

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.