M&T Bank Corp Buys 2,367 Shares of Confluent, Inc. (NASDAQ:CFLT)

M&T Bank Corp increased its stake in Confluent, Inc. (NASDAQ:CFLT) by 12.3% during the 4th quarter, Holdings Channel reports. The firm owned 21,540 shares of the company’s stock after purchasing an additional 2,367 shares during the quarter. M&T Bank Corp’s holdings in Confluent were worth $602,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Atria Investments Inc bought a new position in shares of Confluent in the fourth quarter worth approximately $347,000. Assetmark Inc. boosted its stake in Confluent by 4.3% in the fourth quarter. Assetmark Inc. now owns 38,500 shares of the company’s stock worth $1,076,000 after buying an additional 1,575 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Confluent by 135.7% in the fourth quarter. Victory Capital Management Inc. now owns 648,986 shares of the company’s stock worth $18,146,000 after buying an additional 373,682 shares in the last quarter. SWS Partners boosted its stake in Confluent by 37.0% in the fourth quarter. SWS Partners now owns 53,902 shares of the company’s stock worth $1,507,000 after buying an additional 14,547 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Confluent by 3.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,355,491 shares of the company’s stock worth $65,860,000 after buying an additional 71,454 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors.

Confluent Stock Performance

CFLT stock opened at $26.13 on Thursday. The stock has a market capitalization of $8.73 billion, a PE ratio of -24.19 and a beta of 0.89. Confluent, Inc. has a 12-month low of $17.79 and a 12-month high of $37.90. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14. The stock’s 50 day simple moving average is $29.76 and its 200 day simple moving average is $26.71.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. As a group, research analysts forecast that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Royal Bank of Canada upped their target price on Confluent from $36.00 to $41.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. Guggenheim upped their target price on Confluent from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Stifel Nicolaus upped their target price on Confluent from $37.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. UBS Group raised Confluent from a “neutral” rating to a “buy” rating and upped their target price for the stock from $34.00 to $38.00 in a research note on Wednesday, February 26th. Finally, Morgan Stanley increased their price objective on Confluent from $30.00 to $32.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $35.33.

Insider Activity

In other news, CAO Kong Phan sold 2,178 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $31.58, for a total transaction of $68,781.24. Following the transaction, the chief accounting officer now directly owns 177,415 shares of the company’s stock, valued at $5,602,765.70. This represents a 1.21 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $29.36, for a total value of $6,826,200.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $13,285,047.68. This trade represents a 33.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,201,518 shares of company stock valued at $38,533,306 in the last ninety days. 13.82% of the stock is currently owned by company insiders.

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.