Norges Bank Takes Position in Confluent, Inc. (NASDAQ:CFLT)

Norges Bank bought a new position in Confluent, Inc. (NASDAQ:CFLT) in the 4th quarter, Holdings Channel.com reports. The firm bought 2,900,278 shares of the company’s stock, valued at approximately $81,092,000.

Other institutional investors have also added to or reduced their stakes in the company. Blue Trust Inc. lifted its stake in Confluent by 354.0% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after purchasing an additional 1,607 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in Confluent in the 4th quarter worth approximately $59,000. Point72 Hong Kong Ltd purchased a new stake in Confluent in the third quarter worth approximately $68,000. GAMMA Investing LLC grew its position in Confluent by 85.3% during the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after acquiring an additional 1,136 shares during the last quarter. Finally, AlphaQuest LLC raised its stake in shares of Confluent by 22,112.5% during the fourth quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock worth $99,000 after acquiring an additional 3,538 shares in the last quarter. Institutional investors own 78.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Barclays upped their price objective on shares of Confluent from $35.00 to $37.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Canaccord Genuity Group raised their price objective on Confluent from $34.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Scotiabank lifted their price objective on Confluent from $27.00 to $35.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 12th. Needham & Company LLC restated a “buy” rating and set a $40.00 target price on shares of Confluent in a report on Friday, March 7th. Finally, Truist Financial decreased their price target on Confluent from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Monday. One 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 issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $35.15.

Insiders Place Their Bets

In other Confluent news, CAO Kong Phan sold 3,175 shares of Confluent stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $26.86, for a total value of $85,280.50. Following the completion of the sale, the chief accounting officer now owns 246,516 shares of the company’s stock, valued at approximately $6,621,419.76. This trade represents a 1.27 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Rohan Sivaram sold 68,350 shares of the stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $36.23, for a total value of $2,476,320.50. Following the sale, the chief financial officer now directly owns 520,273 shares in the company, valued at $18,849,490.79. This trade represents a 11.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,200,746 shares of company stock valued at $38,505,150. Insiders own 13.82% of the company’s stock.

Confluent Stock Performance

Shares of CFLT opened at $24.11 on Thursday. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. The stock has a market cap of $8.05 billion, a P/E ratio of -22.32 and a beta of 0.90. The business’s 50 day moving average price is $29.14 and its 200-day moving average price is $27.28. Confluent, Inc. has a 52 week low of $17.79 and a 52 week high of $37.90.

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

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.