Russell Investments Group Ltd. Reduces Stock Position in Confluent, Inc. (NASDAQ:CFLT)

Russell Investments Group Ltd. decreased its holdings in Confluent, Inc. (NASDAQ:CFLT) by 47.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 184,964 shares of the company’s stock after selling 165,228 shares during the period. Russell Investments Group Ltd. owned 0.06% of Confluent worth $5,172,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC boosted its holdings in shares of Confluent by 4.1% in the 4th quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company’s stock worth $323,000 after purchasing an additional 458 shares during the period. Truist Financial Corp increased its position in Confluent by 2.5% during the fourth quarter. Truist Financial Corp now owns 21,081 shares of the company’s stock valued at $589,000 after acquiring an additional 514 shares during the last quarter. Sit Investment Associates Inc. raised its stake in shares of Confluent by 0.5% in the fourth quarter. Sit Investment Associates Inc. now owns 124,623 shares of the company’s stock valued at $3,484,000 after acquiring an additional 680 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Confluent by 85.3% in the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after acquiring an additional 1,136 shares during the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich boosted its stake in shares of Confluent by 8.0% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 15,281 shares of the company’s stock worth $472,000 after purchasing an additional 1,137 shares during the period. 78.09% of the stock is owned by institutional investors.

Confluent Price Performance

NASDAQ CFLT opened at $21.50 on Tuesday. The firm’s fifty day simple moving average is $27.48 and its two-hundred day simple moving average is $27.35. The firm has a market capitalization of $7.18 billion, a P/E ratio of -19.91 and a beta of 1.03. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14. Confluent, Inc. has a 12-month low of $17.79 and a 12-month high of $37.90.

Confluent (NASDAQ:CFLT) last announced its 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 return on equity of 34.70% and a negative net margin of 35.81%. Analysts forecast that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Raymond James started coverage on shares of Confluent in a research note on Friday. They issued an “outperform” rating and a $30.00 price objective for the company. Bank of America boosted their price objective on Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a report on Wednesday, February 12th. Canaccord Genuity Group increased their target price on Confluent from $34.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Piper Sandler boosted their target price on shares of Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Finally, Truist Financial reduced their price target on shares of Confluent from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.96.

Insider Activity

In other Confluent news, insider Erica Schultz sold 150,000 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $35.82, for a total transaction of $5,373,000.00. Following the sale, the insider now owns 678,016 shares of the company’s stock, valued at approximately $24,286,533.12. The trade was a 18.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $32.33, for a total transaction of $7,516,725.00. Following the transaction, the chief executive officer now owns 452,488 shares in the company, valued at $14,628,937.04. The trade was a 33.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,200,746 shares of company stock worth $38,505,150 over the last 90 days. 13.82% of the stock is currently owned by corporate 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.