Baird Financial Group Inc. Sells 2,065 Shares of Confluent, Inc. (NASDAQ:CFLT)

Baird Financial Group Inc. trimmed its position in shares of Confluent, Inc. (NASDAQ:CFLT) by 12.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,886 shares of the company’s stock after selling 2,065 shares during the period. Baird Financial Group Inc.’s holdings in Confluent were worth $416,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Credit Industriel ET Commercial bought a new position in Confluent during the 4th quarter valued at about $28,000. Blue Trust Inc. grew its holdings in Confluent by 354.0% during the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock valued at $58,000 after purchasing an additional 1,607 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in Confluent during the 4th quarter valued at about $59,000. AlphaQuest LLC grew its holdings in Confluent by 22,112.5% during the 4th quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock valued at $99,000 after purchasing an additional 3,538 shares during the last quarter. Finally, IFP Advisors Inc grew its holdings in Confluent by 48.4% during the 4th quarter. IFP Advisors Inc now owns 4,945 shares of the company’s stock valued at $138,000 after purchasing an additional 1,613 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CFLT has been the topic of several analyst reports. Robert W. Baird cut their price target on shares of Confluent from $37.00 to $24.00 and set a “neutral” rating on the stock in a report on Thursday, May 1st. Royal Bank of Canada boosted their price objective on shares of Confluent from $36.00 to $41.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. Truist Financial lowered their price objective on shares of Confluent from $35.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. JMP Securities lowered their price objective on shares of Confluent from $40.00 to $36.00 and set a “market outperform” rating for the company in a research report on Thursday, May 1st. Finally, UBS Group lowered their price objective on shares of Confluent from $38.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $30.11.

Confluent Stock Down 3.3%

NASDAQ:CFLT opened at $22.72 on Friday. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24. The company’s fifty day moving average price is $23.00 and its 200-day moving average price is $27.34. Confluent, Inc. has a 1-year low of $17.79 and a 1-year high of $37.90. The firm has a market capitalization of $7.73 billion, a P/E ratio of -21.04 and a beta of 1.02.

Confluent (NASDAQ:CFLT) last issued its earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.01. Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. The firm had revenue of $271.12 million during the quarter, compared to analysts’ expectations of $264.45 million. During the same quarter last year, the company posted $0.05 earnings per share. The firm’s revenue was up 24.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Confluent, Inc. will post -0.83 EPS for the current year.

Insider Buying and Selling

In related news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now owns 452,488 shares in the company, valued at approximately $14,628,937.04. This trade represents a 33.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Neha Narkhede sold 60,000 shares of the firm’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $19.96, for a total transaction of $1,197,600.00. Following the sale, the director now owns 20,247 shares in the company, valued at approximately $404,130.12. This represents a 74.77% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,011,050 shares of company stock valued at $30,718,078 over the last 90 days. Insiders own 9.20% of the company’s stock.

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.