Confluent, Inc. (NASDAQ:CFLT) Shares Acquired by Arizona State Retirement System

Arizona State Retirement System lifted its stake in shares of Confluent, Inc. (NASDAQ:CFLT) by 2.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 70,305 shares of the company’s stock after acquiring an additional 1,422 shares during the quarter. Arizona State Retirement System’s holdings in Confluent were worth $1,648,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Xponance Inc. increased its stake in shares of Confluent by 4.9% during the first quarter. Xponance Inc. now owns 34,758 shares of the company’s stock valued at $815,000 after acquiring an additional 1,614 shares during the period. Alps Advisors Inc. acquired a new position in shares of Confluent during the first quarter valued at approximately $1,341,000. M&T Bank Corp increased its stake in shares of Confluent by 4.4% during the first quarter. M&T Bank Corp now owns 22,496 shares of the company’s stock valued at $527,000 after acquiring an additional 956 shares during the period. Values First Advisors Inc. acquired a new position in Confluent in the first quarter worth approximately $231,000. Finally, Penserra Capital Management LLC grew its position in Confluent by 20.4% in the first quarter. Penserra Capital Management LLC now owns 109,637 shares of the company’s stock worth $2,568,000 after buying an additional 18,590 shares during the last quarter. Institutional investors and hedge funds own 78.09% of the company’s stock.

Insider Activity at Confluent

In other news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $24.50, for a total transaction of $5,696,250.00. Following the transaction, the chief executive officer directly owned 452,488 shares in the company, valued at approximately $11,085,956. This represents a 33.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eric Vishria sold 30,953 shares of the company’s stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $21.93, for a total transaction of $678,799.29. Following the transaction, the director owned 1,169,876 shares in the company, valued at $25,655,380.68. The trade was a 2.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 546,669 shares of company stock valued at $12,637,193 in the last three months. 9.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CFLT. UBS Group lifted their price target on shares of Confluent from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Friday, July 11th. Needham & Company LLC decreased their price target on shares of Confluent from $40.00 to $26.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. JMP Securities decreased their price target on shares of Confluent from $40.00 to $36.00 and set a “market outperform” rating on the stock in a research report on Thursday, May 1st. DA Davidson decreased their price target on shares of Confluent from $42.00 to $28.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Finally, Evercore ISI decreased their price target on shares of Confluent from $29.00 to $28.00 and set an “outperform” rating on the stock in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, six have given a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Confluent has an average rating of “Moderate Buy” and a consensus target price of $30.21.

Confluent Stock Performance

NASDAQ CFLT opened at $25.38 on Friday. The stock has a market cap of $8.64 billion, a P/E ratio of -25.90 and a beta of 0.99. The company’s 50-day simple moving average is $23.85 and its 200 day simple moving average is $25.62. Confluent, Inc. has a twelve month low of $17.79 and a twelve month high of $37.90. The company has a quick ratio of 4.42, a current ratio of 4.42 and a debt-to-equity ratio of 1.07.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.01. The firm had revenue of $271.12 million for the quarter, compared to analysts’ expectations of $264.45 million. Confluent had a negative net margin of 31.42% and a negative return on equity of 29.92%. The company’s quarterly revenue was up 24.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.05 earnings per share. As a group, research analysts forecast 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.