Mitsubishi UFJ Asset Management Co. Ltd. Has $424,000 Position in Confluent, Inc. (NASDAQ:CFLT)

Mitsubishi UFJ Asset Management Co. Ltd. cut its stake in shares of Confluent, Inc. (NASDAQ:CFLT) by 44.8% during the 1st quarter, Holdings Channel reports. The institutional investor owned 18,097 shares of the company’s stock after selling 14,700 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Confluent were worth $424,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. ProShare Advisors LLC lifted its stake in shares of Confluent by 3.1% in the 4th quarter. ProShare Advisors LLC now owns 10,774 shares of the company’s stock valued at $301,000 after purchasing an additional 328 shares during the period. Amalgamated Bank increased its holdings in Confluent by 3.4% during the 1st quarter. Amalgamated Bank now owns 16,995 shares of the company’s stock worth $398,000 after purchasing an additional 566 shares in the last quarter. GAMMA Investing LLC increased its holdings in Confluent by 26.8% during the 1st quarter. GAMMA Investing LLC now owns 3,128 shares of the company’s stock worth $73,000 after purchasing an additional 661 shares in the last quarter. Jasper Ridge Partners L.P. increased its holdings in Confluent by 4.8% during the 4th quarter. Jasper Ridge Partners L.P. now owns 14,409 shares of the company’s stock worth $403,000 after purchasing an additional 664 shares in the last quarter. Finally, Treasurer of the State of North Carolina increased its holdings in Confluent by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 108,859 shares of the company’s stock worth $3,044,000 after purchasing an additional 680 shares in the last quarter. 78.09% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Neha Narkhede sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $22.82, for a total value of $456,400.00. Following the completion of the transaction, the director directly owned 20,247 shares in the company, valued at $462,036.54. The trade was a 49.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $24.50, for a total transaction of $5,696,250.00. Following the completion of the transaction, the chief executive officer owned 452,488 shares of the company’s stock, valued at approximately $11,085,956. The trade was a 33.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 463,169 shares of company stock worth $10,906,848 over the last 90 days. 9.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Royal Bank Of Canada decreased their price objective on Confluent from $28.00 to $25.00 and set an “outperform” rating for the company in a report on Thursday, July 31st. UBS Group reduced their target price on Confluent from $32.00 to $28.00 and set a “buy” rating for the company in a report on Thursday, July 31st. Robert W. Baird reduced their target price on Confluent from $37.00 to $24.00 and set a “neutral” rating for the company in a report on Thursday, May 1st. Needham & Company LLC reduced their target price on Confluent from $26.00 to $24.00 and set a “buy” rating for the company in a report on Thursday, July 31st. Finally, Evercore ISI reduced their target price on Confluent from $29.00 to $28.00 and set an “outperform” rating for the company in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.36.

Confluent Stock Performance

Shares of CFLT opened at $17.29 on Thursday. The company has a quick ratio of 3.98, a current ratio of 3.98 and a debt-to-equity ratio of 1.03. The business’s 50 day moving average price is $23.36 and its 200-day moving average price is $24.78. Confluent, Inc. has a 52 week low of $15.64 and a 52 week high of $37.90. The stock has a market cap of $5.96 billion, a P/E ratio of -18.39 and a beta of 0.96.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. Confluent had a negative return on equity of 27.34% and a negative net margin of 29.27%. The firm had revenue of $282.29 million for the quarter, compared to analysts’ expectations of $278.32 million. During the same period in the previous year, the firm posted $0.06 EPS. The business’s revenue for the quarter was up 20.1% compared to the same quarter last year. Equities research analysts anticipate that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

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.