Swiss National Bank Boosts Holdings in Confluent, Inc. (NASDAQ:CFLT)

Swiss National Bank increased its position in shares of Confluent, Inc. (NASDAQ:CFLT) by 1.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 475,100 shares of the company’s stock after buying an additional 7,800 shares during the quarter. Swiss National Bank owned about 0.14% of Confluent worth $11,136,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in CFLT. Envestnet Asset Management Inc. raised its position in Confluent by 8.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 119,321 shares of the company’s stock valued at $3,336,000 after purchasing an additional 9,140 shares during the period. Cerity Partners LLC raised its holdings in Confluent by 20.0% in the 4th quarter. Cerity Partners LLC now owns 42,147 shares of the company’s stock valued at $1,151,000 after buying an additional 7,018 shares during the period. Treasurer of the State of North Carolina lifted its position in Confluent by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 108,859 shares of the company’s stock valued at $3,044,000 after buying an additional 680 shares during the last quarter. Mariner LLC boosted its stake in Confluent by 23.1% during the fourth quarter. Mariner LLC now owns 28,359 shares of the company’s stock worth $793,000 after buying an additional 5,325 shares during the period. Finally, Marshall Wace LLP increased its position in shares of Confluent by 119.3% during the fourth quarter. Marshall Wace LLP now owns 346,691 shares of the company’s stock valued at $9,693,000 after acquiring an additional 188,597 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Confluent Stock Performance

NASDAQ CFLT opened at $17.85 on Friday. The company has a fifty day moving average of $23.23 and a two-hundred day moving average of $24.70. The company has a market capitalization of $6.15 billion, a PE ratio of -18.99 and a beta of 0.96. Confluent, Inc. has a 1 year low of $15.64 and a 1 year high of $37.90. The company has a debt-to-equity ratio of 1.03, a current ratio of 3.98 and a quick ratio of 3.98.

Confluent (NASDAQ:CFLT) last announced its earnings results on Wednesday, July 30th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. The firm had revenue of $282.29 million during the quarter, compared to analysts’ expectations of $278.32 million. Confluent had a negative return on equity of 27.34% and a negative net margin of 29.27%. The business’s revenue was up 20.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.06 EPS. As a group, analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction 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 completion of the sale, the chief executive officer owned 452,488 shares in the company, valued at $11,085,956. This represents a 33.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Ban Ryan Norris Mac sold 1,225 shares of Confluent stock in a transaction on Friday, June 20th. The shares were sold at an average price of $23.49, for a total transaction of $28,775.25. Following the completion of the transaction, the executive owned 411,830 shares in the company, valued at approximately $9,673,886.70. This represents a 0.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 463,169 shares of company stock valued at $10,906,848 in the last 90 days. Company insiders own 9.20% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on CFLT. Needham & Company LLC decreased their price objective on shares of Confluent from $26.00 to $24.00 and set a “buy” rating on the stock in a report on Thursday, July 31st. Oppenheimer cut their price objective on Confluent from $32.00 to $26.00 and set an “outperform” rating on the stock in a report on Thursday, July 31st. Capital One Financial set a $21.00 target price on Confluent in a report on Thursday, July 31st. Stifel Nicolaus reiterated a “hold” rating and set a $21.00 price target (down from $30.00) on shares of Confluent in a research note on Thursday, July 31st. Finally, Canaccord Genuity Group reduced their price target on shares of Confluent from $38.00 to $32.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, ten have issued a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $27.36.

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.