Confluent, Inc. (NASDAQ:CFLT) Position Trimmed by EP Wealth Advisors LLC

EP Wealth Advisors LLC reduced its holdings in Confluent, Inc. (NASDAQ:CFLT) by 7.8% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 20,694 shares of the company’s stock after selling 1,747 shares during the quarter. EP Wealth Advisors LLC’s holdings in Confluent were worth $632,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Hollencrest Capital Management acquired a new stake in Confluent in the 1st quarter valued at approximately $26,000. Rakuten Securities Inc. bought a new position in shares of Confluent in the fourth quarter worth $31,000. Quest Partners LLC acquired a new position in shares of Confluent during the fourth quarter valued at $31,000. GAMMA Investing LLC bought a new stake in shares of Confluent during the fourth quarter valued at about $35,000. Finally, UniSuper Management Pty Ltd lifted its holdings in Confluent by 125.0% in the first quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock worth $82,000 after purchasing an additional 1,500 shares during the period. 78.09% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Confluent

In other Confluent news, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $31.00, for a total value of $1,975,599.00. Following the completion of the sale, the insider now owns 706,715 shares of the company’s stock, valued at $21,908,165. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Lara Caimi sold 9,375 shares of Confluent stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $31.00, for a total value of $290,625.00. Following the transaction, the director now directly owns 5,399 shares in the company, valued at $167,369. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $31.00, for a total value of $1,975,599.00. Following the transaction, the insider now directly owns 706,715 shares of the company’s stock, valued at approximately $21,908,165. The disclosure for this sale can be found here. Insiders have sold a total of 632,725 shares of company stock worth $18,138,428 in the last 90 days. 13.82% of the stock is owned by insiders.

Analyst Ratings Changes

CFLT has been the topic of several research analyst reports. Loop Capital lowered their target price on shares of Confluent from $30.00 to $25.00 and set a “hold” rating on the stock in a research note on Friday, July 19th. Evercore ISI started coverage on shares of Confluent in a research note on Tuesday, June 11th. They set an “outperform” rating and a $35.00 price objective on the stock. Mizuho cut their target price on Confluent from $36.00 to $34.00 and set an “outperform” rating for the company in a research report on Tuesday, July 16th. Canaccord Genuity Group upgraded Confluent from a “hold” rating to a “buy” rating and set a $35.00 price target on the stock in a research report on Wednesday, May 8th. Finally, Oppenheimer assumed coverage on Confluent in a research note on Friday, May 17th. They issued an “outperform” rating and a $37.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $32.93.

Confluent Stock Up 0.4 %

NASDAQ:CFLT traded up $0.09 during trading hours on Friday, hitting $25.06. 2,905,733 shares of the company’s stock traded hands, compared to its average volume of 4,409,346. The stock’s fifty day moving average price is $27.64 and its two-hundred day moving average price is $28.43. The firm has a market cap of $7.96 billion, a P/E ratio of -19.98 and a beta of 0.91. The company has a debt-to-equity ratio of 1.29, a quick ratio of 5.07 and a current ratio of 5.07. Confluent, Inc. has a twelve month low of $14.69 and a twelve month high of $38.19.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). Confluent had a negative return on equity of 40.55% and a negative net margin of 46.73%. The company had revenue of $217.24 million during the quarter, compared to analysts’ expectations of $211.57 million. On average, research analysts expect that Confluent, Inc. will post -0.94 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.