Pier Capital LLC Boosts Holdings in Confluent, Inc. (NASDAQ:CFLT)

Pier Capital LLC increased its position in Confluent, Inc. (NASDAQ:CFLT) by 15.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 203,863 shares of the company’s stock after purchasing an additional 27,920 shares during the quarter. Pier Capital LLC owned 0.06% of Confluent worth $5,700,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Emerald Advisers LLC purchased a new position in Confluent in the 4th quarter valued at about $467,000. Vanguard Group Inc. lifted its stake in shares of Confluent by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company’s stock worth $694,207,000 after acquiring an additional 599,582 shares in the last quarter. LPL Financial LLC lifted its stake in shares of Confluent by 43.7% in the fourth quarter. LPL Financial LLC now owns 66,726 shares of the company’s stock worth $1,866,000 after acquiring an additional 20,300 shares in the last quarter. Fox Run Management L.L.C. boosted its holdings in Confluent by 19.8% in the fourth quarter. Fox Run Management L.L.C. now owns 71,717 shares of the company’s stock valued at $2,005,000 after purchasing an additional 11,870 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in Confluent during the 4th quarter valued at approximately $1,356,000. 78.09% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Confluent

In other news, CAO Kong Phan sold 3,175 shares of the company’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $26.86, for a total value of $85,280.50. Following the completion of the sale, the chief accounting officer now owns 246,516 shares in the company, valued at $6,621,419.76. This represents a 1.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Erica Schultz sold 150,000 shares of Confluent stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $35.82, for a total value of $5,373,000.00. Following the transaction, the insider now directly owns 678,016 shares in the company, valued at approximately $24,286,533.12. The trade was a 18.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,200,746 shares of company stock worth $38,505,150 over the last quarter. 13.82% of the stock is currently owned by company insiders.

Confluent Trading Up 3.0 %

NASDAQ:CFLT opened at $27.30 on Tuesday. The stock has a market cap of $9.12 billion, a price-to-earnings ratio of -25.28 and a beta of 0.90. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $37.90. The business has a fifty day moving average of $29.47 and a 200-day moving average of $27.08.

Confluent (NASDAQ:CFLT) last announced its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. Equities analysts predict that Confluent, Inc. will post -0.83 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on CFLT shares. Royal Bank of Canada upped their target price on Confluent from $36.00 to $41.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. Truist Financial increased their price objective on shares of Confluent from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Canaccord Genuity Group boosted their target price on shares of Confluent from $34.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. William Blair reaffirmed an “outperform” rating on shares of Confluent in a research report on Monday, March 17th. Finally, Evercore ISI boosted their price objective on Confluent from $32.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Confluent presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.33.

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.