Commonwealth Equity Services LLC Sells 5,391 Shares of Confluent, Inc. (NASDAQ:CFLT)

Commonwealth Equity Services LLC cut its holdings in Confluent, Inc. (NASDAQ:CFLT) by 16.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,226 shares of the company’s stock after selling 5,391 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Confluent were worth $804,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of CFLT. 1832 Asset Management L.P. purchased a new stake in Confluent in the first quarter worth about $181,075,000. Coatue Management LLC purchased a new stake in Confluent in the fourth quarter worth about $134,132,000. Champlain Investment Partners LLC purchased a new stake in Confluent in the first quarter worth about $144,563,000. Price T Rowe Associates Inc. MD lifted its holdings in Confluent by 17.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock worth $536,601,000 after buying an additional 2,587,169 shares during the period. Finally, Norges Bank purchased a new position in shares of Confluent during the fourth quarter valued at approximately $37,046,000. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Confluent news, CTO Chad Verbowski sold 13,540 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $293,547.20. Following the completion of the sale, the chief technology officer now owns 496,807 shares in the company, valued at approximately $10,770,775.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the completion of the transaction, the chief executive officer now owns 452,488 shares of the company’s stock, valued at approximately $9,045,235.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Chad Verbowski sold 13,540 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $293,547.20. Following the transaction, the chief technology officer now directly owns 496,807 shares of the company’s stock, valued at approximately $10,770,775.76. The disclosure for this sale can be found here. In the last quarter, insiders sold 524,263 shares of company stock worth $10,829,566. Corporate insiders own 13.82% of the company’s stock.

Analyst Ratings Changes

CFLT has been the subject of several recent research reports. Citigroup lowered their target price on shares of Confluent from $32.00 to $28.00 and set a “neutral” rating for the company in a report on Tuesday, July 30th. Loop Capital lowered their target price on shares of Confluent from $30.00 to $25.00 and set a “hold” rating for the company in a report on Friday, July 19th. Baird R W upgraded shares of Confluent to a “hold” rating in a report on Wednesday, September 4th. Truist Financial reiterated a “buy” rating and set a $30.00 target price (down from $36.00) on shares of Confluent in a report on Thursday, August 1st. Finally, Mizuho lowered their target price on shares of Confluent from $36.00 to $34.00 and set an “outperform” rating for the company in a report on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $30.69.

Confluent Trading Down 2.3 %

Shares of CFLT stock opened at $20.32 on Thursday. Confluent, Inc. has a 1 year low of $14.69 and a 1 year high of $35.07. The firm has a fifty day moving average price of $21.91 and a 200-day moving average price of $26.75. The company has a debt-to-equity ratio of 1.25, a current ratio of 4.44 and a quick ratio of 4.44. The company has a market cap of $6.46 billion, a price-to-earnings ratio of -16.26 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, July 31st. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). Confluent had a negative net margin of 42.70% and a negative return on equity of 37.78%. The business had revenue of $234.99 million for the quarter, compared to the consensus estimate of $229.49 million. As a group, equities analysts predict that Confluent, Inc. will post -0.95 earnings per share for the current 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.