DekaBank Deutsche Girozentrale Has $623,000 Stock Position in Confluent, Inc. (NASDAQ:CFLT)

DekaBank Deutsche Girozentrale grew its position in Confluent, Inc. (NASDAQ:CFLT) by 96.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 21,013 shares of the company’s stock after purchasing an additional 10,332 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Confluent were worth $623,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Hollencrest Capital Management bought a new stake in Confluent during the first quarter worth $26,000. Quest Partners LLC bought a new stake in shares of Confluent during the fourth quarter worth approximately $31,000. V Square Quantitative Management LLC acquired a new position in Confluent in the 2nd quarter valued at $68,000. UniSuper Management Pty Ltd increased its position in Confluent by 125.0% during the first quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock worth $82,000 after acquiring an additional 1,500 shares during the period. Finally, Advisors Asset Management Inc. raised its position in shares of Confluent by 40.3% in the first quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock valued at $91,000 after buying an additional 859 shares in the last quarter. Institutional investors and hedge funds own 78.09% of the company’s stock.

Confluent Stock Down 1.5 %

Shares of CFLT stock opened at $20.36 on Friday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 4.44 and a current ratio of 4.44. The stock’s 50-day simple moving average is $21.83 and its 200-day simple moving average is $26.71. Confluent, Inc. has a fifty-two week low of $14.69 and a fifty-two week high of $35.07. The firm has a market capitalization of $6.47 billion, a PE ratio of -16.29 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results 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 company had revenue of $234.99 million during the quarter, compared to analyst estimates of $229.49 million. Equities analysts expect that Confluent, Inc. will post -0.95 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CFLT shares. Wells Fargo & Company lowered their price objective on shares of Confluent from $38.00 to $34.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. Evercore ISI reduced their target price on Confluent from $33.00 to $28.00 and set an “outperform” rating on the stock in a report on Friday. Royal Bank of Canada decreased their target price on Confluent from $35.00 to $30.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Piper Sandler dropped their price objective on shares of Confluent from $37.00 to $32.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Finally, Canaccord Genuity Group cut their target price on Confluent from $35.00 to $34.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $30.31.

Insiders Place Their Bets

In other Confluent news, insider Erica Schultz sold 9,556 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $207,174.08. Following the completion of the sale, the insider now owns 687,483 shares of the company’s stock, valued at $14,904,631.44. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Confluent news, insider Erica Schultz sold 9,556 shares of Confluent stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $207,174.08. Following the completion of the transaction, the insider now directly owns 687,483 shares of the company’s stock, valued at approximately $14,904,631.44. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Lara Caimi sold 9,375 shares of the stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $20.01, for a total value of $187,593.75. Following the completion of the sale, the director now owns 7,160 shares in the company, valued at $143,271.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 524,263 shares of company stock valued at $10,829,566. Insiders own 13.82% of the company’s stock.

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.