Confluent, Inc. (NASDAQ:CFLT) Stake Boosted by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board lifted its stake in shares of Confluent, Inc. (NASDAQ:CFLT) by 797.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 207,200 shares of the company’s stock after purchasing an additional 184,100 shares during the quarter. Canada Pension Plan Investment Board owned about 0.07% of Confluent worth $6,119,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. Treasurer of the State of North Carolina increased its position in Confluent by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 82,082 shares of the company’s stock worth $1,921,000 after buying an additional 800 shares during the period. Daiwa Securities Group Inc. increased its holdings in shares of Confluent by 7.1% in the 1st quarter. Daiwa Securities Group Inc. now owns 12,100 shares of the company’s stock worth $369,000 after acquiring an additional 800 shares during the period. DekaBank Deutsche Girozentrale lifted its position in Confluent by 8.7% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock valued at $322,000 after purchasing an additional 857 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in Confluent by 40.3% during the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock valued at $91,000 after purchasing an additional 859 shares during the period. Finally, Hollencrest Capital Management bought a new position in Confluent in the 1st quarter worth about $26,000. Institutional investors own 78.09% of the company’s stock.

Wall Street Analyst Weigh In

CFLT has been the subject of several analyst reports. Guggenheim reiterated a “buy” rating and set a $37.00 price objective on shares of Confluent in a research report on Tuesday, June 25th. Robert W. Baird assumed coverage on Confluent in a research report on Wednesday, September 4th. They set a “neutral” rating and a $23.00 price target for the company. Wells Fargo & Company lowered their price target on Confluent from $38.00 to $34.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Royal Bank of Canada decreased their target price on shares of Confluent from $35.00 to $30.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Finally, Bank of America dropped their price target on shares of Confluent from $32.00 to $26.00 and set an “underperform” rating on the stock in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $29.97.

Confluent Trading Up 0.6 %

Shares of NASDAQ CFLT opened at $19.81 on Wednesday. The company has a current ratio of 4.44, a quick ratio of 4.44 and a debt-to-equity ratio of 1.25. Confluent, Inc. has a one year low of $14.69 and a one year high of $35.07. The business has a 50-day moving average price of $21.45 and a two-hundred day moving average price of $26.33. The firm has a market capitalization of $6.30 billion, a PE ratio of -15.85 and a beta of 0.88.

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

Insider Activity

In related news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at $9,045,235.12. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Lara Caimi sold 9,375 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was 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 of the company’s stock, valued at approximately $143,271.60. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $9,045,235.12. The disclosure for this sale can be found here. Insiders have sold a total of 524,453 shares of company stock worth $10,833,388 in the last ninety days. Corporate 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.