Confluent, Inc. (NASDAQ:CFLT) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its stake in Confluent, Inc. (NASDAQ:CFLT) by 90.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 20,880 shares of the company’s stock after selling 194,584 shares during the quarter. Principal Financial Group Inc.’s holdings in Confluent were worth $426,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. V Square Quantitative Management LLC purchased a new position in Confluent in the 2nd quarter valued at $68,000. UniSuper Management Pty Ltd boosted its holdings in shares of Confluent by 125.0% in the first quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock valued at $82,000 after acquiring an additional 1,500 shares in the last quarter. Advisors Asset Management Inc. increased its stake in shares of Confluent by 40.3% during the first quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after acquiring an additional 859 shares during the period. Lazard Asset Management LLC raised its holdings in Confluent by 25.5% during the first quarter. Lazard Asset Management LLC now owns 5,747 shares of the company’s stock worth $175,000 after purchasing an additional 1,167 shares in the last quarter. Finally, Acadian Asset Management LLC acquired a new stake in Confluent in the second quarter valued at about $175,000. Institutional investors and hedge funds own 78.09% of the company’s stock.

Confluent Stock Up 3.0 %

NASDAQ CFLT opened at $31.52 on Monday. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. The company has a market cap of $10.34 billion, a price-to-earnings ratio of -28.40 and a beta of 0.82. The company has a 50 day moving average of $23.35 and a 200-day moving average of $24.57. Confluent, Inc. has a 1-year low of $17.79 and a 1-year high of $35.07.

Confluent (NASDAQ:CFLT) last released its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.03. The firm had revenue of $250.20 million for the quarter, compared to analysts’ expectations of $243.98 million. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. On average, equities research analysts expect that Confluent, Inc. will post -0.9 earnings per share for the current fiscal year.

Insider Activity at Confluent

In other news, CMO Stephanie Buscemi sold 164,123 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $26.24, for a total value of $4,306,587.52. Following the sale, the chief marketing officer now owns 149,644 shares of the company’s stock, valued at $3,926,658.56. The trade was a 52.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $29.29, for a total value of $6,809,925.00. Following the transaction, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $13,253,373.52. The trade was a 33.94 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 3,425,457 shares of company stock valued at $93,622,927. 13.82% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CFLT. Piper Sandler cut their target price on Confluent from $37.00 to $32.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Sanford C. Bernstein cut their price objective on Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Scotiabank boosted their target price on shares of Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 31st. DA Davidson reiterated a “buy” rating and issued a $30.00 price target on shares of Confluent in a report on Wednesday, September 18th. Finally, Wolfe Research raised shares of Confluent to a “strong-buy” rating in a report on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $30.88.

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.