Confluent, Inc. (NASDAQ:CFLT) Stake Lifted by Truist Financial Corp

Truist Financial Corp increased its position in shares of Confluent, Inc. (NASDAQ:CFLT) by 2.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,081 shares of the company’s stock after purchasing an additional 514 shares during the period. Truist Financial Corp’s holdings in Confluent were worth $589,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Champlain Investment Partners LLC raised its stake in shares of Confluent by 72.2% in the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock worth $218,083,000 after buying an additional 4,486,841 shares in the last quarter. Fiera Capital Corp bought a new stake in Confluent in the third quarter worth about $21,127,000. Jacobs Levy Equity Management Inc. lifted its holdings in Confluent by 46.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,513,426 shares of the company’s stock valued at $51,224,000 after acquiring an additional 802,353 shares during the last quarter. Savant Capital LLC bought a new position in shares of Confluent during the 4th quarter valued at about $10,607,000. Finally, Oddo BHF Asset Management Sas acquired a new position in shares of Confluent in the 3rd quarter worth approximately $7,646,000. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Confluent Trading Up 0.2 %

NASDAQ:CFLT opened at $31.74 on Monday. The company has a market capitalization of $10.60 billion, a P/E ratio of -29.39 and a beta of 0.92. The stock’s 50 day moving average price is $29.96 and its 200 day moving average price is $26.40. 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 52 week low of $17.79 and a 52 week high of $37.90.

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

Analyst Upgrades and Downgrades

Several research firms recently commented on CFLT. Wells Fargo & Company increased their target price on shares of Confluent from $40.00 to $42.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Canaccord Genuity Group raised their price objective on Confluent from $34.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. UBS Group raised Confluent from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $34.00 to $38.00 in a research report on Wednesday, February 26th. Mizuho increased their price target on Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Finally, Morgan Stanley boosted their price objective on Confluent from $30.00 to $32.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.15.

Insiders Place Their Bets

In other news, CFO Rohan Sivaram sold 68,350 shares of the stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $36.23, for a total transaction of $2,476,320.50. Following the transaction, the chief financial officer now owns 520,273 shares of the company’s stock, valued at approximately $18,849,490.79. This represents a 11.61 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Kong Phan sold 3,947 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $28.74, for a total value of $113,436.78. Following the completion of the transaction, the chief accounting officer now directly owns 179,939 shares in the company, valued at $5,171,446.86. The trade was a 2.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,429,865 shares of company stock valued at $46,902,419 over the last three months. 13.82% of the stock is currently owned by insiders.

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.