Victory Capital Management Inc. Buys 373,682 Shares of Confluent, Inc. (NASDAQ:CFLT)

Victory Capital Management Inc. increased its position in shares of Confluent, Inc. (NASDAQ:CFLT) by 135.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 648,986 shares of the company’s stock after buying an additional 373,682 shares during the quarter. Victory Capital Management Inc. owned 0.20% of Confluent worth $18,146,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of CFLT. SWS Partners raised its holdings in Confluent by 37.0% during the fourth quarter. SWS Partners now owns 53,902 shares of the company’s stock worth $1,507,000 after acquiring an additional 14,547 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Confluent by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,355,491 shares of the company’s stock worth $65,860,000 after acquiring an additional 71,454 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in Confluent in the 4th quarter valued at $59,000. Oppenheimer & Co. Inc. boosted its position in shares of Confluent by 32.7% in the fourth quarter. Oppenheimer & Co. Inc. now owns 91,062 shares of the company’s stock valued at $2,546,000 after acquiring an additional 22,449 shares during the period. Finally, GenTrust LLC acquired a new position in shares of Confluent during the 4th quarter worth approximately $1,441,000. Institutional investors and hedge funds own 78.09% of the company’s stock.

Insider Activity

In related news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $29.36, for a total transaction of $6,826,200.00. Following the completion of the transaction, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $13,285,047.68. This trade represents a 33.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Erica Schultz sold 150,000 shares of Confluent stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $35.82, for a total value of $5,373,000.00. Following the completion of the transaction, the insider now directly owns 678,016 shares of the company’s stock, valued at approximately $24,286,533.12. This represents a 18.12 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,248,478 shares of company stock valued at $40,003,844. Insiders own 13.82% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on CFLT shares. Mizuho boosted their price objective on shares of Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Morgan Stanley upped their price target on shares of Confluent from $30.00 to $32.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 12th. Loop Capital decreased their price target on Confluent from $34.00 to $30.00 and set a “hold” rating for the company in a research note on Monday. Scotiabank upped their target price on Confluent from $27.00 to $35.00 and gave the company a “sector perform” rating in a report on Wednesday, February 12th. Finally, Evercore ISI upped their target price on Confluent from $32.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Confluent has an average rating of “Moderate Buy” and an average price target of $35.33.

Confluent Stock Performance

NASDAQ:CFLT opened at $25.50 on Wednesday. The business has a fifty day simple moving average of $29.80 and a two-hundred day simple moving average of $26.71. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $37.90. The company has a market capitalization of $8.52 billion, a P/E ratio of -23.61 and a beta of 0.89. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24.

Confluent (NASDAQ:CFLT) last posted its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (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, analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current year.

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.