HighTower Advisors LLC Cuts Stake in Confluent, Inc. (NASDAQ:CFLT)

HighTower Advisors LLC lowered its holdings in shares of Confluent, Inc. (NASDAQ:CFLT) by 3.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 11,941 shares of the company’s stock after selling 477 shares during the period. HighTower Advisors LLC’s holdings in Confluent were worth $334,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the business. M&T Bank Corp grew its holdings in shares of Confluent by 12.3% in the fourth quarter. M&T Bank Corp now owns 21,540 shares of the company’s stock worth $602,000 after purchasing an additional 2,367 shares during the last quarter. Quantbot Technologies LP boosted its position in Confluent by 1,465.6% during the 3rd quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock valued at $617,000 after buying an additional 28,360 shares during the period. XTX Topco Ltd bought a new stake in Confluent in the 3rd quarter worth $868,000. Friedenthal Financial purchased a new position in shares of Confluent in the fourth quarter valued at about $758,000. Finally, Victory Capital Management Inc. raised its stake in shares of Confluent by 135.7% during the fourth quarter. Victory Capital Management Inc. now owns 648,986 shares of the company’s stock valued at $18,146,000 after acquiring an additional 373,682 shares during the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Insider Activity

In other Confluent news, CFO Rohan Sivaram sold 11,000 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $31.14, for a total transaction of $342,540.00. Following the completion of the sale, the chief financial officer now directly owns 701,403 shares of the company’s stock, valued at approximately $21,841,689.42. This represents a 1.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Kong Phan sold 3,175 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $26.86, for a total transaction of $85,280.50. Following the completion of the transaction, the chief accounting officer now owns 246,516 shares in the company, valued at $6,621,419.76. The trade was a 1.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,200,746 shares of company stock valued at $38,505,150 in the last ninety days. 13.82% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on CFLT shares. Loop Capital cut their target price on Confluent from $34.00 to $30.00 and set a “hold” rating on the stock in a research note on Monday, March 10th. JPMorgan Chase & Co. lifted their price objective on Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. Piper Sandler boosted their target price on Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Barclays raised their price target on Confluent from $35.00 to $37.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Finally, UBS Group upgraded shares of Confluent from a “neutral” rating to a “buy” rating and lifted their price target for the company from $34.00 to $38.00 in a report on Wednesday, February 26th. 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $35.15.

Confluent Stock Up 0.5 %

CFLT stock opened at $23.56 on Wednesday. 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, Inc. has a 1-year low of $17.79 and a 1-year high of $37.90. The stock has a market capitalization of $7.87 billion, a P/E ratio of -21.81 and a beta of 0.90. The business has a fifty day moving average price of $29.21 and a 200-day moving average price of $27.31.

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

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.