MBB Public Markets I LLC Invests $493,000 in Confluent, Inc. (NASDAQ:CFLT)

MBB Public Markets I LLC bought a new position in Confluent, Inc. (NASDAQ:CFLT) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 16,688 shares of the company’s stock, valued at approximately $493,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Highland Capital Management LLC purchased a new position in Confluent in the first quarter valued at about $1,181,000. William Blair Investment Management LLC acquired a new stake in shares of Confluent during the 2nd quarter worth approximately $193,403,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in shares of Confluent by 19.6% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 15,501 shares of the company’s stock worth $473,000 after purchasing an additional 2,542 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Confluent by 1.5% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 366,116 shares of the company’s stock worth $11,174,000 after buying an additional 5,362 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Confluent by 920.4% in the 1st quarter. Principal Financial Group Inc. now owns 194,960 shares of the company’s stock worth $5,950,000 after buying an additional 175,853 shares in the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Insider Buying and Selling at Confluent

In related news, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $21.13, for a total transaction of $4,912,725.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at $9,561,071.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Confluent news, insider Erica Schultz sold 9,556 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $207,174.08. Following the transaction, the insider now owns 687,483 shares in the company, valued at $14,904,631.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $21.13, for a total transaction of $4,912,725.00. Following the completion of the transaction, the chief executive officer now owns 452,488 shares in the company, valued at $9,561,071.44. The disclosure for this sale can be found here. In the last ninety days, insiders sold 524,453 shares of company stock worth $10,833,388. 13.82% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have issued reports on CFLT shares. Piper Sandler decreased their price target on Confluent from $37.00 to $32.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Needham & Company LLC restated a “buy” rating and issued a $28.00 target price on shares of Confluent in a report on Monday, September 23rd. Canaccord Genuity Group reduced their target price on Confluent from $35.00 to $34.00 and set a “buy” rating for the company in a report on Thursday, August 1st. JPMorgan Chase & Co. upgraded Confluent from a “neutral” rating to an “overweight” rating and set a $25.00 price objective for the company in a report on Friday, August 9th. Finally, Truist Financial reiterated a “buy” rating and set a $30.00 price objective (down from $36.00) on shares of Confluent in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $29.97.

Confluent Price Performance

Shares of Confluent stock opened at $18.90 on Wednesday. The firm has a market cap of $6.01 billion, a PE ratio of -15.12 and a beta of 0.88. Confluent, Inc. has a 12-month low of $14.69 and a 12-month high of $35.07. The company has a quick ratio of 4.44, a current ratio of 4.44 and a debt-to-equity ratio of 1.25. The company’s fifty day simple moving average is $20.91 and its two-hundred day simple moving average is $25.92.

Confluent (NASDAQ:CFLT) last posted its 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 during the quarter, compared to analysts’ expectations of $229.49 million. As a group, equities analysts expect that Confluent, Inc. will post -0.95 EPS 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.