The Manufacturers Life Insurance Company Boosts Stake in Confluent, Inc. (NASDAQ:CFLT)

The Manufacturers Life Insurance Company lifted its stake in shares of Confluent, Inc. (NASDAQ:CFLT) by 4.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 121,364 shares of the company’s stock after purchasing an additional 5,631 shares during the period. The Manufacturers Life Insurance Company’s holdings in Confluent were worth $3,584,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Daiwa Securities Group Inc. raised its holdings in shares of Confluent by 7.1% in the 1st quarter. Daiwa Securities Group Inc. now owns 12,100 shares of the company’s stock worth $369,000 after purchasing an additional 800 shares during the period. DekaBank Deutsche Girozentrale raised its holdings in shares of Confluent by 8.7% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock worth $322,000 after purchasing an additional 857 shares during the period. Advisors Asset Management Inc. raised its holdings in shares of Confluent by 40.3% in the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after purchasing an additional 859 shares during the period. Hollencrest Capital Management bought a new stake in shares of Confluent in the 1st quarter worth approximately $26,000. Finally, Resolute Advisors LLC raised its holdings in shares of Confluent by 11.1% in the 1st quarter. Resolute Advisors LLC now owns 8,693 shares of the company’s stock worth $265,000 after purchasing an additional 869 shares during the period. Institutional investors own 78.09% of the company’s stock.

Insider Buying and Selling

In related news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the completion of the transaction, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at approximately $9,045,235.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CTO Chad Verbowski sold 13,540 shares of Confluent stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $293,547.20. Following the completion of the sale, the chief technology officer now owns 496,807 shares in the company, valued at $10,770,775.76. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $9,045,235.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 524,453 shares of company stock valued at $10,833,388. Company insiders own 13.82% of the company’s stock.

Confluent Stock Performance

Shares of NASDAQ:CFLT opened at $19.97 on Tuesday. Confluent, Inc. has a 52 week low of $14.69 and a 52 week high of $35.07. The stock has a market capitalization of $6.35 billion, a P/E ratio of -15.98 and a beta of 0.88. The firm has a fifty day simple moving average of $20.59 and a two-hundred day simple moving average of $25.66. The company has a quick ratio of 4.44, a current ratio of 4.44 and a debt-to-equity ratio of 1.25.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, July 31st. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $234.99 million during the quarter, compared to analysts’ expectations of $229.49 million. On average, analysts expect that Confluent, Inc. will post -0.95 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CFLT has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Confluent from $35.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. Piper Sandler lowered their target price on shares of Confluent from $37.00 to $32.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Wolfe Research raised shares of Confluent to a “strong-buy” rating in a report on Wednesday, September 18th. Bank of America lowered their target price on shares of Confluent from $32.00 to $26.00 and set an “underperform” rating on the stock in a report on Thursday, August 1st. Finally, Loop Capital lowered their target price on shares of Confluent from $30.00 to $25.00 and set a “hold” rating on the stock in a report on Friday, July 19th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $29.97.

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.