HighTower Advisors LLC Sells 3,363 Shares of Confluent, Inc. (NASDAQ:CFLT)

HighTower Advisors LLC cut its stake in Confluent, Inc. (NASDAQ:CFLT) by 21.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,418 shares of the company’s stock after selling 3,363 shares during the period. HighTower Advisors LLC’s holdings in Confluent were worth $253,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of CFLT. Champlain Investment Partners LLC increased its stake in Confluent by 72.2% during the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock valued at $218,083,000 after purchasing an additional 4,486,841 shares in the last quarter. 1832 Asset Management L.P. grew its holdings in shares of Confluent by 28.4% during the second quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock valued at $224,933,000 after buying an additional 1,684,100 shares during the last quarter. William Blair Investment Management LLC bought a new stake in shares of Confluent during the second quarter worth about $193,403,000. Bank of New York Mellon Corp raised its holdings in shares of Confluent by 60.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,510,483 shares of the company’s stock worth $103,665,000 after acquiring an additional 1,316,804 shares during the last quarter. Finally, Atreides Management LP lifted its position in Confluent by 7.3% in the 3rd quarter. Atreides Management LP now owns 2,706,910 shares of the company’s stock valued at $55,167,000 after acquiring an additional 184,865 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors.

Insider Activity at Confluent

In related news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $29.29, for a total value of $6,809,925.00. Following the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $13,253,373.52. The trade was a 33.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Kong Phan sold 2,096 shares of Confluent stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $59,170.08. Following the transaction, the chief accounting officer now directly owns 190,680 shares of the company’s stock, valued at approximately $5,382,896.40. The trade was a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,584,712 shares of company stock valued at $132,928,936. 13.82% of the stock is currently owned by corporate insiders.

Confluent Price Performance

NASDAQ CFLT opened at $30.01 on Wednesday. Confluent, Inc. has a 12 month low of $17.79 and a 12 month high of $35.07. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The company’s 50 day simple moving average is $27.92 and its 200 day simple moving average is $24.81. The firm has a market capitalization of $9.84 billion, a PE ratio of -27.04 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.03. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. The business had revenue of $250.20 million during the quarter, compared to analyst estimates of $243.98 million. As a group, equities research analysts forecast that Confluent, Inc. will post -0.9 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Barclays increased their price objective on shares of Confluent from $32.00 to $35.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Wolfe Research upgraded Confluent to a “strong-buy” rating in a research report on Wednesday, September 18th. Mizuho increased their target price on shares of Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, December 13th. TD Cowen increased their target price on shares of Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Finally, Scotiabank raised their price objective on Confluent from $25.00 to $27.00 and gave the company a “sector perform” rating in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $32.23.

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.