Principal Financial Group Inc. Sells 194,584 Shares of Confluent, Inc. (NASDAQ:CFLT)

Principal Financial Group Inc. lowered its position in Confluent, Inc. (NASDAQ:CFLT) by 90.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 20,880 shares of the company’s stock after selling 194,584 shares during the quarter. Principal Financial Group Inc.’s holdings in Confluent were worth $426,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Oddo BHF Asset Management Sas purchased a new position in Confluent in the 3rd quarter worth approximately $7,646,000. Tidal Investments LLC lifted its holdings in shares of Confluent by 521.0% during the 3rd quarter. Tidal Investments LLC now owns 50,545 shares of the company’s stock worth $1,030,000 after acquiring an additional 42,406 shares during the last quarter. Sanctuary Advisors LLC grew its position in Confluent by 21.2% in the third quarter. Sanctuary Advisors LLC now owns 18,825 shares of the company’s stock worth $384,000 after acquiring an additional 3,298 shares in the last quarter. Westside Investment Management Inc. increased its stake in Confluent by 11,796.1% in the third quarter. Westside Investment Management Inc. now owns 12,253 shares of the company’s stock valued at $250,000 after acquiring an additional 12,150 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Confluent by 2.5% in the third quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company’s stock worth $88,180,000 after buying an additional 107,510 shares in the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on CFLT. Royal Bank of Canada lifted their price target on shares of Confluent from $33.00 to $36.00 and gave the stock an “outperform” rating in a research note on Friday. JPMorgan Chase & Co. upped their price target on shares of Confluent from $35.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, December 11th. Needham & Company LLC reissued a “buy” rating and set a $31.00 target price on shares of Confluent in a research note on Friday, November 15th. UBS Group raised their price objective on shares of Confluent from $23.00 to $26.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Finally, Mizuho boosted their price objective on shares of Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. 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 company currently has an average rating of “Moderate Buy” and a consensus price target of $32.35.

Insider Buying and Selling

In other Confluent news, CAO Kong Phan sold 3,947 shares of Confluent stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $28.74, for a total transaction of $113,436.78. Following the transaction, the chief accounting officer now directly owns 179,939 shares of the company’s stock, valued at $5,171,446.86. The trade was a 2.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $27.40, for a total value of $1,746,174.60. Following the sale, the insider now directly owns 687,483 shares of the company’s stock, valued at $18,837,034.20. The trade was a 8.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,584,712 shares of company stock valued at $132,928,936. 13.82% of the stock is owned by company insiders.

Confluent Trading Up 3.6 %

Shares of NASDAQ:CFLT opened at $29.26 on Monday. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. The company has a market capitalization of $9.60 billion, a PE ratio of -26.36 and a beta of 0.91. Confluent, Inc. has a 12-month low of $17.79 and a 12-month high of $35.07. The business’s fifty day simple moving average is $29.15 and its 200-day simple moving average is $24.93.

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