State of New Jersey Common Pension Fund D Acquires 33,031 Shares of Confluent, Inc. $CFLT

State of New Jersey Common Pension Fund D grew its stake in Confluent, Inc. (NASDAQ:CFLT) by 36.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 123,094 shares of the company’s stock after purchasing an additional 33,031 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Confluent were worth $2,437,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Cibc World Market Inc. raised its stake in shares of Confluent by 67.5% in the third quarter. Cibc World Market Inc. now owns 14,891 shares of the company’s stock valued at $295,000 after acquiring an additional 6,000 shares during the last quarter. Krilogy Financial LLC acquired a new stake in Confluent during the 3rd quarter worth $307,000. Madison Asset Management LLC raised its position in shares of Confluent by 28.8% during the 3rd quarter. Madison Asset Management LLC now owns 218,345 shares of the company’s stock valued at $4,323,000 after acquiring an additional 48,766 shares during the last quarter. Wealthfront Advisers LLC lifted its stake in shares of Confluent by 10.6% in the 3rd quarter. Wealthfront Advisers LLC now owns 16,588 shares of the company’s stock valued at $328,000 after purchasing an additional 1,586 shares during the period. Finally, Tempus Wealth Planning LLC bought a new position in shares of Confluent in the 3rd quarter worth $274,000. Institutional investors and hedge funds own 78.09% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CFLT. Royal Bank Of Canada cut shares of Confluent from an “outperform” rating to a “sector perform” rating and boosted their price objective for the company from $30.00 to $31.00 in a report on Tuesday, December 9th. Mizuho lowered Confluent from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 8th. DA Davidson restated a “neutral” rating and set a $31.00 price objective (up from $29.00) on shares of Confluent in a report on Monday, December 8th. Wells Fargo & Company restated an “equal weight” rating and issued a $31.00 target price on shares of Confluent in a research note on Monday, December 8th. Finally, Raymond James Financial lowered shares of Confluent from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 9th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, twenty-eight have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $28.71.

Confluent Stock Performance

CFLT opened at $30.70 on Friday. The company has a quick ratio of 3.83, a current ratio of 3.83 and a debt-to-equity ratio of 0.94. Confluent, Inc. has a 12-month low of $15.64 and a 12-month high of $33.00. The business has a 50 day moving average of $30.37 and a 200-day moving average of $24.48. The stock has a market cap of $10.74 billion, a price-to-earnings ratio of -35.70 and a beta of 0.95.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Wednesday, February 11th. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.02. The business had revenue of $314.82 million for the quarter, compared to analysts’ expectations of $308.03 million. Confluent had a negative return on equity of 22.66% and a negative net margin of 25.31%.The firm’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.09 EPS. On average, equities research analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current year.

Insider Buying and Selling at Confluent

In other Confluent news, CAO Kong Phan sold 4,545 shares of Confluent stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $29.96, for a total value of $136,168.20. Following the completion of the sale, the chief accounting officer owned 220,505 shares in the company, valued at $6,606,329.80. The trade was a 2.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eric Vishria sold 61,905 shares of the stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $30.57, for a total transaction of $1,892,435.85. Following the transaction, the director owned 663,637 shares in the company, valued at approximately $20,287,383.09. The trade was a 8.53% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,214,570 shares of company stock worth $36,246,699 in the last 90 days. Company insiders own 9.20% of the company’s stock.

Confluent Profile

Confluent, Inc (NASDAQ: CFLT) is a leading provider of an event streaming platform built on Apache Kafka. The company’s flagship offerings include Confluent Platform—a self-managed software solution—and Confluent Cloud, a fully managed service designed to simplify real-time data processing across hybrid and multi-cloud environments. These products enable enterprises to collect, process and distribute high volumes of data in real time, supporting use cases such as fraud detection, supply chain optimization and personalized customer experiences.

Founded in 2014 by Apache Kafka co-creators Jay Kreps, Neha Narkhede and Jun Rao, Confluent has driven the commercialization of Kafka technologies and extended the platform with tools for data integration, stream processing and enterprise-grade security.