Confluent, Inc. $CFLT Stock Position Boosted by Vanguard Group Inc.

Vanguard Group Inc. grew its stake in shares of Confluent, Inc. (NASDAQ:CFLT) by 10.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,347,214 shares of the company’s stock after buying an additional 2,970,708 shares during the quarter. Vanguard Group Inc. owned about 8.96% of Confluent worth $620,675,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Champlain Investment Partners LLC lifted its position in Confluent by 6.7% in the second quarter. Champlain Investment Partners LLC now owns 11,590,026 shares of the company’s stock worth $288,939,000 after purchasing an additional 727,943 shares during the period. Franklin Resources Inc. increased its position in shares of Confluent by 1.7% during the 2nd quarter. Franklin Resources Inc. now owns 8,592,443 shares of the company’s stock valued at $214,210,000 after purchasing an additional 143,232 shares during the period. Geode Capital Management LLC raised its stake in shares of Confluent by 12.5% in the 2nd quarter. Geode Capital Management LLC now owns 5,235,819 shares of the company’s stock worth $130,551,000 after buying an additional 583,219 shares in the last quarter. Optimus Prime Fund Management Co. Ltd. lifted its holdings in shares of Confluent by 17.9% in the second quarter. Optimus Prime Fund Management Co. Ltd. now owns 5,070,000 shares of the company’s stock valued at $126,395,000 after buying an additional 770,000 shares during the period. Finally, First Trust Advisors LP lifted its holdings in shares of Confluent by 15.7% in the second quarter. First Trust Advisors LP now owns 4,555,913 shares of the company’s stock valued at $113,579,000 after buying an additional 616,822 shares during the period. Institutional investors and hedge funds own 78.09% of the company’s stock.

Insiders Place Their Bets

In other Confluent news, Director Neha Narkhede sold 80,000 shares of Confluent stock in a transaction on Friday, February 13th. The stock was sold at an average price of $30.59, for a total transaction of $2,447,200.00. Following the completion of the transaction, the director directly owned 28,549 shares of the company’s stock, valued at approximately $873,313.91. This trade represents a 73.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Edward Jay Kreps sold 506,000 shares of Confluent stock in a transaction that occurred on Friday, December 12th. The shares were sold at an average price of $30.04, for a total transaction of $15,200,240.00. Following the completion of the transaction, the chief executive officer owned 339,367 shares of the company’s stock, valued at $10,194,584.68. This trade represents a 59.86% 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. 13.82% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CFLT. TD Cowen restated a “hold” rating on shares of Confluent in a research report on Tuesday, October 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of Confluent in a research report on Monday, December 29th. Robert W. Baird increased their target price on shares of Confluent from $26.00 to $31.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 9th. New Street Research set a $29.00 price target on Confluent in a research note on Thursday, October 30th. Finally, Truist Financial set a $31.00 price objective on shares of Confluent in a research note on Monday, December 8th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, twenty-eight have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $28.71.

Confluent Trading Down 0.0%

Confluent stock opened at $30.69 on Tuesday. The stock has a market cap of $10.98 billion, a price-to-earnings ratio of -35.69 and a beta of 0.95. 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 price of $30.38 and a two-hundred day moving average price of $24.63. 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 (NASDAQ:CFLT) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.02. Confluent had a negative net margin of 25.31% and a negative return on equity of 22.66%. The firm had revenue of $314.82 million for the quarter, compared to analyst estimates of $308.03 million. During the same quarter in the previous year, the firm posted $0.09 EPS. The business’s revenue for the quarter was up 20.5% on a year-over-year basis. As a group, equities analysts forecast that Confluent, Inc. will post -0.83 EPS for the current year.

About Confluent

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.