Confluent, Inc. (NASDAQ:CFLT) Shares Sold by CANADA LIFE ASSURANCE Co

CANADA LIFE ASSURANCE Co lowered its position in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 5.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 223,293 shares of the company's stock after selling 13,628 shares during the period. CANADA LIFE ASSURANCE Co owned approximately 0.07% of Confluent worth $6,240,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in CFLT. Blue Trust Inc. increased its position in shares of Confluent by 354.0% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company's stock worth $58,000 after acquiring an additional 1,607 shares during the period. SBI Securities Co. Ltd. purchased a new position in shares of Confluent during the fourth quarter worth approximately $59,000. GAMMA Investing LLC increased its position in shares of Confluent by 85.3% during the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company's stock worth $69,000 after acquiring an additional 1,136 shares during the period. AlphaQuest LLC increased its position in shares of Confluent by 22,112.5% during the fourth quarter. AlphaQuest LLC now owns 3,554 shares of the company's stock worth $99,000 after acquiring an additional 3,538 shares during the period. Finally, IFP Advisors Inc increased its position in shares of Confluent by 48.4% during the fourth quarter. IFP Advisors Inc now owns 4,945 shares of the company's stock worth $138,000 after acquiring an additional 1,613 shares during the period. Institutional investors own 78.09% of the company's stock.

Confluent Stock Performance

Confluent stock traded down $0.04 during midday trading on Monday, hitting $24.09. 3,416,291 shares of the company were exchanged, compared to its average volume of 4,515,052. The firm has a market capitalization of $8.05 billion, a PE ratio of -22.31 and a beta of 1.03. Confluent, Inc. has a fifty-two week low of $17.79 and a fifty-two week high of $37.90. The business has a fifty day simple moving average of $25.21 and a two-hundred day simple moving average of $27.47. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99.

Confluent (NASDAQ:CFLT - Get Free Report) last posted its earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. On average, sell-side analysts forecast that Confluent, Inc. will post -0.83 earnings per share for the current year.

Analysts Set New Price Targets

CFLT has been the topic of several research reports. Wells Fargo & Company cut their price objective on shares of Confluent from $42.00 to $32.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Raymond James assumed coverage on Confluent in a research note on Friday, April 11th. They set an "outperform" rating and a $30.00 price objective for the company. Loop Capital decreased their price objective on Confluent from $30.00 to $22.00 and set a "hold" rating for the company in a research note on Wednesday, April 23rd. Royal Bank of Canada upped their price objective on Confluent from $36.00 to $41.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 12th. Finally, Stifel Nicolaus upped their price objective on Confluent from $37.00 to $40.00 and gave the stock a "buy" rating in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $33.39.

Insider Buying and Selling at Confluent

In other Confluent news, CAO Kong Phan sold 2,178 shares of the firm's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $31.58, for a total value of $68,781.24. Following the sale, the chief accounting officer now directly owns 177,415 shares of the company's stock, valued at approximately $5,602,765.70. This trade represents a 1.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $29.36, for a total value of $6,826,200.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $13,285,047.68. The trade was a 33.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,200,746 shares of company stock valued at $38,505,150. Company insiders own 13.82% of the company's stock.

Confluent Company Profile

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.