Confluent, Inc. (NASDAQ:CFLT) Shares Acquired by Comerica Bank

Comerica Bank boosted its position in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 2,388.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 64,339 shares of the company's stock after purchasing an additional 61,753 shares during the period. Comerica Bank's holdings in Confluent were worth $1,799,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Confluent by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company's stock valued at $694,207,000 after acquiring an additional 599,582 shares in the last quarter. Champlain Investment Partners LLC increased its holdings in Confluent by 1.3% during the 4th quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company's stock worth $302,940,000 after purchasing an additional 133,908 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Confluent by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company's stock valued at $123,339,000 after purchasing an additional 84,163 shares in the last quarter. Jericho Capital Asset Management L.P. grew its position in shares of Confluent by 18.1% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,000,000 shares of the company's stock worth $83,880,000 after buying an additional 459,000 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Confluent during the fourth quarter worth approximately $81,092,000. Institutional investors and hedge funds own 78.09% of the company's stock.

Analyst Upgrades and Downgrades

CFLT has been the topic of a number of research analyst reports. Barclays reduced their price objective on shares of Confluent from $29.00 to $27.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Truist Financial decreased their price target on Confluent from $35.00 to $30.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Bank of America increased their target price on Confluent from $26.00 to $31.00 and gave the stock an "underperform" rating in a report on Wednesday, February 12th. Evercore ISI decreased their target price on Confluent from $29.00 to $28.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. Finally, Robert W. Baird dropped their price target on Confluent from $37.00 to $24.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $30.11.

Confluent Price Performance

NASDAQ CFLT opened at $20.65 on Friday. Confluent, Inc. has a 12 month low of $17.79 and a 12 month high of $37.90. The firm has a market capitalization of $6.90 billion, a PE ratio of -19.12 and a beta of 1.02. The company's 50 day simple moving average is $23.40 and its 200 day simple moving average is $27.31. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24.

Confluent (NASDAQ:CFLT - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.01. The company had revenue of $271.12 million for the quarter, compared to analysts' expectations of $264.45 million. Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. The firm's revenue for the quarter was up 24.8% on a year-over-year basis. During the same period last year, the firm earned $0.05 EPS. As a group, equities research analysts forecast that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Insiders Place Their Bets

In other Confluent news, Director Neha Narkhede sold 60,000 shares of Confluent stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $19.96, for a total value of $1,197,600.00. Following the transaction, the director now owns 20,247 shares in the company, valued at approximately $404,130.12. The trade was a 74.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $32.33, for a total value of $7,516,725.00. Following the sale, the chief executive officer now owns 452,488 shares of the company's stock, valued at $14,628,937.04. This trade represents a 33.94 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,260,746 shares of company stock worth $39,702,750. 13.82% of the stock is owned by corporate insiders.

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.

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