Confluent, Inc. (NASDAQ:CFLT) Shares Sold by Granahan Investment Management LLC

Granahan Investment Management LLC lessened its position in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 39.2% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 333,618 shares of the company's stock after selling 214,692 shares during the period. Granahan Investment Management LLC owned approximately 0.10% of Confluent worth $9,328,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of CFLT. M&T Bank Corp grew its holdings in shares of Confluent by 12.3% during the fourth quarter. M&T Bank Corp now owns 21,540 shares of the company's stock valued at $602,000 after buying an additional 2,367 shares during the last quarter. Friedenthal Financial bought a new stake in Confluent in the fourth quarter worth about $758,000. Victory Capital Management Inc. boosted its stake in Confluent by 135.7% in the fourth quarter. Victory Capital Management Inc. now owns 648,986 shares of the company's stock valued at $18,146,000 after acquiring an additional 373,682 shares during the last quarter. Truist Financial Corp raised its stake in Confluent by 2.5% in the 4th quarter. Truist Financial Corp now owns 21,081 shares of the company's stock valued at $589,000 after acquiring an additional 514 shares during the period. Finally, Stratos Wealth Advisors LLC bought a new position in Confluent during the fourth quarter worth about $252,000. Institutional investors own 78.09% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. William Blair restated an "outperform" rating on shares of Confluent in a research report on Monday, March 17th. Wells Fargo & Company decreased their target price on shares of Confluent from $32.00 to $30.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Piper Sandler reduced their price target on shares of Confluent from $40.00 to $32.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. UBS Group cut their price objective on Confluent from $38.00 to $30.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Finally, Oppenheimer decreased their price objective on Confluent from $35.00 to $32.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Confluent has a consensus rating of "Moderate Buy" and an average price target of $30.11.

Confluent Price Performance

CFLT stock traded down $0.82 on Thursday, reaching $22.68. 5,111,219 shares of the company's stock were exchanged, compared to its average volume of 6,028,262. The stock has a fifty day moving average of $23.03 and a 200-day moving average of $27.34. The firm has a market cap of $7.72 billion, a PE ratio of -21.00 and a beta of 1.02. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. Confluent, Inc. has a twelve month low of $17.79 and a twelve month high of $37.90.

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

Insider Activity

In other Confluent news, CAO Kong Phan sold 2,178 shares of Confluent stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $31.58, for a total transaction of $68,781.24. Following the sale, the chief accounting officer now directly owns 177,415 shares in the company, valued at $5,602,765.70. The trade was a 1.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Erica Schultz sold 63,729 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $34.75, for a total value of $2,214,582.75. Following the transaction, the insider now owns 678,016 shares of the company's stock, valued at approximately $23,561,056. This trade represents a 8.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,011,050 shares of company stock valued at $30,718,078 in the last three months. Corporate insiders own 9.20% of the company's stock.

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.