Ensign Peak Advisors Inc Lowers Holdings in Confluent, Inc. (NASDAQ:CFLT)

Ensign Peak Advisors Inc reduced its stake in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 7.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 729,115 shares of the company's stock after selling 62,653 shares during the period. Ensign Peak Advisors Inc owned 0.22% of Confluent worth $20,386,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of CFLT. Commonwealth Equity Services LLC increased its position in Confluent by 4.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company's stock worth $323,000 after purchasing an additional 458 shares in the last quarter. Truist Financial Corp grew its stake in Confluent by 2.5% during the fourth quarter. Truist Financial Corp now owns 21,081 shares of the company's stock worth $589,000 after buying an additional 514 shares during the period. Sit Investment Associates Inc. grew its stake in Confluent by 0.5% during the fourth quarter. Sit Investment Associates Inc. now owns 124,623 shares of the company's stock worth $3,484,000 after buying an additional 680 shares during the period. Treasurer of the State of North Carolina increased its position in shares of Confluent by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 108,859 shares of the company's stock worth $3,044,000 after acquiring an additional 680 shares in the last quarter. Finally, Credit Industriel ET Commercial purchased a new position in shares of Confluent in the 4th quarter valued at $28,000. 78.09% of the stock is owned by institutional investors and hedge funds.

Confluent Trading Down 1.6%

Confluent stock opened at $20.65 on Monday. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $37.90. The firm's 50-day moving average is $23.40 and its 200-day moving average is $27.40. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99. The company has a market cap of $7.03 billion, a P/E ratio of -19.12 and a beta of 1.02.

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

Analysts Set New Price Targets

A number of brokerages recently weighed in on CFLT. Loop Capital decreased their price target on shares of Confluent from $30.00 to $22.00 and set a "hold" rating for the company in a research report on Wednesday, April 23rd. 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. DA Davidson lowered their target price on Confluent from $42.00 to $28.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Needham & Company LLC reduced their price target on Confluent from $40.00 to $26.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Finally, Wells Fargo & Company lowered their price objective on shares of Confluent from $32.00 to $30.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Confluent has an average rating of "Moderate Buy" and a consensus price target of $30.11.

Insider Activity at Confluent

In other Confluent news, insider Erica Schultz sold 150,000 shares of the business's stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $35.82, for a total transaction of $5,373,000.00. Following the completion of the transaction, the insider now directly owns 678,016 shares of the company's stock, valued at $24,286,533.12. The trade was a 18.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Neha Narkhede sold 60,000 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $19.96, for a total transaction of $1,197,600.00. Following the completion of the sale, the director now owns 20,247 shares in the company, valued at $404,130.12. The trade was a 74.77% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,260,746 shares of company stock worth $39,702,750 in the last 90 days. 9.20% of the stock is currently owned by company insiders.

Confluent 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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