Allianz Asset Management GmbH Has $14.08 Million Stock Holdings in Confluent, Inc. (NASDAQ:CFLT)

Key Points

• Allianz Asset Management GmbH significantly increased its position in Confluent, Inc. by 6,723.4%, acquiring 600,456 shares worth approximately $14.08 million in the 1st quarter.
• Confluent reported a 24.8% year-over-year revenue increase in its latest earnings, with revenue reaching $271.12 million for the quarter.
• Analysts have shown a range of opinions on Confluent, with a current average rating of "Moderate Buy" and a target price of $30.36.

Allianz Asset Management GmbH grew its stake in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 6,723.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 600,456 shares of the company's stock after acquiring an additional 591,656 shares during the quarter. Allianz Asset Management GmbH owned about 0.18% of Confluent worth $14,075,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of CFLT. Norges Bank acquired a new position in shares of Confluent in the 4th quarter valued at $81,092,000. Pictet Asset Management Holding SA lifted its position in Confluent by 7,342.2% in the fourth quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company's stock valued at $65,748,000 after buying an additional 2,319,919 shares during the last quarter. Fuller & Thaler Asset Management Inc. purchased a new position in Confluent during the 4th quarter valued at about $64,658,000. Vishria Bird Financial Group LLC grew its position in Confluent by 1,301.3% in the 1st quarter. Vishria Bird Financial Group LLC now owns 1,234,929 shares of the company's stock valued at $28,947,000 after acquiring an additional 1,146,803 shares in the last quarter. Finally, MIG Capital LLC purchased a new stake in Confluent during the fourth quarter worth about $27,007,000. 78.09% of the stock is owned by hedge funds and other institutional investors.

Confluent Stock Down 0.5%

Shares of Confluent stock traded down $0.14 during trading on Monday, reaching $27.22. The company had a trading volume of 2,391,356 shares, compared to its average volume of 5,768,155. The company has a debt-to-equity ratio of 1.07, a quick ratio of 4.42 and a current ratio of 4.42. The company has a market cap of $9.26 billion, a price-to-earnings ratio of -27.80 and a beta of 0.99. Confluent, Inc. has a fifty-two week low of $17.79 and a fifty-two week high of $37.90. The firm's fifty day moving average is $24.20 and its 200-day moving average is $25.49.

Confluent (NASDAQ:CFLT - Get Free Report) last posted its earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 29.92% and a negative net margin of 31.42%. The firm's quarterly revenue was up 24.8% compared to the same quarter last year. During the same period last year, the business posted $0.05 earnings per share. On average, analysts anticipate that Confluent, Inc. will post -0.83 EPS for the current year.

Insider Buying and Selling

In other Confluent news, Director Lara Caimi sold 2,864 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $24.10, for a total value of $69,022.40. Following the completion of the sale, the director directly owned 4,296 shares in the company, valued at $103,533.60. This represents a 40.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Eric Vishria sold 15,476 shares of Confluent stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $25.00, for a total value of $386,900.00. Following the transaction, the director owned 1,154,400 shares in the company, valued at approximately $28,860,000. This trade represents a 1.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 546,669 shares of company stock worth $12,637,193. Company insiders own 13.82% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on CFLT. Morgan Stanley reduced their price target on Confluent from $32.00 to $25.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. Loop Capital reduced their target price on shares of Confluent from $30.00 to $22.00 and set a "hold" rating on the stock in a report on Wednesday, April 23rd. Evercore ISI decreased their price target on shares of Confluent from $29.00 to $28.00 and set an "outperform" rating for the company in a research note on Thursday, May 1st. Raymond James Financial began coverage on shares of Confluent in a research report on Friday, April 11th. They issued an "outperform" rating and a $30.00 price objective on the stock. Finally, Stifel Nicolaus decreased their price objective on shares of Confluent from $40.00 to $30.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-one have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $30.36.

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.