Alps Advisors Inc. Invests $1.34 Million in Confluent, Inc. (NASDAQ:CFLT)

Alps Advisors Inc. acquired a new stake in Confluent, Inc. (NASDAQ:CFLT - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 57,200 shares of the company's stock, valued at approximately $1,341,000.

Several other large investors also recently added to or reduced their stakes in CFLT. Amalgamated Bank boosted its holdings in shares of Confluent by 3.4% during the 1st quarter. Amalgamated Bank now owns 16,995 shares of the company's stock worth $398,000 after buying an additional 566 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Confluent by 5.2% during the 4th quarter. Janus Henderson Group PLC now owns 107,900 shares of the company's stock worth $3,017,000 after acquiring an additional 5,300 shares during the period. SG Americas Securities LLC lifted its holdings in shares of Confluent by 25.8% during the 1st quarter. SG Americas Securities LLC now owns 26,884 shares of the company's stock worth $630,000 after acquiring an additional 5,520 shares during the period. Atria Investments Inc bought a new position in Confluent during the 4th quarter valued at about $347,000. Finally, Values First Advisors Inc. bought a new position in Confluent during the 1st quarter valued at about $231,000. 78.09% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on CFLT shares. TD Securities cut their price target on shares of Confluent from $34.00 to $32.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Wells Fargo & Company lowered their price target 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. Needham & Company LLC reduced their price objective on shares of Confluent from $40.00 to $26.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Citigroup reissued a "neutral" rating on shares of Confluent in a research note on Wednesday, May 21st. Finally, Oppenheimer cut their price target on shares of Confluent from $35.00 to $32.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $30.19.

Confluent Stock Performance

Shares of Confluent stock traded down $0.34 during trading on Friday, reaching $24.16. The company's stock had a trading volume of 5,692,966 shares, compared to its average volume of 5,013,831. The business's 50-day moving average price is $23.40 and its 200-day moving average price is $25.74. The firm has a market cap of $8.22 billion, a PE ratio of -24.65 and a beta of 0.99. Confluent, Inc. has a 52 week low of $17.79 and a 52 week high of $37.90. The company has a quick ratio of 4.42, a current ratio of 4.42 and a debt-to-equity ratio of 1.07.

Confluent (NASDAQ:CFLT - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.01. Confluent had a negative net margin of 31.42% and a negative return on equity of 29.92%. The business had revenue of $271.12 million during the quarter, compared to analysts' expectations of $264.45 million. During the same quarter in the prior year, the business posted $0.05 earnings per share. Confluent's revenue was up 24.8% compared to the same quarter last year. Equities analysts forecast that Confluent, Inc. will post -0.83 earnings per share for the current year.

Insider Transactions at Confluent

In other news, Director Neha Narkhede sold 60,000 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $19.96, for a total value of $1,197,600.00. Following the completion of the transaction, the director owned 20,247 shares of the company's stock, valued at $404,130.12. This represents a 74.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Rohan Sivaram sold 27,710 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $21.83, for a total value of $604,909.30. Following the completion of the transaction, the chief financial officer directly owned 673,693 shares of the company's stock, valued at $14,706,718.19. This represents a 3.95% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 546,669 shares of company stock valued at $12,637,193. 9.20% of the stock is 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.