Bamco Inc. NY Sells 100,000 Shares of Confluent, Inc. $CFLT

Key Points

• Bamco Inc. NY cut its stake in Confluent by 60.6% in Q3, selling 100,000 shares and leaving 65,000 shares valued at $1,287,000.
• Significant insider selling occurred in February: Director Eric Vishria sold 61,905 shares and CEO Edward Jay Kreps sold 270,207 shares, with insiders selling 534,745 shares worth $16.39M over the last 90 days (insider ownership 13.82%).
• Despite those sales, large institutions increased positions (e.g., Vanguard added 2.97M shares to hold 31.35M shares worth $620.7M) and institutional ownership remains high at 78.09%, while the company reported revenue up 20.5% year-over-year and a slight EPS beat for the quarter.

Bamco Inc. NY lowered its holdings in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 60.6% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 65,000 shares of the company's stock after selling 100,000 shares during the quarter. Bamco Inc. NY's holdings in Confluent were worth $1,287,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CFLT. Vanguard Group Inc. raised its holdings in shares of Confluent by 10.5% during the third quarter. Vanguard Group Inc. now owns 31,347,214 shares of the company's stock valued at $620,675,000 after acquiring an additional 2,970,708 shares in the last quarter. Champlain Investment Partners LLC boosted its holdings in Confluent by 6.7% in the second quarter. Champlain Investment Partners LLC now owns 11,590,026 shares of the company's stock valued at $288,939,000 after acquiring an additional 727,943 shares in the last quarter. Franklin Resources Inc. boosted its holdings in Confluent by 1.7% in the second quarter. Franklin Resources Inc. now owns 8,592,443 shares of the company's stock valued at $214,210,000 after acquiring an additional 143,232 shares in the last quarter. Optimus Prime Fund Management Co. Ltd. boosted its holdings in Confluent by 16.8% in the third quarter. Optimus Prime Fund Management Co. Ltd. now owns 5,920,000 shares of the company's stock valued at $117,216,000 after acquiring an additional 850,000 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Confluent by 12.5% during the 2nd quarter. Geode Capital Management LLC now owns 5,235,819 shares of the company's stock valued at $130,551,000 after purchasing an additional 583,219 shares during the period. 78.09% of the stock is currently owned by institutional investors.

Confluent Stock Up 1.0%

NASDAQ:CFLT opened at $30.99 on Tuesday. The company has a debt-to-equity ratio of 0.94, a current ratio of 3.83 and a quick ratio of 3.83. The firm's 50-day moving average price is $30.58 and its 200-day moving average price is $26.02. The company has a market capitalization of $11.08 billion, a PE ratio of -36.03 and a beta of 0.95. Confluent, Inc. has a 1-year low of $15.64 and a 1-year high of $31.00.

Confluent (NASDAQ:CFLT - Get Free Report) last issued its quarterly earnings results on Wednesday, February 11th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.10 by $0.02. Confluent had a negative net margin of 25.31% and a negative return on equity of 22.66%. The company had revenue of $314.82 million during the quarter, compared to analysts' expectations of $308.03 million. During the same period last year, the company posted $0.09 EPS. Confluent's revenue was up 20.5% on a year-over-year basis. On average, equities analysts predict that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Insider Buying and Selling at Confluent

In related news, Director Eric Vishria sold 61,905 shares of the company's stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $30.57, for a total value of $1,892,435.85. Following the sale, the director owned 663,637 shares in the company, valued at $20,287,383.09. This represents a 8.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Edward Jay Kreps sold 270,207 shares of the company's stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $30.70, for a total value of $8,295,354.90. Following the completion of the sale, the chief executive officer owned 301,660 shares in the company, valued at $9,260,962. The trade was a 47.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 534,745 shares of company stock valued at $16,388,405. 13.82% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on CFLT shares. Evercore set a $31.00 price objective on shares of Confluent in a report on Monday, December 8th. Needham & Company LLC cut shares of Confluent from a "buy" rating to a "hold" rating in a research report on Monday, December 8th. Canaccord Genuity Group downgraded shares of Confluent from a "buy" rating to a "hold" rating and increased their price target for the stock from $27.00 to $31.00 in a research note on Monday, December 8th. Citizens Jmp lowered shares of Confluent from an "outperform" rating to a "market perform" rating in a report on Friday, January 9th. Finally, Royal Bank Of Canada cut Confluent from an "outperform" rating to a "sector perform" rating and lifted their price objective for the company from $30.00 to $31.00 in a research report on Tuesday, December 9th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, twenty-eight have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $28.71.

Confluent Profile

Confluent, Inc NASDAQ: CFLT is a leading provider of an event streaming platform built on Apache Kafka. The company's flagship offerings include Confluent Platform—a self-managed software solution—and Confluent Cloud, a fully managed service designed to simplify real-time data processing across hybrid and multi-cloud environments. These products enable enterprises to collect, process and distribute high volumes of data in real time, supporting use cases such as fraud detection, supply chain optimization and personalized customer experiences.

Founded in 2014 by Apache Kafka co-creators Jay Kreps, Neha Narkhede and Jun Rao, Confluent has driven the commercialization of Kafka technologies and extended the platform with tools for data integration, stream processing and enterprise-grade security.

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