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Bank of New York Mellon Corp Sells 909,299 Shares of Confluent, Inc. (NASDAQ:CFLT)

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Bank of New York Mellon Corp decreased its position in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 23.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,901,136 shares of the company's stock after selling 909,299 shares during the quarter. Bank of New York Mellon Corp owned about 0.87% of Confluent worth $68,003,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Impax Asset Management Group plc grew its position in shares of Confluent by 56.6% during the 1st quarter. Impax Asset Management Group plc now owns 34,311 shares of the company's stock worth $804,000 after buying an additional 12,399 shares during the period. Principal Financial Group Inc. grew its position in shares of Confluent by 47.3% during the 1st quarter. Principal Financial Group Inc. now owns 528,171 shares of the company's stock worth $12,380,000 after buying an additional 169,576 shares during the period. Teacher Retirement System of Texas grew its position in shares of Confluent by 16.8% during the 1st quarter. Teacher Retirement System of Texas now owns 84,684 shares of the company's stock worth $1,985,000 after buying an additional 12,169 shares during the period. Vishria Bird Financial Group LLC grew its position in shares of Confluent by 1,301.3% during the 1st quarter. Vishria Bird Financial Group LLC now owns 1,234,929 shares of the company's stock worth $28,947,000 after buying an additional 1,146,803 shares during the period. Finally, Krane Funds Advisors LLC acquired a new stake in shares of Confluent during the 1st quarter worth approximately $252,000. Institutional investors own 78.09% of the company's stock.

Analysts Set New Price Targets

CFLT has been the subject of several recent analyst reports. JMP Securities reduced their price objective on shares of Confluent from $40.00 to $36.00 and set a "market outperform" rating for the company in a research report on Thursday, May 1st. Wells Fargo & Company reduced 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. Morgan Stanley reduced their price objective on shares of Confluent from $32.00 to $25.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 16th. Raymond James Financial initiated coverage on shares of Confluent in a research report on Friday, April 11th. They set an "outperform" rating and a $30.00 price objective for the company. Finally, Loop Capital reduced 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. One 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 issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $30.19.

Check Out Our Latest Analysis on Confluent

Insider Activity at Confluent

In other news, CAO Kong Phan sold 3,575 shares of Confluent stock in a transaction on Friday, June 20th. The stock was sold at an average price of $23.49, for a total transaction of $83,976.75. Following the sale, the chief accounting officer directly owned 239,742 shares in the company, valued at $5,631,539.58. The trade was a 1.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $24.50, for a total value of $5,696,250.00. Following the sale, the chief executive officer owned 452,488 shares in the company, valued at $11,085,956. The trade was a 33.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 546,669 shares of company stock worth $12,637,193. 9.20% of the stock is owned by company insiders.

Confluent Stock Down 1.4%

NASDAQ:CFLT traded down $0.34 during trading hours on Friday, hitting $24.16. 5,692,966 shares of the company traded hands, compared to its average volume of 5,016,876. The company has a quick ratio of 4.42, a current ratio of 4.42 and a debt-to-equity ratio of 1.07. The firm's 50-day simple moving average is $23.40 and its 200-day simple moving average is $25.77. Confluent, Inc. has a one year low of $17.79 and a one year high of $37.90. The company has a market cap of $8.22 billion, a PE ratio of -24.65 and a beta of 0.99.

Confluent (NASDAQ:CFLT - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $0.08 EPS for the quarter, topping 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 business's revenue for the quarter was up 24.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.05 EPS. Equities analysts predict that Confluent, Inc. will post -0.83 earnings per share for the current year.

Confluent Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Confluent (NASDAQ:CFLT)

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