Brio Consultants LLC Invests $236,000 in Confluent, Inc. (NASDAQ:CFLT)

Key Points

• Brio Consultants LLC has invested $236,000 in Confluent, Inc. by purchasing 10,070 shares during the first quarter, as disclosed to the SEC.
• CEO Edward Jay Kreps sold 232,500 shares of Confluent on June 5th, resulting in a 33.94% decrease in his ownership stake.
• Analysts have reduced their target price for Confluent shares, with ratings varying from "strong buy" to "sell," indicating a broad range of expectations for the company's performance.

Brio Consultants LLC bought a new position in Confluent, Inc. (NASDAQ:CFLT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 10,070 shares of the company's stock, valued at approximately $236,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CFLT. Commonwealth Equity Services LLC lifted 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 buying an additional 458 shares in the last quarter. Sei Investments Co. lifted its position in Confluent by 12.7% during the 4th quarter. Sei Investments Co. now owns 445,585 shares of the company's stock worth $12,459,000 after buying an additional 50,340 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in Confluent during the 4th quarter worth about $1,356,000. LPL Financial LLC lifted its position in Confluent by 43.7% during the 4th quarter. LPL Financial LLC now owns 66,726 shares of the company's stock worth $1,866,000 after buying an additional 20,300 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in Confluent by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company's stock worth $694,207,000 after buying an additional 599,582 shares in the last quarter. Institutional investors and hedge funds own 78.09% of the company's stock.

Insiders Place Their Bets

In related news, CEO Edward Jay Kreps sold 232,500 shares of the firm's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $24.50, for a total value of $5,696,250.00. Following the completion of the transaction, the chief executive officer directly owned 452,488 shares of the company's stock, valued at approximately $11,085,956. This trade represents a 33.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Neha Narkhede sold 60,000 shares of the firm's stock in a transaction 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 transaction, the director directly 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 disclosure for this sale can be found here. Insiders sold 546,669 shares of company stock valued at $12,637,193 in the last ninety days. 13.82% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on CFLT shares. Canaccord Genuity Group cut their target price on shares of Confluent from $38.00 to $32.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Truist Financial cut their target price on shares of Confluent from $35.00 to $30.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Morgan Stanley cut their target price on shares of Confluent from $32.00 to $25.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. JMP Securities cut their target price on shares of Confluent from $40.00 to $36.00 and set a "market outperform" rating on the stock in a research report on Thursday, May 1st. Finally, Barclays restated an "overweight" rating and set a $31.00 target price (up from $27.00) on shares of Confluent in a research report on Monday, July 21st. One analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-one have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $30.36.

Confluent Price Performance

NASDAQ:CFLT opened at $27.35 on Monday. Confluent, Inc. has a 1-year low of $17.79 and a 1-year high of $37.90. The company has a current ratio of 4.42, a quick ratio of 4.42 and a debt-to-equity ratio of 1.07. The firm has a fifty day simple moving average of $24.20 and a 200 day simple moving average of $25.49. The stock has a market capitalization of $9.31 billion, a PE ratio of -27.91 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 earnings per share for the quarter, beating 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 period last year, the business earned $0.05 earnings per share. The firm's revenue was up 24.8% on a year-over-year basis. On average, research analysts expect that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

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.

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