10,070 Shares in Confluent, Inc. (NASDAQ:CFLT) Acquired by Brio Consultants LLC

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 purchased a new position in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 10,070 shares of the company's stock, valued at approximately $236,000.

A number of other institutional investors also recently bought and sold shares of CFLT. Vanguard Group Inc. grew its stake in shares of 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 purchasing an additional 599,582 shares during the period. Champlain Investment Partners LLC grew its stake in shares of Confluent by 1.3% during the 4th quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company's stock worth $302,940,000 after purchasing an additional 133,908 shares during the period. Geode Capital Management LLC grew its stake in shares of Confluent by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company's stock worth $123,339,000 after purchasing an additional 84,163 shares during the period. Jericho Capital Asset Management L.P. grew its stake in shares of Confluent by 18.1% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,000,000 shares of the company's stock worth $83,880,000 after purchasing an additional 459,000 shares during the period. Finally, Norges Bank acquired a new stake in shares of Confluent during the 4th quarter worth approximately $81,092,000. 78.09% of the stock is owned by hedge funds and other institutional investors.

Confluent Trading Down 32.7%

CFLT traded down $8.64 on Thursday, hitting $17.76. The company had a trading volume of 42,077,920 shares, compared to its average volume of 6,125,227. The firm has a market cap of $6.04 billion, a P/E ratio of -18.17 and a beta of 0.99. Confluent, Inc. has a 1 year low of $17.51 and a 1 year high of $37.90. The company's fifty day moving average price is $24.51 and its 200 day moving average price is $25.51. The company has a current ratio of 4.42, a quick ratio of 4.42 and a debt-to-equity ratio of 1.07.

Confluent (NASDAQ:CFLT - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.01. The firm had revenue of $282.29 million for the quarter, compared to analyst estimates of $278.32 million. Confluent had a negative net margin of 31.42% and a negative return on equity of 29.92%. Confluent's revenue was up 20.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.06 EPS. As a group, equities analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CFLT has been the topic of a number of research analyst reports. Cowen cut shares of Confluent from a "buy" rating to a "hold" rating in a research note on Thursday. Robert W. Baird dropped their price target on shares of Confluent from $37.00 to $24.00 and set a "neutral" rating on the stock in a research note on Thursday, May 1st. Raymond James Financial dropped their price target on shares of Confluent from $30.00 to $25.00 and set an "outperform" rating on the stock in a research note on Thursday. Evercore ISI dropped their price target on shares of Confluent from $29.00 to $28.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. Finally, Loop Capital dropped their price target on shares of Confluent from $30.00 to $22.00 and set a "hold" rating on the stock in a research note on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Confluent presently has a consensus rating of "Moderate Buy" and a consensus price target of $28.00.

Insider Activity at Confluent

In other Confluent news, Director Lara Caimi sold 2,864 shares of the business's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $24.10, for a total transaction of $69,022.40. Following 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Ban Ryan Norris Mac sold 1,225 shares of the business's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $23.49, for a total transaction of $28,775.25. Following the sale, the executive owned 411,830 shares in the company, valued at $9,673,886.70. This trade represents a 0.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders 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.