Cetera Investment Advisers Raises Stock Holdings in Confluent, Inc. (NASDAQ:CFLT)

Cetera Investment Advisers grew its stake in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 31.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 65,157 shares of the company's stock after buying an additional 15,711 shares during the period. Cetera Investment Advisers' holdings in Confluent were worth $1,822,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Commonwealth Equity Services LLC boosted its stake in shares of Confluent by 4.1% during the fourth quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company's stock valued at $323,000 after purchasing an additional 458 shares during the period. Truist Financial Corp boosted its stake in shares of Confluent by 2.5% during the fourth quarter. Truist Financial Corp now owns 21,081 shares of the company's stock valued at $589,000 after purchasing an additional 514 shares during the period. Sit Investment Associates Inc. boosted its stake in shares of Confluent by 0.5% during the fourth quarter. Sit Investment Associates Inc. now owns 124,623 shares of the company's stock valued at $3,484,000 after purchasing an additional 680 shares during the period. Treasurer of the State of North Carolina boosted its stake in shares of Confluent by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 108,859 shares of the company's stock valued at $3,044,000 after purchasing an additional 680 shares during the period. Finally, Credit Industriel ET Commercial purchased a new stake in shares of Confluent during the fourth quarter valued at $28,000. Institutional investors own 78.09% of the company's stock.

Insider Activity

In related news, CFO Rohan Sivaram sold 11,000 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $31.14, for a total value of $342,540.00. Following the completion of the transaction, the chief financial officer now directly owns 701,403 shares of the company's stock, valued at approximately $21,841,689.42. This represents a 1.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Neha Narkhede sold 60,000 shares of the stock in a transaction on Friday, May 2nd. The shares were 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 now directly owns 20,247 shares of the company's stock, valued at approximately $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 have sold 736,028 shares of company stock worth $19,977,382 in the last quarter. Corporate insiders own 13.82% of the company's stock.

Confluent Price Performance

Shares of NASDAQ:CFLT traded down $0.05 during midday trading on Friday, reaching $21.84. 3,483,236 shares of the company's stock traded hands, compared to its average volume of 4,800,758. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $37.90. The company has a market cap of $7.43 billion, a P/E ratio of -20.22 and a beta of 1.02. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99. The company has a fifty day simple moving average of $22.47 and a two-hundred day simple moving average of $27.19.

Confluent (NASDAQ:CFLT - Get Free Report) last announced its earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.07 by $0.01. Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. The firm had revenue of $271.12 million for the quarter, compared to analyst estimates of $264.45 million. During the same quarter last year, the firm posted $0.05 EPS. The business's revenue was up 24.8% on a year-over-year basis. Equities analysts predict that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Analysts Set New Price Targets

CFLT has been the subject of a number of recent analyst reports. Truist Financial lowered their target price on shares of Confluent from $35.00 to $30.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Morgan Stanley lowered their target price on shares of Confluent from $32.00 to $25.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. Bank of America boosted their target price on shares of Confluent from $26.00 to $31.00 and gave the company an "underperform" rating in a research note on Wednesday, February 12th. Evercore ISI lowered their price objective on shares of Confluent from $29.00 to $28.00 and set an "outperform" rating for the company in a research note on Thursday, May 1st. Finally, Canaccord Genuity Group lowered their price objective on shares of Confluent from $38.00 to $32.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Confluent has a consensus rating of "Moderate Buy" and a consensus price target of $30.11.

About Confluent

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.