Confluent, Inc. (NASDAQ:CFLT) Shares Purchased by AGF Management Ltd.

Key Points

• AGF Management Ltd. increased its stake in Confluent, Inc. by 8.5%, owning approximately 0.13% of the company valued at $10.5 million as of the latest reporting period.
• Confluent reported a quarterly earnings per share (EPS) of $0.09, surpassing analysts' expectations and showing a 20.1% increase in revenue year-over-year.
• The stock has a 52-week low of $15.80 and a high of $37.90, and recently, it has seen analyst price targets cut by several firms, with a consensus target of $27.36.

AGF Management Ltd. grew its stake in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 8.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 448,651 shares of the company's stock after buying an additional 35,056 shares during the quarter. AGF Management Ltd. owned 0.13% of Confluent worth $10,516,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. ProShare Advisors LLC boosted its holdings in Confluent by 3.1% during the fourth quarter. ProShare Advisors LLC now owns 10,774 shares of the company's stock worth $301,000 after purchasing an additional 328 shares during the last quarter. Amalgamated Bank increased its position in Confluent by 3.4% during the first quarter. Amalgamated Bank now owns 16,995 shares of the company's stock worth $398,000 after acquiring an additional 566 shares during the period. GAMMA Investing LLC increased its position in Confluent by 26.8% during the first quarter. GAMMA Investing LLC now owns 3,128 shares of the company's stock worth $73,000 after acquiring an additional 661 shares during the period. Jasper Ridge Partners L.P. increased its position in Confluent by 4.8% during the fourth quarter. Jasper Ridge Partners L.P. now owns 14,409 shares of the company's stock worth $403,000 after acquiring an additional 664 shares during the period. Finally, Treasurer of the State of North Carolina increased its holdings in Confluent by 0.6% in the 4th quarter. Treasurer of the State of North Carolina now owns 108,859 shares of the company's stock valued at $3,044,000 after buying an additional 680 shares during the period. Institutional investors and hedge funds own 78.09% of the company's stock.

Confluent Price Performance

Shares of NASDAQ CFLT traded down $0.06 during midday trading on Friday, hitting $17.79. The stock had a trading volume of 10,354,761 shares, compared to its average volume of 6,545,824. The company has a market capitalization of $6.13 billion, a PE ratio of -18.93 and a beta of 0.96. The stock has a 50 day simple moving average of $23.23 and a 200-day simple moving average of $24.70. Confluent, Inc. has a 1 year low of $15.64 and a 1 year high of $37.90. The company has a quick ratio of 3.98, a current ratio of 3.98 and a debt-to-equity ratio of 1.03.

Confluent (NASDAQ:CFLT - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $0.09 EPS for the quarter, beating analysts' consensus estimates of $0.08 by $0.01. Confluent had a negative return on equity of 27.34% and a negative net margin of 29.27%. The company had revenue of $282.29 million for the quarter, compared to the consensus estimate of $278.32 million. During the same quarter in the previous year, the business earned $0.06 earnings per share. The company's revenue for the quarter was up 20.1% on a year-over-year basis. On average, sell-side analysts expect that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Insider Activity

In other news, Director Neha Narkhede sold 20,000 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $22.82, for a total value of $456,400.00. Following the completion of the sale, the director directly owned 20,247 shares of the company's stock, valued at approximately $462,036.54. The trade was a 49.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the company's stock in a transaction that occurred 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 sale, the chief executive officer directly owned 452,488 shares of the company's stock, valued at approximately $11,085,956. This represents a 33.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 463,169 shares of company stock worth $10,906,848 over the last three months. Company insiders own 9.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on CFLT. Royal Bank Of Canada decreased their target price on shares of Confluent from $28.00 to $25.00 and set an "outperform" rating on the stock in a report on Thursday, July 31st. Robert W. Baird decreased their target price on shares of Confluent from $37.00 to $24.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st. Truist Financial reduced their price target on shares of Confluent from $35.00 to $30.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Cowen downgraded shares of Confluent from a "buy" rating to a "hold" rating in a research note on Thursday, July 31st. Finally, JMP Securities reduced their price target on shares of Confluent from $40.00 to $36.00 and set a "market outperform" rating on the stock in a research note on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $27.36.

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.