Vishria Bird Financial Group LLC Boosts Holdings in Confluent, Inc. (NASDAQ:CFLT)

Vishria Bird Financial Group LLC lifted its position in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 1,301.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,234,929 shares of the company's stock after purchasing an additional 1,146,803 shares during the quarter. Confluent accounts for approximately 9.8% of Vishria Bird Financial Group LLC's holdings, making the stock its biggest holding. Vishria Bird Financial Group LLC owned approximately 0.37% of Confluent worth $28,947,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Krane Funds Advisors LLC acquired a new position in Confluent in the first quarter worth $252,000. Peregrine Capital Management LLC raised its holdings in shares of Confluent by 3.5% in the first quarter. Peregrine Capital Management LLC now owns 321,037 shares of the company's stock valued at $7,525,000 after buying an additional 10,725 shares during the last quarter. Amalgamated Bank raised its holdings in shares of Confluent by 3.4% in the first quarter. Amalgamated Bank now owns 16,995 shares of the company's stock valued at $398,000 after buying an additional 566 shares during the last quarter. Diversified Trust Co lifted its position in Confluent by 7.7% during the 1st quarter. Diversified Trust Co now owns 79,173 shares of the company's stock worth $1,856,000 after buying an additional 5,644 shares in the last quarter. Finally, Bessemer Group Inc. grew its holdings in Confluent by 12.5% during the 1st quarter. Bessemer Group Inc. now owns 62,830 shares of the company's stock worth $1,473,000 after acquiring an additional 6,970 shares during the last quarter. Institutional investors and hedge funds own 78.09% of the company's stock.

Insiders Place Their Bets

In other news, CRO Ban Ryan Norris Mac sold 1,225 shares of the firm's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $23.49, for a total value of $28,775.25. Following the completion of the transaction, the executive owned 411,830 shares in the company, valued at $9,673,886.70. This trade represents a 0.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lara Caimi sold 2,864 shares of Confluent stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $24.10, for a total value of $69,022.40. Following the completion of the sale, the director directly owned 4,296 shares in the company, valued at approximately $103,533.60. This represents a 40.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 546,669 shares of company stock valued at $12,637,193 over the last 90 days. 9.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CFLT. Barclays reduced their target price on shares of Confluent from $29.00 to $27.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. Needham & Company LLC reduced their price objective on Confluent from $40.00 to $26.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Stifel Nicolaus lowered their target price on Confluent from $40.00 to $30.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Evercore ISI dropped their target price on Confluent from $29.00 to $28.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. Finally, Truist Financial decreased their price target on Confluent from $35.00 to $30.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $30.11.

Confluent Stock Up 2.1%

Shares of NASDAQ:CFLT traded up $0.55 during midday trading on Thursday, reaching $26.15. 4,703,009 shares of the company were exchanged, compared to its average volume of 4,985,944. The firm has a market cap of $8.90 billion, a PE ratio of -26.68 and a beta of 0.99. Confluent, Inc. has a fifty-two week low of $17.79 and a fifty-two week high of $37.90. The stock has a fifty day simple moving average of $23.00 and a two-hundred day simple moving average of $25.99. The company has a quick ratio of 4.42, a current ratio of 4.42 and a debt-to-equity ratio of 1.07.

Confluent (NASDAQ:CFLT - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.08 EPS for the quarter, beating analysts' consensus estimates of $0.07 by $0.01. The company had revenue of $271.12 million for the quarter, compared to analyst estimates of $264.45 million. Confluent had a negative return on equity of 29.92% and a negative net margin of 31.42%. The company's quarterly revenue was up 24.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.05 earnings per share. As a group, sell-side analysts forecast that Confluent, Inc. will post -0.83 earnings per share for the current year.

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.