Federated Hermes Inc. Grows Stake in Confluent, Inc. (NASDAQ:CFLT)

Key Points

• Federated Hermes Inc. increased its stake in Confluent, Inc. by 22.8% during the first quarter, owning 1,218,100 shares valued at approximately $28.55 million.
• Confluent's stock has seen a significant drop of 32.8%, currently trading at $17.73, down from its 12-month high of $37.90.
• Analysts have downgraded Confluent's stock price targets, with average estimates now at $27.86, and a current rating of "Moderate Buy" from various analysts.

Federated Hermes Inc. boosted its stake in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 22.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,218,100 shares of the company's stock after acquiring an additional 226,500 shares during the quarter. Federated Hermes Inc. owned 0.36% of Confluent worth $28,552,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Confluent during the fourth quarter worth $81,092,000. Fuller & Thaler Asset Management Inc. bought a new stake in shares of Confluent during the fourth quarter worth $64,658,000. Phoenix Financial Ltd. grew its holdings in shares of Confluent by 901.4% during the first quarter. Phoenix Financial Ltd. now owns 1,547,112 shares of the company's stock worth $36,269,000 after purchasing an additional 1,392,615 shares during the last quarter. Vishria Bird Financial Group LLC grew its holdings in shares of Confluent by 1,301.3% during the first quarter. Vishria Bird Financial Group LLC now owns 1,234,929 shares of the company's stock worth $28,947,000 after purchasing an additional 1,146,803 shares during the last quarter. Finally, MIG Capital LLC bought a new stake in shares of Confluent during the fourth quarter worth $27,007,000. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Confluent

In other Confluent news, CFO Rohan Sivaram sold 27,710 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $21.83, for a total transaction of $604,909.30. Following the completion of the transaction, the chief financial officer owned 673,693 shares of the company's stock, valued at $14,706,718.19. This represents a 3.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction that occurred on Thursday, June 5th. The stock was 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 $11,085,956. This represents a 33.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold 486,669 shares of company stock valued at $11,439,593 over the last 90 days. Insiders own 9.20% of the company's stock.

Confluent Stock Down 0.9%

Shares of CFLT stock traded down $0.16 during trading hours on Tuesday, reaching $16.97. The company had a trading volume of 5,805,030 shares, compared to its average volume of 6,307,270. Confluent, Inc. has a 12 month low of $16.56 and a 12 month high of $37.90. The company has a debt-to-equity ratio of 1.03, a current ratio of 3.98 and a quick ratio of 3.98. The business has a fifty day simple moving average of $24.24 and a 200-day simple moving average of $25.28. The company has a market cap of $5.77 billion, a price-to-earnings ratio of -18.06 and a beta of 0.96.

Confluent (NASDAQ:CFLT - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $0.09 earnings per share (EPS) for the quarter, topping 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 business had revenue of $282.29 million during the quarter, compared to the consensus estimate of $278.32 million. During the same period last year, the business posted $0.06 earnings per share. The business's revenue for the quarter was up 20.1% on a year-over-year basis. On average, research analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Morgan Stanley decreased their price target on Confluent from $32.00 to $25.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. Citigroup decreased their price target on Confluent from $30.00 to $20.00 and set a "neutral" rating on the stock in a report on Monday. TD Securities decreased their price target on Confluent from $34.00 to $32.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Robert W. Baird decreased their price target on Confluent from $37.00 to $24.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st. Finally, Royal Bank Of Canada decreased their price target on Confluent from $28.00 to $25.00 and set an "outperform" rating on the stock in a report on Thursday, July 31st. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, eighteen have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $27.36.

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.