Charles Schwab Investment Management Inc. Lowers Stock Position in Confluent, Inc. $CFLT

Key Points

• Charles Schwab Investment Management Inc. has reduced its holdings in Confluent, Inc. by 1.2% in the first quarter, now owning approximately 0.70% of the company valued at $54.56 million.
• Various institutional investors have increased their stakes in Confluent, with Principal Financial Group growing its holdings by 47.3% recently.
• Confluent reported robust quarterly earnings with a revenue increase of 20.1% year-over-year, surpassing analysts' estimates, although it still reported a negative net margin of 29.27%.

Charles Schwab Investment Management Inc. cut its position in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 1.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,327,496 shares of the company's stock after selling 27,995 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.70% of Confluent worth $54,557,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Cloud Capital Management LLC purchased a new stake in Confluent during the 1st quarter worth about $26,000. Credit Industriel ET Commercial purchased a new position in Confluent during the 4th quarter valued at about $28,000. Versant Capital Management Inc grew its holdings in Confluent by 2,458.2% during the 1st quarter. Versant Capital Management Inc now owns 1,714 shares of the company's stock valued at $40,000 after buying an additional 1,647 shares in the last quarter. GAMMA Investing LLC grew its holdings in Confluent by 26.8% during the 1st quarter. GAMMA Investing LLC now owns 3,128 shares of the company's stock valued at $73,000 after buying an additional 661 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in Confluent by 39.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,053 shares of the company's stock valued at $95,000 after buying an additional 1,143 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors.

Confluent Stock Up 0.4%

Confluent stock traded up $0.08 on Monday, hitting $17.87. 5,326,942 shares of the stock traded hands, compared to its average volume of 6,554,057. Confluent, Inc. has a 1 year low of $15.64 and a 1 year high of $37.90. The firm has a market cap of $6.16 billion, a P/E ratio of -19.01 and a beta of 0.96. The company has a current ratio of 3.98, a quick ratio of 3.98 and a debt-to-equity ratio of 1.03. The business's fifty day simple moving average is $23.10 and its 200 day simple moving average is $24.54.

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

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Cowen lowered Confluent from a "buy" rating to a "hold" rating in a report on Thursday, July 31st. Capital One Financial set a $21.00 price objective on Confluent in a research note on Thursday, July 31st. Truist Financial dropped their price objective on Confluent from $35.00 to $30.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Stifel Nicolaus reissued a "hold" rating and set a $21.00 price objective (down previously from $30.00) on shares of Confluent in a research note on Thursday, July 31st. Finally, Guggenheim dropped their price objective on Confluent from $31.00 to $29.00 and set a "buy" rating for the company in a research note on Thursday, July 31st. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $27.36.

Insider Transactions at Confluent

In other news, CAO Kong Phan sold 3,575 shares of the business's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $23.49, for a total value of $83,976.75. Following the sale, the chief accounting officer directly owned 239,742 shares of the company's stock, valued at $5,631,539.58. The trade was a 1.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CRO Ban Ryan Norris Mac sold 1,225 shares of the business's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $23.49, for a total transaction of $28,775.25. Following the completion of the transaction, the executive owned 411,830 shares of the company's stock, valued at approximately $9,673,886.70. The trade was a 0.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 664,716 shares of company stock worth $14,222,399. Company insiders own 13.82% of the company's stock.

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.