Mitsubishi UFJ Asset Management Co. Ltd. Sells 14,700 Shares of Confluent, Inc. (NASDAQ:CFLT)

Mitsubishi UFJ Asset Management Co. Ltd. trimmed its stake in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 44.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,097 shares of the company's stock after selling 14,700 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.'s holdings in Confluent were worth $424,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of CFLT. ProShare Advisors LLC boosted its position in Confluent by 3.1% in the fourth quarter. ProShare Advisors LLC now owns 10,774 shares of the company's stock valued at $301,000 after buying an additional 328 shares in the last quarter. Amalgamated Bank boosted its position in 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 in the last quarter. GAMMA Investing LLC boosted its position in Confluent by 26.8% in the first 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. Jasper Ridge Partners L.P. boosted its position in Confluent by 4.8% in the fourth quarter. Jasper Ridge Partners L.P. now owns 14,409 shares of the company's stock valued at $403,000 after buying an additional 664 shares in the last quarter. Finally, Treasurer of the State of North Carolina boosted its position in Confluent by 0.6% in 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 buying an additional 680 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have commented on CFLT shares. 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 report on Thursday, May 1st. Loop Capital dropped their target price on shares of Confluent from $30.00 to $22.00 and set a "hold" rating for the company in a research note on Wednesday, April 23rd. Oppenheimer dropped their target price on shares of Confluent from $32.00 to $26.00 and set an "outperform" rating for the company in a research note on Thursday, July 31st. TD Cowen reaffirmed a "hold" rating and issued a $24.00 target price on shares of Confluent in a research note on Thursday, July 31st. Finally, Guggenheim dropped their target price on shares of Confluent from $31.00 to $29.00 and set a "buy" rating for the company in a research note on Thursday, July 31st. One research analyst has rated the stock with a sell rating, ten have given a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Confluent currently has an average rating of "Moderate Buy" and an average target price of $27.36.

Insider Buying and Selling at Confluent

In related news, Director Lara Caimi sold 2,864 shares of Confluent stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $24.10, for a total transaction of $69,022.40. Following the sale, the director directly owned 4,296 shares in the company, valued at $103,533.60. This trade represents a 40.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO Ban Ryan Norris Mac sold 1,225 shares of Confluent 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 sale, the executive owned 411,830 shares in the company, valued at approximately $9,673,886.70. This represents a 0.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 463,169 shares of company stock worth $10,906,848 over the last quarter. Insiders own 9.20% of the company's stock.

Confluent Price Performance

Shares of Confluent stock traded down $0.06 during midday trading on Friday, hitting $17.79. 10,371,097 shares of the company traded hands, compared to its average volume of 11,541,307. The stock has a market cap of $6.13 billion, a price-to-earnings ratio of -18.93 and a beta of 0.96. The company has a debt-to-equity ratio of 1.03, a quick ratio of 3.98 and a current ratio of 3.98. The firm's fifty day moving average price is $23.10 and its 200-day moving average price is $24.57. Confluent, Inc. has a 12 month low of $15.64 and a 12 month high of $37.90.

Confluent (NASDAQ:CFLT - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.09 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $278.32 million. During the same period in the previous year, the firm posted $0.06 EPS. The firm's revenue was up 20.1% on a year-over-year basis. As a group, sell-side analysts forecast that Confluent, Inc. will post -0.83 earnings per share for the current year.

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.