Deutsche Bank AG Has $15.01 Million Position in Confluent, Inc. $CFLT

Key Points

• Deutsche Bank AG has reduced its stake in Confluent, Inc. by 32.0%, holding approximately 0.19% of the company after selling 301,386 shares during the first quarter.
• CEO Edward Jay Kreps and CFO Rohan Sivaram recently sold significant amounts of their shares, with Kreps selling 232,500 shares for over $5.6 million, reducing his ownership by 33.94%.
• Confluent reported a revenue increase of 20.1% year-over-year and surpassed earnings expectations with $0.09 EPS, while brokerages have adjusted price targets downwards, reflecting a consensus rating of "Moderate Buy".

Deutsche Bank AG trimmed its holdings in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 32.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 640,493 shares of the company's stock after selling 301,386 shares during the quarter. Deutsche Bank AG owned 0.19% of Confluent worth $15,013,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. lifted its position in Confluent by 7.2% in the first quarter. Vanguard Group Inc. now owns 26,620,150 shares of the company's stock worth $623,976,000 after purchasing an additional 1,791,588 shares during the period. Champlain Investment Partners LLC lifted its position in Confluent by 1.3% in the fourth quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company's stock worth $302,940,000 after purchasing an additional 133,908 shares during the period. Jericho Capital Asset Management L.P. lifted its position in Confluent by 18.1% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,000,000 shares of the company's stock worth $83,880,000 after purchasing an additional 459,000 shares during the period. Fuller & Thaler Asset Management Inc. bought a new position in Confluent in the fourth quarter worth $64,658,000. Finally, Greenhouse Funds LLLP lifted its position in Confluent by 102.2% in the fourth quarter. Greenhouse Funds LLLP now owns 1,820,446 shares of the company's stock worth $50,900,000 after purchasing an additional 919,997 shares during the period. 78.09% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CFLT has been the subject of several research reports. Wells Fargo & Company reduced their target price on Confluent from $30.00 to $27.00 and set an "overweight" rating for the company in a research report on Thursday, July 31st. Canaccord Genuity Group reduced their target price on Confluent from $38.00 to $32.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Robert W. Baird dropped their price objective on Confluent from $37.00 to $24.00 and set a "neutral" rating for the company in a research note on Thursday, May 1st. 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. 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 equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $27.36.

Insider Transactions at Confluent

In other news, Director Lara Caimi sold 2,864 shares of the firm's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $24.10, for a total value of $69,022.40. Following the transaction, 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer owned 452,488 shares of the company's stock, valued at $11,085,956. The trade was a 33.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 432,216 shares of company stock valued at $10,228,049. 13.82% of the stock is currently owned by insiders.

Confluent Trading Up 0.9%

CFLT stock traded up $0.17 during midday trading on Monday, reaching $17.96. The stock had a trading volume of 3,348,249 shares, compared to its average volume of 6,540,423. The business has a fifty day simple moving average of $23.10 and a two-hundred day simple moving average of $24.54. The company has a quick ratio of 3.98, a current ratio of 3.98 and a debt-to-equity ratio of 1.03. The firm has a market cap of $6.19 billion, a price-to-earnings ratio of -19.11 and a beta of 0.96. Confluent, Inc. has a twelve month low of $15.64 and a twelve month high of $37.90.

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

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.