Fortitude Advisory Group L.L.C. Trims Holdings in Confluent, Inc. (NASDAQ:CFLT)

Fortitude Advisory Group L.L.C. trimmed its stake in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 43.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 19,020 shares of the company's stock after selling 14,480 shares during the quarter. Fortitude Advisory Group L.L.C.'s holdings in Confluent were worth $409,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Stanley Laman Group Ltd. increased its position in shares of Confluent by 94.3% during the first quarter. Stanley Laman Group Ltd. now owns 244,531 shares of the company's stock valued at $5,732,000 after buying an additional 118,706 shares during the period. SG Americas Securities LLC increased its holdings in Confluent by 25.8% during the 1st quarter. SG Americas Securities LLC now owns 26,884 shares of the company's stock worth $630,000 after acquiring an additional 5,520 shares during the period. GAMMA Investing LLC lifted its stake in Confluent by 26.8% in the 1st quarter. GAMMA Investing LLC now owns 3,128 shares of the company's stock worth $73,000 after purchasing an additional 661 shares in the last quarter. MRA Advisory Group bought a new position in Confluent in the 1st quarter valued at $350,000. Finally, Rhumbline Advisers grew its position in shares of Confluent by 2.3% during the 1st quarter. Rhumbline Advisers now owns 295,282 shares of the company's stock valued at $6,921,000 after purchasing an additional 6,508 shares in the last quarter. Institutional investors own 78.09% of the company's stock.

Confluent Trading Up 0.1%

Shares of CFLT opened at $23.67 on Tuesday. The stock has a market capitalization of $8.06 billion, a P/E ratio of -21.92 and a beta of 0.98. Confluent, Inc. has a twelve month low of $17.79 and a twelve month high of $37.90. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. The firm has a fifty day simple moving average of $22.35 and a two-hundred day simple moving average of $26.55.

Confluent (NASDAQ:CFLT - Get Free Report) last posted its earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share for the quarter, topping analysts' consensus estimates of $0.07 by $0.01. The company had revenue of $271.12 million during the quarter, compared to analyst estimates of $264.45 million. Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. Confluent's revenue for the quarter was up 24.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.05 earnings per share. On average, research analysts anticipate that Confluent, Inc. will post -0.83 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on CFLT shares. Wells Fargo & Company dropped their price objective on Confluent from $32.00 to $30.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. Raymond James started coverage on Confluent in a research report on Friday, April 11th. They set an "outperform" rating and a $30.00 price target for the company. JMP Securities cut their price objective on Confluent from $40.00 to $36.00 and set a "market outperform" rating for the company in a report on Thursday, May 1st. Barclays decreased their price objective 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. Finally, 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 report on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $30.11.

Insider Activity at Confluent

In related news, Director Neha Narkhede sold 60,000 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $19.96, for a total value of $1,197,600.00. Following the completion of the transaction, the director now directly owns 20,247 shares of the company's stock, valued at $404,130.12. This represents a 74.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Lara Caimi sold 2,864 shares of the company's stock in a transaction that occurred 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 now owns 4,296 shares in the company, valued at $103,533.60. This trade represents a 40.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 545,044 shares of company stock worth $12,609,722 over the last quarter. 9.20% of the stock is owned by corporate insiders.

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.

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