Impax Asset Management Group plc Buys 12,399 Shares of Confluent, Inc. (NASDAQ:CFLT)

Impax Asset Management Group plc grew its stake in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 56.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,311 shares of the company's stock after purchasing an additional 12,399 shares during the period. Impax Asset Management Group plc's holdings in Confluent were worth $804,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. ProShare Advisors LLC grew its position in Confluent by 3.1% in the 4th quarter. ProShare Advisors LLC now owns 10,774 shares of the company's stock worth $301,000 after purchasing an additional 328 shares during the last quarter. Commonwealth Equity Services LLC grew its position in Confluent by 4.1% in the 4th quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company's stock worth $323,000 after purchasing an additional 458 shares during the last quarter. Amalgamated Bank grew its position in Confluent by 3.4% in the 1st quarter. Amalgamated Bank now owns 16,995 shares of the company's stock worth $398,000 after purchasing an additional 566 shares during the last quarter. GAMMA Investing LLC grew its position 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 during the last quarter. Finally, Jasper Ridge Partners L.P. grew its position in Confluent by 4.8% in the 4th quarter. Jasper Ridge Partners L.P. now owns 14,409 shares of the company's stock worth $403,000 after purchasing an additional 664 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CFLT has been the topic of several research analyst reports. Barclays decreased their price target 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. Citigroup reaffirmed a "neutral" rating on shares of Confluent in a report on Wednesday, May 21st. TD Securities reduced their price objective on shares of Confluent from $34.00 to $32.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Morgan Stanley reduced their price objective on shares of Confluent from $32.00 to $25.00 and set an "equal weight" rating for the company in a report on Wednesday, April 16th. Finally, Robert W. Baird reduced their price objective on shares of Confluent from $37.00 to $24.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. One 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 assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $30.11.

Confluent Trading Up 3.0%

Shares of NASDAQ CFLT opened at $26.37 on Monday. Confluent, Inc. has a 1-year low of $17.79 and a 1-year high of $37.90. The company has a 50-day moving average of $23.11 and a two-hundred day moving average of $25.88. The company has a current ratio of 4.42, a quick ratio of 4.42 and a debt-to-equity ratio of 1.07. The company has a market cap of $8.98 billion, a PE ratio of -26.91 and a beta of 0.99.

Confluent (NASDAQ:CFLT - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.07 by $0.01. Confluent had a negative net margin of 31.42% and a negative return on equity of 29.92%. The company had revenue of $271.12 million during the quarter, compared to analysts' expectations of $264.45 million. During the same quarter in the previous year, the company earned $0.05 EPS. Confluent's revenue was up 24.8% on a year-over-year basis. As a group, equities analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Insider Activity at Confluent

In other news, CAO Kong Phan sold 3,575 shares of Confluent stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $23.49, for a total transaction of $83,976.75. Following the completion of the sale, the chief accounting officer owned 239,742 shares in the company, valued at $5,631,539.58. The trade was a 1.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Lara Caimi sold 2,864 shares of Confluent stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $24.10, for a total transaction of $69,022.40. Following the sale, the director owned 4,296 shares of the company's stock, valued at approximately $103,533.60. This represents a 40.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 546,669 shares of company stock worth $12,637,193 over the last 90 days. 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.

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