Krane Funds Advisors LLC Purchases Shares of 10,742 Confluent, Inc. (NASDAQ:CFLT)

Krane Funds Advisors LLC purchased a new position in Confluent, Inc. (NASDAQ:CFLT - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 10,742 shares of the company's stock, valued at approximately $252,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Peregrine Capital Management LLC lifted its position in shares of Confluent by 3.5% in the 1st quarter. Peregrine Capital Management LLC now owns 321,037 shares of the company's stock worth $7,525,000 after purchasing an additional 10,725 shares during the period. Amalgamated Bank raised its stake in Confluent by 3.4% in the first quarter. Amalgamated Bank now owns 16,995 shares of the company's stock worth $398,000 after buying an additional 566 shares in the last quarter. Diversified Trust Co lifted its holdings in Confluent by 7.7% in the first quarter. Diversified Trust Co now owns 79,173 shares of the company's stock worth $1,856,000 after buying an additional 5,644 shares during the period. Bessemer Group Inc. boosted its position in Confluent by 12.5% during the 1st quarter. Bessemer Group Inc. now owns 62,830 shares of the company's stock valued at $1,473,000 after acquiring an additional 6,970 shares in the last quarter. Finally, Oppenheimer & Co. Inc. grew its holdings in shares of Confluent by 1.5% during the 1st quarter. Oppenheimer & Co. Inc. now owns 92,432 shares of the company's stock worth $2,167,000 after acquiring an additional 1,370 shares during the period. Hedge funds and other institutional investors own 78.09% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CFLT. JMP Securities dropped their price target on Confluent from $40.00 to $36.00 and set a "market outperform" rating on the stock in a research report on Thursday, May 1st. Evercore ISI reduced their target price on shares of Confluent from $29.00 to $28.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. Barclays lowered their price target on shares of Confluent from $29.00 to $27.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Needham & Company LLC cut their price objective on shares of Confluent from $40.00 to $26.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Finally, UBS Group decreased their target price on shares of Confluent from $38.00 to $30.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $30.11.

Insider Buying and Selling at Confluent

In related 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 transaction of $83,976.75. Following the completion of the transaction, the chief accounting officer directly owned 239,742 shares in the company, valued at approximately $5,631,539.58. The trade was a 1.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Eric Vishria sold 15,476 shares of the stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $25.00, for a total transaction of $386,900.00. Following the completion of the sale, the director directly owned 1,154,400 shares of the company's stock, valued at $28,860,000. This represents a 1.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 546,669 shares of company stock valued at $12,637,193 in the last quarter. Insiders own 13.82% of the company's stock.

Confluent Stock Performance

Shares of NASDAQ CFLT traded up $0.65 during midday trading on Wednesday, hitting $25.60. 5,669,622 shares of the stock traded hands, compared to its average volume of 4,976,304. The firm has a market capitalization of $8.71 billion, a P/E ratio of -26.12 and a beta of 0.99. Confluent, Inc. has a one year low of $17.79 and a one year high of $37.90. The company has a debt-to-equity ratio of 1.07, a quick ratio of 4.42 and a current ratio of 4.42. The firm has a 50-day moving average of $22.93 and a two-hundred day moving average of $25.99.

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, beating analysts' consensus estimates of $0.07 by $0.01. The company had revenue of $271.12 million for the quarter, compared to the consensus estimate of $264.45 million. Confluent had a negative return on equity of 29.92% and a negative net margin of 31.42%. Confluent's revenue was up 24.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.05 earnings per share. On average, equities analysts forecast that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

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.