Lbp Am Sa Trims Stake in Confluent, Inc. (NASDAQ:CFLT)

LBP AM SA cut its stake in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 25.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 876,581 shares of the company's stock after selling 299,619 shares during the quarter. LBP AM SA owned approximately 0.26% of Confluent worth $20,547,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Confluent by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company's stock worth $694,207,000 after purchasing an additional 599,582 shares in the last quarter. Champlain Investment Partners LLC raised its stake in shares of Confluent by 1.3% in the 4th quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company's stock valued at $302,940,000 after purchasing an additional 133,908 shares during the period. Geode Capital Management LLC boosted its position in shares of Confluent by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company's stock worth $123,339,000 after buying an additional 84,163 shares during the period. Jericho Capital Asset Management L.P. lifted its stake in Confluent by 18.1% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,000,000 shares of the company's stock valued at $83,880,000 after acquiring an additional 459,000 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Confluent during the 4th quarter worth about $81,092,000. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CFLT has been the topic of a number of research analyst reports. TD Securities dropped their price target on Confluent from $34.00 to $32.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Evercore ISI lowered their price objective on shares of Confluent from $29.00 to $28.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. DA Davidson decreased their price target on shares of Confluent from $42.00 to $28.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Wells Fargo & Company decreased their price objective on shares of Confluent from $32.00 to $30.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Finally, UBS Group boosted their target price on shares of Confluent from $30.00 to $32.00 and gave the company a "buy" rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $30.19.

Confluent Price Performance

NASDAQ:CFLT traded down $0.34 during midday trading on Friday, hitting $24.16. The company had a trading volume of 5,692,966 shares, compared to its average volume of 5,021,010. The company has a market capitalization of $8.22 billion, a PE ratio of -24.65 and a beta of 0.99. The company has a quick ratio of 4.42, a current ratio of 4.42 and a debt-to-equity ratio of 1.07. Confluent, Inc. has a 52-week low of $17.79 and a 52-week high of $37.90. The stock's fifty day moving average price is $23.31 and its 200-day moving average price is $25.81.

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

Insider Activity at Confluent

In other Confluent news, Director Neha Narkhede sold 60,000 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $19.96, for a total transaction of $1,197,600.00. Following the completion of the sale, the director directly owned 20,247 shares in the company, 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 SEC, which is available at this hyperlink. Also, CFO Rohan Sivaram sold 27,710 shares of the business's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $21.83, for a total value of $604,909.30. Following the completion of the sale, the chief financial officer directly owned 673,693 shares of the company's stock, valued at approximately $14,706,718.19. This trade represents a 3.95% 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 in the last 90 days. Corporate insiders own 9.20% of the company's stock.

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.