Madison Asset Management LLC Decreases Stock Position in Confluent, Inc. (NASDAQ:CFLT)

Madison Asset Management LLC cut its holdings in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 7.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 169,061 shares of the company's stock after selling 13,926 shares during the period. Madison Asset Management LLC owned approximately 0.05% of Confluent worth $3,963,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. Commonwealth Equity Services LLC grew its stake in shares of Confluent by 4.1% in the 4th quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company's stock valued at $323,000 after buying an additional 458 shares during the period. Teacher Retirement System of Texas acquired a new stake in shares of Confluent in the 4th quarter valued at about $2,028,000. Virtu Financial LLC acquired a new stake in shares of Confluent in the 4th quarter valued at about $579,000. Sei Investments Co. grew its stake in shares of Confluent by 12.7% in the 4th quarter. Sei Investments Co. now owns 445,585 shares of the company's stock valued at $12,459,000 after buying an additional 50,340 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Confluent in the 4th quarter valued at about $1,356,000. 78.09% of the stock is owned by institutional investors.

Insider Activity at Confluent

In related news, CAO Kong Phan sold 3,575 shares of Confluent stock in a transaction 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 sale, the chief accounting officer owned 239,742 shares of the company's stock, valued at approximately $5,631,539.58. This trade represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eric Vishria sold 15,476 shares of the stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $25.00, for a total value of $386,900.00. Following the completion of the transaction, the director directly owned 1,154,400 shares in the company, valued at approximately $28,860,000. This represents a 1.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 546,669 shares of company stock valued at $12,637,193 in the last ninety days. 9.20% of the stock is currently owned by corporate insiders.

Confluent Stock Performance

Confluent stock traded up $0.75 during trading on Friday, hitting $27.35. The stock had a trading volume of 5,818,628 shares, compared to its average volume of 5,032,097. The stock has a market cap of $9.31 billion, a price-to-earnings ratio of -27.91 and a beta of 0.99. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $37.90. The company has a quick ratio of 4.42, a current ratio of 4.42 and a debt-to-equity ratio of 1.07. The stock's 50 day moving average is $24.20 and its two-hundred day moving average is $25.52.

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

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Citigroup restated a "neutral" rating on shares of Confluent in a research note on Wednesday, May 21st. Raymond James Financial assumed coverage on Confluent in a research note on Friday, April 11th. They set an "outperform" rating and a $30.00 price target for the company. Scotiabank cut their price target on Confluent from $35.00 to $24.00 and set a "sector perform" rating for the company in a research note on Thursday, April 24th. Truist Financial cut their price target 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, Morgan Stanley cut their price target on Confluent from $32.00 to $25.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-one have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Confluent presently has an average rating of "Moderate Buy" and an average price target of $30.36.

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.