MRA Advisory Group Acquires Shares of 14,928 Confluent, Inc. (NASDAQ:CFLT)

MRA Advisory Group bought a new position in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 14,928 shares of the company's stock, valued at approximately $350,000.

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

Confluent Price Performance

Shares of NASDAQ CFLT opened at $24.18 on Friday. 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 stock's 50-day simple moving average is $21.95 and its two-hundred day simple moving average is $26.92. The firm has a market capitalization of $8.23 billion, a P/E ratio of -22.39 and a beta of 0.98. Confluent, Inc. has a twelve month low of $17.79 and a twelve month high of $37.90.

Confluent (NASDAQ:CFLT - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.01. The company had revenue of $271.12 million for the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same period in the prior year, the business earned $0.05 earnings per share. As a group, equities analysts anticipate that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Analyst Ratings Changes

CFLT has been the topic of several research reports. Raymond James initiated coverage on shares of Confluent in a research report on Friday, April 11th. They issued an "outperform" rating and a $30.00 price objective on the stock. Morgan Stanley lowered their price target on shares of Confluent from $32.00 to $25.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. Royal Bank of Canada lifted their price target on shares of Confluent from $36.00 to $41.00 and gave the stock an "outperform" rating in a report on Wednesday, February 12th. Evercore ISI lowered their target price on Confluent from $29.00 to $28.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. Finally, Bank of America boosted their target price on Confluent from $26.00 to $31.00 and gave the company an "underperform" rating in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, six have given a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $30.11.

Insider Activity at Confluent

In other news, CFO Rohan Sivaram sold 8,000 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $22.86, for a total value of $182,880.00. Following the transaction, the chief financial officer now owns 665,693 shares in the company, valued at approximately $15,217,741.98. This trade represents a 1.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Kong Phan sold 3,175 shares of the firm's stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $26.86, for a total transaction of $85,280.50. Following the completion of the sale, the chief accounting officer now directly owns 246,516 shares in the company, valued at approximately $6,621,419.76. This trade represents a 1.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 264,895 shares of company stock valued at $5,729,133 over the last 90 days. 9.20% of the stock is owned by insiders.

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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