MRA Advisory Group Invests $350,000 in Confluent, Inc. (NASDAQ:CFLT)

MRA Advisory Group bought a new position in Confluent, Inc. (NASDAQ:CFLT - Free Report) during the 1st quarter, according to the company in its most recent 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 institutional investors have also recently bought and sold shares of the company. ProShare Advisors LLC lifted its position in shares of 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 acquiring an additional 328 shares during the period. Commonwealth Equity Services LLC grew its stake in shares of Confluent by 4.1% during the fourth quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company's stock valued at $323,000 after purchasing an additional 458 shares during the last quarter. Truist Financial Corp grew its stake in shares of Confluent by 2.5% during the fourth quarter. Truist Financial Corp now owns 21,081 shares of the company's stock valued at $589,000 after purchasing an additional 514 shares during the last quarter. Jasper Ridge Partners L.P. boosted its stake in Confluent by 4.8% in the fourth quarter. Jasper Ridge Partners L.P. now owns 14,409 shares of the company's stock valued at $403,000 after acquiring an additional 664 shares during the last quarter. Finally, Sit Investment Associates Inc. boosted its position in shares of Confluent by 0.5% in the 4th quarter. Sit Investment Associates Inc. now owns 124,623 shares of the company's stock worth $3,484,000 after purchasing an additional 680 shares during the last quarter. Institutional investors own 78.09% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on CFLT shares. Truist Financial cut their target price on shares of Confluent from $35.00 to $30.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Scotiabank decreased their price objective on shares of Confluent from $35.00 to $24.00 and set a "sector perform" rating for the company in a research report on Thursday, April 24th. Oppenheimer reduced their target price on shares of Confluent from $35.00 to $32.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. Canaccord Genuity Group cut their price objective on shares of Confluent from $38.00 to $32.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Finally, Royal Bank of Canada boosted their target price on shares of Confluent from $36.00 to $41.00 and gave the company an "outperform" rating in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Confluent currently has a consensus rating of "Moderate Buy" and an average price target of $30.11.

Insider Transactions at Confluent

In other news, CFO Rohan Sivaram sold 27,710 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $21.83, for a total value of $604,909.30. Following the completion of the transaction, the chief financial officer now directly owns 673,693 shares in the company, valued at approximately $14,706,718.19. This represents a 3.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Neha Narkhede sold 60,000 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $19.96, for a total value of $1,197,600.00. Following the completion of the transaction, the director now owns 20,247 shares of the company's stock, valued at $404,130.12. The trade was a 74.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 542,180 shares of company stock valued at $12,540,699. Corporate insiders own 9.20% of the company's stock.

Confluent Stock Up 0.1%

Confluent stock traded up $0.03 during midday trading on Monday, hitting $24.39. 3,921,729 shares of the company were exchanged, compared to its average volume of 4,888,342. The company's fifty day moving average price is $21.97 and its 200-day moving average price is $26.85. Confluent, Inc. has a fifty-two week low of $17.79 and a fifty-two week high of $37.90. The company has a market cap of $8.30 billion, a PE ratio of -22.58 and a beta of 0.98. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24.

Confluent (NASDAQ:CFLT - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share (EPS) for the quarter, topping 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 34.70% and a negative net margin of 35.81%. The company's revenue for the quarter was up 24.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.05 earnings per share. On average, research analysts predict that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

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.