Nuveen Asset Management LLC Sells 226,615 Shares of Confluent, Inc. (NASDAQ:CFLT)

Nuveen Asset Management LLC trimmed its holdings in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 10.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,843,794 shares of the company's stock after selling 226,615 shares during the quarter. Nuveen Asset Management LLC owned 0.56% of Confluent worth $51,552,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Confluent by 36.4% during the fourth quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 262,500 shares of the company's stock valued at $7,340,000 after acquiring an additional 70,000 shares during the last quarter. Janus Henderson Group PLC increased its position in Confluent by 5.2% in the fourth quarter. Janus Henderson Group PLC now owns 107,900 shares of the company's stock worth $3,017,000 after buying an additional 5,300 shares during the last quarter. Jasper Ridge Partners L.P. increased its position in Confluent by 4.8% in the fourth quarter. Jasper Ridge Partners L.P. now owns 14,409 shares of the company's stock worth $403,000 after buying an additional 664 shares during the last quarter. Flight Deck Capital LP purchased a new stake in Confluent in the fourth quarter worth $6,897,000. Finally, Circle Wealth Management LLC increased its position in Confluent by 32.7% in the fourth quarter. Circle Wealth Management LLC now owns 40,022 shares of the company's stock worth $1,119,000 after buying an additional 9,872 shares during the last quarter. 78.09% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CAO Kong Phan sold 3,040 shares of the business's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $30.75, for a total value of $93,480.00. Following the completion of the sale, the chief accounting officer now owns 174,375 shares of the company's stock, valued at approximately $5,362,031.25. The trade was a 1.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CRO Ban Ryan Norris Mac sold 9,476 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 $206,861.08. Following the completion of the sale, the executive now directly owns 427,515 shares of the company's stock, valued at approximately $9,332,652.45. This trade represents a 2.17% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 736,028 shares of company stock valued at $19,977,382 over the last 90 days. Insiders own 13.82% of the company's stock.

Confluent Price Performance

NASDAQ:CFLT traded down $0.05 during trading hours on Friday, hitting $21.84. 3,483,236 shares of the company's stock traded hands, compared to its average volume of 4,800,758. The firm has a market cap of $7.43 billion, a P/E ratio of -20.22 and a beta of 1.02. Confluent, Inc. has a 52 week low of $17.79 and a 52 week high of $37.90. The business's fifty day simple moving average is $22.47 and its two-hundred day simple moving average is $27.20. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14.

Confluent (NASDAQ:CFLT - Get Free Report) last issued 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. Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. The firm had revenue of $271.12 million during the quarter, compared to analyst estimates of $264.45 million. During the same quarter in the previous year, the company posted $0.05 earnings per share. The company's revenue was up 24.8% compared to the same quarter last year. On average, research analysts anticipate that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have issued reports on CFLT shares. Robert W. Baird decreased their target price on Confluent from $37.00 to $24.00 and set a "neutral" rating for the company in a research report on Thursday, May 1st. Needham & Company LLC decreased their target price on Confluent from $40.00 to $26.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. UBS Group decreased their target price on Confluent from $38.00 to $30.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Raymond James started coverage on Confluent in a research report on Friday, April 11th. They issued an "outperform" rating and a $30.00 target price for the company. Finally, Guggenheim decreased their target price on Confluent from $38.00 to $31.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. One investment 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 given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $30.11.

Confluent Company 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.