Nuveen Asset Management LLC Trims Position in Confluent, Inc. (NASDAQ:CFLT)

Nuveen Asset Management LLC lessened its stake in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 10.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm 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 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Confluent in the 4th quarter worth approximately $81,092,000. Pictet Asset Management Holding SA increased its holdings in Confluent by 7,342.2% in the 4th quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company's stock valued at $65,748,000 after purchasing an additional 2,319,919 shares during the last quarter. Fuller & Thaler Asset Management Inc. purchased a new stake in Confluent in the fourth quarter valued at approximately $64,658,000. MIG Capital LLC acquired a new position in Confluent during the fourth quarter worth $27,007,000. Finally, Greenhouse Funds LLLP lifted its stake in Confluent by 102.2% during the fourth quarter. Greenhouse Funds LLLP now owns 1,820,446 shares of the company's stock worth $50,900,000 after purchasing an additional 919,997 shares in the last quarter. Hedge funds and other institutional investors own 78.09% of the company's stock.

Insider Buying and Selling

In other news, Director Neha Narkhede sold 60,000 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $19.96, for a total value of $1,197,600.00. Following the completion of the sale, the director now directly owns 20,247 shares of the company's stock, valued at approximately $404,130.12. This represents a 74.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO Ban Ryan Norris Mac sold 9,476 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $21.83, for a total transaction of $206,861.08. Following the transaction, the executive now owns 427,515 shares in the company, valued at approximately $9,332,652.45. This trade represents a 2.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 888,541 shares of company stock worth $24,793,743 in the last ninety days. 13.82% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CFLT. Guggenheim cut their price objective on Confluent from $38.00 to $31.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Bank of America lifted their target price on Confluent from $26.00 to $31.00 and gave the company an "underperform" rating in a research report on Wednesday, February 12th. Evercore ISI cut their price target on shares of Confluent from $29.00 to $28.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. Wells Fargo & Company reduced their price target on shares of Confluent from $32.00 to $30.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. Finally, Barclays dropped their price objective on shares of Confluent from $29.00 to $27.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $30.11.

Confluent Stock Up 4.0%

CFLT stock traded up $0.84 during trading on Thursday, hitting $21.89. 6,065,479 shares of the company's stock were exchanged, compared to its average volume of 4,787,743. The business has a 50-day moving average price of $22.67 and a two-hundred day moving average price of $27.26. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $7.45 billion, a price-to-earnings ratio of -20.27 and a beta of 1.02. Confluent, Inc. has a 52-week low of $17.79 and a 52-week high of $37.90.

Confluent (NASDAQ:CFLT - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.08 earnings per share for the quarter, topping analysts' consensus estimates of $0.07 by $0.01. Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. The company had revenue of $271.12 million for the quarter, compared to analysts' expectations of $264.45 million. During the same quarter last year, the company earned $0.05 earnings per share. The firm's revenue for the quarter was up 24.8% on a year-over-year basis. As a group, equities research analysts expect that Confluent, Inc. will post -0.83 EPS for the current year.

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.