Confluent, Inc. (NASDAQ:CFLT) Shares Bought by Phoenix Financial Ltd.

Key Points

• Phoenix Financial Ltd. significantly increased its stake in Confluent, acquiring a total of 1,547,112 shares, which reflects a 901.4% increase during the first quarter.
• Confluent reported a 24.8% increase in quarterly revenue, totaling $271.12 million, surpassing analyst estimates due to improved performance over the same quarter last year.
• Analysts have mixed ratings on Confluent, with a consensus of "Moderate Buy" and an average target price of $30.36, following recent adjustments to price targets from several firms.

Phoenix Financial Ltd. lifted its stake in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 901.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,547,112 shares of the company's stock after acquiring an additional 1,392,615 shares during the period. Phoenix Financial Ltd. owned 0.46% of Confluent worth $36,269,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Norges Bank bought a new stake in Confluent during the 4th quarter valued at $81,092,000. Pictet Asset Management Holding SA increased its stake in Confluent by 7,342.2% during 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 in the last quarter. Fuller & Thaler Asset Management Inc. bought a new stake in Confluent during the 4th quarter valued at $64,658,000. Vishria Bird Financial Group LLC increased its stake in Confluent by 1,301.3% during the 1st quarter. Vishria Bird Financial Group LLC now owns 1,234,929 shares of the company's stock valued at $28,947,000 after purchasing an additional 1,146,803 shares in the last quarter. Finally, MIG Capital LLC bought a new stake in Confluent during the 4th quarter valued at $27,007,000. Institutional investors and hedge funds own 78.09% of the company's stock.

Insider Activity at Confluent

In related news, Director Michelangelo Volpi sold 25,000 shares of the business's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $25.00, for a total value of $625,000.00. Following the completion of the sale, the director directly owned 267,079 shares of the company's stock, valued at $6,676,975. The trade was a 8.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Eric Vishria sold 30,953 shares of the company's stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $21.93, for a total value of $678,799.29. Following the transaction, the director directly owned 1,169,876 shares of the company's stock, valued at $25,655,380.68. This trade represents a 2.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 546,669 shares of company stock valued at $12,637,193 over the last 90 days. Corporate insiders own 13.82% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Piper Sandler reduced their target price on shares of Confluent from $40.00 to $32.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. Stephens assumed coverage on shares of Confluent in a research note on Friday, July 18th. They issued an "overweight" rating and a $31.00 target price for the company. Barclays reiterated an "overweight" rating and issued a $31.00 target price (up previously from $27.00) on shares of Confluent in a research note on Monday, July 21st. Stifel Nicolaus reduced their target price on shares of Confluent from $40.00 to $30.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Finally, Guggenheim reduced their target price on shares of Confluent from $38.00 to $31.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-one have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Confluent presently has an average rating of "Moderate Buy" and a consensus target price of $30.36.

Confluent Price Performance

Shares of CFLT traded up $0.30 during mid-day trading on Tuesday, hitting $27.30. The company's stock had a trading volume of 2,647,031 shares, compared to its average volume of 5,770,930. The company has a current ratio of 4.42, a quick ratio of 4.42 and a debt-to-equity ratio of 1.07. The firm has a 50-day simple moving average of $24.30 and a 200 day simple moving average of $25.49. The firm has a market capitalization of $9.29 billion, a P/E ratio of -27.85 and a beta of 0.99. Confluent, Inc. has a 1-year low of $17.79 and a 1-year high of $37.90.

Confluent (NASDAQ:CFLT - Get Free Report) last released its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $264.45 million. Confluent had a negative return on equity of 29.92% and a negative net margin of 31.42%. Confluent's revenue was up 24.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.05 earnings per share. 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.