Confluent, Inc. (NASDAQ:CFLT) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its position in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 47.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 528,171 shares of the company's stock after purchasing an additional 169,576 shares during the period. Principal Financial Group Inc. owned about 0.16% of Confluent worth $12,380,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Amalgamated Bank increased its stake in Confluent by 3.4% in the 1st quarter. Amalgamated Bank now owns 16,995 shares of the company's stock valued at $398,000 after purchasing an additional 566 shares in the last quarter. Janus Henderson Group PLC increased its position in Confluent by 5.2% during 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 in the last quarter. SG Americas Securities LLC increased its position in Confluent by 25.8% during the first quarter. SG Americas Securities LLC now owns 26,884 shares of the company's stock worth $630,000 after buying an additional 5,520 shares in the last quarter. Atria Investments Inc purchased a new position in Confluent during the fourth quarter worth $347,000. Finally, Cetera Investment Advisers increased its position in Confluent by 31.8% during the fourth quarter. Cetera Investment Advisers now owns 65,157 shares of the company's stock worth $1,822,000 after buying an additional 15,711 shares in the last quarter. 78.09% of the stock is owned by hedge funds and other institutional investors.

Confluent Stock Up 2.0%

Shares of CFLT traded up $0.51 during midday trading on Thursday, reaching $25.43. 4,966,866 shares of the company were exchanged, compared to its average volume of 5,015,594. The stock has a 50-day moving average price of $23.75 and a 200-day moving average price of $25.64. The company has a market cap of $8.66 billion, a price-to-earnings ratio of -25.95 and a beta of 0.99. Confluent, Inc. has a 1-year low of $17.79 and a 1-year high of $37.90. The company has a current ratio of 4.42, a quick ratio of 4.42 and a debt-to-equity ratio of 1.07.

Confluent (NASDAQ:CFLT - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.08 EPS for the quarter, topping analysts' consensus estimates 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 return on equity of 29.92% and a negative net margin of 31.42%. The firm's quarterly revenue was up 24.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.05 earnings per share. Research analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current year.

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 transaction, the director owned 267,079 shares in the company, valued at approximately $6,676,975. The trade was a 8.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Eric Vishria sold 30,953 shares of the business's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $21.93, for a total value of $678,799.29. Following the completion of the transaction, the director owned 1,169,876 shares in the company, valued at approximately $25,655,380.68. This trade represents a 2.58% decrease in their position. 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 9.20% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Needham & Company LLC dropped their price target on Confluent from $40.00 to $26.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Truist Financial dropped their price target on Confluent from $35.00 to $30.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. DA Davidson dropped their price target on Confluent from $42.00 to $28.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. UBS Group raised their price target on Confluent from $30.00 to $32.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Finally, JMP Securities dropped their price target on Confluent from $40.00 to $36.00 and set a "market outperform" rating for the company in a research report on Thursday, May 1st. 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. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $30.19.

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.