Prudential PLC Makes New $1.94 Million Investment in Confluent, Inc. (NASDAQ:CFLT)

Key Points

• Prudential PLC acquired 82,845 shares of Confluent, Inc., totaling approximately $1.94 million, indicating growing institutional interest in the company's stock.
• Confluent's stock experienced a 3.2% increase, with shares trading at $17.85 and a market cap of $6.15 billion, despite a challenging year with earnings forecasts remaining negative.
• Analysts have varying outlooks on the stock, with a consensus rating of "Moderate Buy" and an average target price of $27.36, amidst multiple recent price target adjustments from major firms.

Prudential PLC purchased a new stake in Confluent, Inc. (NASDAQ:CFLT - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 82,845 shares of the company's stock, valued at approximately $1,942,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CFLT. ProShare Advisors LLC increased its position in shares of Confluent by 3.1% during the fourth quarter. ProShare Advisors LLC now owns 10,774 shares of the company's stock worth $301,000 after acquiring an additional 328 shares in the last quarter. Amalgamated Bank increased its position in shares of Confluent by 3.4% during the first quarter. Amalgamated Bank now owns 16,995 shares of the company's stock worth $398,000 after acquiring an additional 566 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Confluent by 26.8% during the first quarter. GAMMA Investing LLC now owns 3,128 shares of the company's stock worth $73,000 after acquiring an additional 661 shares in the last quarter. Jasper Ridge Partners L.P. increased its position in shares of Confluent by 4.8% during the fourth quarter. Jasper Ridge Partners L.P. now owns 14,409 shares of the company's stock worth $403,000 after acquiring an additional 664 shares in the last quarter. Finally, Treasurer of the State of North Carolina increased its position in shares of Confluent by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 108,859 shares of the company's stock worth $3,044,000 after acquiring an additional 680 shares in the last quarter. 78.09% of the stock is owned by institutional investors.

Insider Activity

In other Confluent news, Director Lara Caimi sold 2,864 shares of the stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $24.10, for a total transaction of $69,022.40. Following the sale, the director owned 4,296 shares in the company, valued at $103,533.60. This represents a 40.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Kong Phan sold 3,575 shares of the stock in a transaction on Friday, June 20th. The stock was sold at an average price of $23.49, for a total value of $83,976.75. Following the sale, the chief accounting officer owned 239,742 shares in the company, valued at approximately $5,631,539.58. This represents a 1.47% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 463,169 shares of company stock valued at $10,906,848. 9.20% of the stock is currently owned by corporate insiders.

Confluent Stock Performance

CFLT traded down $0.06 on Friday, hitting $17.79. The company's stock had a trading volume of 10,371,097 shares, compared to its average volume of 11,541,307. The company's 50 day simple moving average is $23.10 and its 200-day simple moving average is $24.57. The company has a quick ratio of 3.98, a current ratio of 3.98 and a debt-to-equity ratio of 1.03. Confluent, Inc. has a 12 month low of $15.64 and a 12 month high of $37.90. The firm has a market cap of $6.13 billion, a P/E ratio of -18.93 and a beta of 0.96.

Confluent (NASDAQ:CFLT - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.01. The firm had revenue of $282.29 million for the quarter, compared to the consensus estimate of $278.32 million. Confluent had a negative return on equity of 27.34% and a negative net margin of 29.27%. The business's quarterly revenue was up 20.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.06 earnings per share. Analysts forecast that Confluent, Inc. will post -0.83 EPS for the current year.

Wall Street Analysts Forecast Growth

CFLT has been the subject of several recent research reports. Needham & Company LLC decreased their target price on shares of Confluent from $26.00 to $24.00 and set a "buy" rating for the company in a research report on Thursday, July 31st. Cowen downgraded shares of Confluent from a "buy" rating to a "hold" rating in a research report on Thursday, July 31st. TD Securities decreased their target price on shares of Confluent from $34.00 to $32.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. TD Cowen restated a "hold" rating and set a $24.00 price target on shares of Confluent in a report on Thursday, July 31st. Finally, Scotiabank cut their price target on shares of Confluent from $35.00 to $24.00 and set a "sector perform" rating on the stock in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $27.36.

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.