TD Asset Management Inc Invests $1.16 Million in Confluent, Inc. $CFLT

Key Points

• TD Asset Management bought a new stake of 58,792 Confluent shares in Q3, valued at about $1.16 million per its most recent 13F filing.
• Heavy insider selling: CEO Edward Jay Kreps sold 270,207 shares (~$8.3M) and CRO Ban Ryan Norris Mac sold 19,756 shares (~$606k); insiders sold 1,501,830 shares worth ~$45.4M last quarter and now own about 9.2% of the stock.
• Earnings and outlook: Confluent beat quarterly estimates (EPS $0.12 vs $0.10; revenue $314.8M vs $308.0M, +20.5% YoY), trades near its 52‑week high with a market cap around $11.0B, and carries a consensus "Hold" rating with a $28.71 price target.

TD Asset Management Inc bought a new stake in Confluent, Inc. (NASDAQ:CFLT - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 58,792 shares of the company's stock, valued at approximately $1,164,000.

Other large investors have also recently bought and sold shares of the company. Perigon Wealth Management LLC lifted its stake in shares of Confluent by 8.7% in the 3rd quarter. Perigon Wealth Management LLC now owns 10,775 shares of the company's stock valued at $213,000 after purchasing an additional 866 shares during the period. J.W. Cole Advisors Inc. boosted its holdings in shares of Confluent by 7.7% during the 2nd quarter. J.W. Cole Advisors Inc. now owns 13,880 shares of the company's stock worth $346,000 after buying an additional 993 shares in the last quarter. Rafferty Asset Management LLC increased its stake in shares of Confluent by 13.7% in the 2nd quarter. Rafferty Asset Management LLC now owns 11,831 shares of the company's stock valued at $295,000 after acquiring an additional 1,421 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Confluent by 1.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 137,177 shares of the company's stock valued at $3,420,000 after acquiring an additional 1,526 shares during the period. Finally, Wealthfront Advisers LLC boosted its stake in Confluent by 10.6% during the third quarter. Wealthfront Advisers LLC now owns 16,588 shares of the company's stock worth $328,000 after acquiring an additional 1,586 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CRO Ban Ryan Norris Mac sold 19,756 shares of Confluent stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $30.66, for a total transaction of $605,718.96. Following the sale, the executive directly owned 358,890 shares in the company, valued at $11,003,567.40. The trade was a 5.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Edward Jay Kreps sold 270,207 shares of the stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $30.70, for a total transaction of $8,295,354.90. Following the transaction, the chief executive officer owned 301,660 shares of the company's stock, valued at approximately $9,260,962. The trade was a 47.25% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 1,501,830 shares of company stock worth $45,389,931. 9.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

CFLT has been the topic of a number of research analyst reports. Citigroup increased their price objective on shares of Confluent from $26.00 to $31.00 and gave the stock a "neutral" rating in a research report on Tuesday, December 9th. Royal Bank Of Canada lowered Confluent from an "outperform" rating to a "sector perform" rating and increased their price target for the stock from $30.00 to $31.00 in a report on Tuesday, December 9th. Canaccord Genuity Group cut Confluent from a "buy" rating to a "hold" rating and raised their price objective for the company from $27.00 to $31.00 in a research note on Monday, December 8th. Wolfe Research lowered Confluent from an "outperform" rating to a "hold" rating in a research report on Monday, December 8th. Finally, Deutsche Bank Aktiengesellschaft set a $31.00 target price on Confluent and gave the stock a "hold" rating in a report on Monday, December 8th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, twenty-eight have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $28.71.

Confluent Trading Up 0.1%

NASDAQ:CFLT opened at $30.79 on Friday. Confluent, Inc. has a 52 week low of $15.64 and a 52 week high of $31.22. The firm has a 50-day moving average price of $30.49 and a two-hundred day moving average price of $25.29. The company has a debt-to-equity ratio of 0.94, a quick ratio of 3.83 and a current ratio of 3.83. The firm has a market cap of $11.01 billion, a price-to-earnings ratio of -35.80 and a beta of 0.95.

Confluent (NASDAQ:CFLT - Get Free Report) last released its earnings results on Wednesday, February 11th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.02. The company had revenue of $314.82 million during the quarter, compared to analyst estimates of $308.03 million. Confluent had a negative return on equity of 22.66% and a negative net margin of 25.31%.Confluent's quarterly revenue was up 20.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.09 earnings per share. On average, equities analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

About Confluent

Confluent, Inc NASDAQ: CFLT is a leading provider of an event streaming platform built on Apache Kafka. The company's flagship offerings include Confluent Platform—a self-managed software solution—and Confluent Cloud, a fully managed service designed to simplify real-time data processing across hybrid and multi-cloud environments. These products enable enterprises to collect, process and distribute high volumes of data in real time, supporting use cases such as fraud detection, supply chain optimization and personalized customer experiences.

Founded in 2014 by Apache Kafka co-creators Jay Kreps, Neha Narkhede and Jun Rao, Confluent has driven the commercialization of Kafka technologies and extended the platform with tools for data integration, stream processing and enterprise-grade security.

Want to see what other hedge funds are holding CFLT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Confluent, Inc. (NASDAQ:CFLT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.