Confluent, Inc. (NASDAQ:CFLT) Shares Sold by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lowered its position in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 33.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,161,079 shares of the company's stock after selling 585,299 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.35% of Confluent worth $32,464,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Vident Advisory LLC purchased a new stake in Confluent during the fourth quarter valued at about $972,000. Tairen Capital Ltd grew its holdings in shares of Confluent by 45.6% in the fourth quarter. Tairen Capital Ltd now owns 72,798 shares of the company's stock worth $2,035,000 after acquiring an additional 22,798 shares during the period. Shay Capital LLC bought a new stake in shares of Confluent during the 4th quarter valued at $419,000. Royal Bank of Canada boosted its holdings in Confluent by 86.3% in the 4th quarter. Royal Bank of Canada now owns 498,413 shares of the company's stock worth $13,936,000 after buying an additional 230,943 shares during the period. Finally, Rafferty Asset Management LLC boosted its position in shares of Confluent by 15.9% during the fourth quarter. Rafferty Asset Management LLC now owns 14,348 shares of the company's stock worth $401,000 after acquiring an additional 1,964 shares during the last quarter. 78.09% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CAO Kong Phan sold 1,890 shares of the business's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $21.83, for a total value of $41,258.70. Following the completion of the transaction, the chief accounting officer now owns 244,626 shares of the company's stock, valued at $5,340,185.58. The trade was a 0.77% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Rohan Sivaram sold 11,000 shares of the company's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $31.14, for a total transaction of $342,540.00. Following the completion of the transaction, the chief financial officer now owns 701,403 shares of the company's stock, valued at approximately $21,841,689.42. This trade represents a 1.54% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 584,124 shares of company stock valued at $15,363,887. 9.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CFLT. Canaccord Genuity Group decreased their target price on Confluent from $38.00 to $32.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Royal Bank of Canada increased their price objective on shares of Confluent from $36.00 to $41.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 12th. Truist Financial dropped their price objective on Confluent from $35.00 to $30.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Stifel Nicolaus lowered their target price on shares of Confluent from $40.00 to $30.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Finally, Barclays decreased their target price on shares of Confluent from $29.00 to $27.00 and set an "overweight" rating on the stock in a 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 assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $30.11.

Confluent Trading Down 0.8%

Shares of CFLT traded down $0.18 during trading hours on Friday, reaching $22.90. 5,648,584 shares of the company traded hands, compared to its average volume of 4,837,403. Confluent, Inc. has a 12 month low of $17.79 and a 12 month high of $37.90. The company has a market capitalization of $7.79 billion, a price-to-earnings ratio of -21.20 and a beta of 1.02. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. The company's fifty day moving average price is $22.05 and its two-hundred day moving average price is $27.02.

Confluent (NASDAQ:CFLT - Get Free Report) last posted its earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share for the quarter, beating analysts' consensus estimates of $0.07 by $0.01. Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. The company had revenue of $271.12 million for the quarter, compared to the consensus estimate of $264.45 million. During the same quarter in the prior year, the company earned $0.05 earnings per share. Confluent's revenue was up 24.8% on a year-over-year basis. Equities research analysts predict that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

About Confluent

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.