Vanguard Group Inc. Purchases 1,791,588 Shares of Confluent, Inc. $CFLT

Vanguard Group Inc. increased its holdings in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 7.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,620,150 shares of the company's stock after buying an additional 1,791,588 shares during the period. Vanguard Group Inc. owned 7.97% of Confluent worth $623,976,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. Cloud Capital Management LLC acquired a new position in shares of Confluent during the 1st quarter worth $26,000. Credit Industriel ET Commercial acquired a new stake in shares of Confluent in the 4th quarter valued at approximately $28,000. Versant Capital Management Inc increased its position in Confluent by 2,458.2% during the 1st quarter. Versant Capital Management Inc now owns 1,714 shares of the company's stock worth $40,000 after purchasing an additional 1,647 shares in the last quarter. GAMMA Investing LLC lifted its stake in Confluent by 26.8% in the 1st quarter. GAMMA Investing LLC now owns 3,128 shares of the company's stock valued at $73,000 after purchasing an additional 661 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in shares of Confluent by 39.3% during the first quarter. PNC Financial Services Group Inc. now owns 4,053 shares of the company's stock worth $95,000 after buying an additional 1,143 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors.

Confluent Price Performance

NASDAQ:CFLT traded up $0.29 during trading hours on Monday, hitting $18.08. The stock had a trading volume of 2,232,355 shares, compared to its average volume of 6,532,261. The firm has a market capitalization of $6.23 billion, a price-to-earnings ratio of -19.14 and a beta of 0.96. Confluent, Inc. has a one year low of $15.64 and a one year high of $37.90. The company has a 50 day simple moving average of $23.10 and a two-hundred day simple moving average of $24.54. The company has a debt-to-equity ratio of 1.03, a current ratio of 3.98 and a quick ratio of 3.98.

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

Analyst Upgrades and Downgrades

CFLT has been the topic of several recent research reports. Loop Capital cut their price objective on Confluent from $30.00 to $22.00 and set a "hold" rating on the stock in a report on Wednesday, April 23rd. Wells Fargo & Company lowered their price objective on Confluent from $30.00 to $27.00 and set an "overweight" rating for the company in a research note on Thursday, July 31st. JMP Securities cut their target price on shares of Confluent from $40.00 to $36.00 and set a "market outperform" rating on the stock in a research report on Thursday, May 1st. Robert W. Baird cut their price target on shares of Confluent from $37.00 to $24.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st. Finally, Citigroup decreased their price objective on Confluent from $30.00 to $20.00 and set a "neutral" rating for the company in a report on Monday, August 4th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $27.36.

Insider Activity at Confluent

In other news, CAO Kong Phan sold 3,575 shares of the business's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $23.49, for a total value of $83,976.75. Following the completion of the sale, the chief accounting officer owned 239,742 shares of the company's stock, valued at approximately $5,631,539.58. The trade was a 1.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $24.50, for a total value of $5,696,250.00. Following the transaction, the chief executive officer owned 452,488 shares in the company, valued at approximately $11,085,956. The trade was a 33.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 432,216 shares of company stock worth $10,228,049 in the last three months. 13.82% of the stock is owned by insiders.

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.