Victory Capital Management Inc. Has $14.33 Million Stock Holdings in Confluent, Inc. (NASDAQ:CFLT)

Victory Capital Management Inc. reduced its holdings in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 5.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 611,298 shares of the company's stock after selling 37,688 shares during the period. Victory Capital Management Inc. owned 0.18% of Confluent worth $14,329,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. ProShare Advisors LLC increased its stake in Confluent by 3.1% in the 4th quarter. ProShare Advisors LLC now owns 10,774 shares of the company's stock valued at $301,000 after buying an additional 328 shares during the last quarter. Commonwealth Equity Services LLC grew its stake in Confluent by 4.1% in the 4th quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company's stock valued at $323,000 after buying an additional 458 shares during the last quarter. Amalgamated Bank grew 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 buying an additional 566 shares during the last quarter. GAMMA Investing LLC grew 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 buying an additional 661 shares during the last quarter. Finally, Jasper Ridge Partners L.P. grew its stake in Confluent by 4.8% in the 4th quarter. Jasper Ridge Partners L.P. now owns 14,409 shares of the company's stock valued at $403,000 after buying an additional 664 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Confluent Price Performance

NASDAQ:CFLT traded up $0.75 on Friday, hitting $27.35. The company had a trading volume of 5,818,628 shares, compared to its average volume of 5,032,097. The stock has a market capitalization of $9.31 billion, a price-to-earnings ratio of -27.91 and a beta of 0.99. The company has a current ratio of 4.42, a quick ratio of 4.42 and a debt-to-equity ratio of 1.07. The firm has a 50 day moving average of $24.20 and a two-hundred day moving average of $25.52. Confluent, Inc. has a 52 week low of $17.79 and a 52 week high of $37.90.

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, beating the consensus estimate of $0.07 by $0.01. The business had revenue of $271.12 million during the quarter, compared to the consensus estimate of $264.45 million. Confluent had a negative net margin of 31.42% and a negative return on equity of 29.92%. The firm's revenue was up 24.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.05 EPS. On average, research analysts anticipate that Confluent, Inc. will post -0.83 earnings per share for the current year.

Insider Transactions at Confluent

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the company's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $24.50, for a total value of $5,696,250.00. Following the completion of the transaction, the chief executive officer directly owned 452,488 shares in the company, valued at approximately $11,085,956. This represents a 33.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Neha Narkhede sold 60,000 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $19.96, for a total transaction of $1,197,600.00. Following the completion of the transaction, the director owned 20,247 shares of the company's stock, valued at approximately $404,130.12. This trade represents a 74.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 546,669 shares of company stock worth $12,637,193. 9.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

CFLT has been the topic of a number of research reports. Oppenheimer decreased their price target on shares of Confluent from $35.00 to $32.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. Raymond James Financial initiated coverage on shares of Confluent in a research note on Friday, April 11th. They issued an "outperform" rating and a $30.00 price target on the stock. JMP Securities cut their price objective on shares of Confluent from $40.00 to $36.00 and set a "market outperform" rating for the company in a report on Thursday, May 1st. Stifel Nicolaus cut their price objective on shares of Confluent from $40.00 to $30.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Finally, Citigroup reissued a "neutral" rating on shares of Confluent in a report on Wednesday, May 21st. One analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-one have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Confluent has an average rating of "Moderate Buy" and an average price target of $30.36.

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.