34,761 Shares in Confluent, Inc. (NASDAQ:CFLT) Acquired by Vident Advisory LLC

Vident Advisory LLC acquired a new position in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 34,761 shares of the company's stock, valued at approximately $972,000.

A number of other hedge funds also recently made changes to their positions in CFLT. Norges Bank bought a new position in shares of Confluent during the fourth quarter worth about $81,092,000. Pictet Asset Management Holding SA raised its position in shares of Confluent by 7,342.2% during the fourth quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company's stock worth $65,748,000 after acquiring an additional 2,319,919 shares during the last quarter. Fuller & Thaler Asset Management Inc. bought a new stake in Confluent in the fourth quarter worth approximately $64,658,000. MIG Capital LLC bought a new stake in Confluent in the fourth quarter worth approximately $27,007,000. Finally, Greenhouse Funds LLLP increased its holdings in Confluent by 102.2% in the fourth quarter. Greenhouse Funds LLLP now owns 1,820,446 shares of the company's stock worth $50,900,000 after purchasing an additional 919,997 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors.

Confluent Stock Performance

Shares of NASDAQ CFLT traded down $0.38 during mid-day trading on Friday, reaching $22.71. 1,879,727 shares of the company's stock were exchanged, compared to its average volume of 4,829,713. The firm has a 50-day moving average price of $22.13 and a two-hundred day moving average price of $27.07. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24. The firm has a market capitalization of $7.73 billion, a price-to-earnings ratio of -21.03 and a beta of 1.02. 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 announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.07 by $0.01. Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. The business had revenue of $271.12 million for the quarter, compared to analyst estimates of $264.45 million. During the same quarter in the previous year, the firm posted $0.05 earnings per share. The company's revenue for the quarter was up 24.8% on a year-over-year basis. Analysts predict that Confluent, Inc. will post -0.83 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CFLT shares. Oppenheimer lowered their target price on Confluent from $35.00 to $32.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. Stifel Nicolaus lowered their target price on Confluent from $40.00 to $30.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Truist Financial lowered their target price on Confluent from $35.00 to $30.00 and set a "buy" rating for the company in a report on Thursday, May 1st. DA Davidson lowered their target price on Confluent from $42.00 to $28.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Finally, UBS Group lowered their target price on Confluent from $38.00 to $30.00 and set a "buy" rating for the company in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Confluent presently has a consensus rating of "Moderate Buy" and a consensus price target of $30.11.

Insider Buying and Selling

In related news, CEO Edward Jay Kreps sold 37,707 shares of Confluent stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $21.84, for a total value of $823,520.88. Following the completion of the sale, the chief executive officer now owns 452,488 shares of the company's stock, valued at approximately $9,882,337.92. This trade represents a 7.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Rohan Sivaram sold 11,000 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $31.14, for a total value of $342,540.00. Following the completion of the sale, the chief financial officer now owns 701,403 shares in the company, valued at $21,841,689.42. This represents a 1.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 584,124 shares of company stock valued at $15,363,887. 9.20% of the stock is owned by company insiders.

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.