First Trust Advisors LP Reduces Holdings in Confluent, Inc. (NASDAQ:CFLT)

First Trust Advisors LP lowered its holdings in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 17.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,416,011 shares of the company's stock after selling 735,745 shares during the quarter. First Trust Advisors LP owned 1.04% of Confluent worth $95,512,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the business. Norges Bank bought a new position in shares of Confluent in the fourth quarter worth about $81,092,000. Pictet Asset Management Holding SA raised its stake 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 valued at $65,748,000 after acquiring an additional 2,319,919 shares in the last quarter. MIG Capital LLC purchased a new stake in shares of Confluent in the fourth quarter valued at approximately $27,007,000. Great Lakes Advisors LLC bought a new position in Confluent in the fourth quarter worth approximately $20,061,000. Finally, Trexquant Investment LP raised its position in Confluent by 4,111.5% during the 4th quarter. Trexquant Investment LP now owns 652,193 shares of the company's stock valued at $18,235,000 after purchasing an additional 636,707 shares in the last quarter. Institutional investors own 78.09% of the company's stock.

Insider Activity

In related news, CFO Rohan Sivaram sold 68,350 shares of the firm's stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $36.23, for a total transaction of $2,476,320.50. Following the sale, the chief financial officer now owns 520,273 shares in the company, valued at approximately $18,849,490.79. This trade represents a 11.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Kong Phan sold 2,178 shares of the company's stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $31.58, for a total value of $68,781.24. Following the completion of the transaction, the chief accounting officer now directly owns 177,415 shares of the company's stock, valued at $5,602,765.70. The trade was a 1.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,200,746 shares of company stock valued at $38,505,150 in the last three months. 13.82% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Barclays decreased their price objective on Confluent from $37.00 to $29.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Stifel Nicolaus boosted their price target on shares of Confluent from $37.00 to $40.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. Wells Fargo & Company dropped their price objective on shares of Confluent from $42.00 to $32.00 and set an "overweight" rating on the stock in a research note on Tuesday. Royal Bank of Canada boosted their price target on Confluent from $36.00 to $41.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. Finally, Truist Financial dropped their price objective on Confluent from $40.00 to $35.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $33.39.

Confluent Stock Performance

NASDAQ:CFLT traded up $0.87 during mid-day trading on Friday, hitting $24.13. The company's stock had a trading volume of 4,467,632 shares, compared to its average volume of 4,516,721. The business's fifty day moving average is $25.39 and its two-hundred day moving average is $27.37. The stock has a market cap of $8.06 billion, a price-to-earnings ratio of -22.34 and a beta of 1.03. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $37.90.

Confluent (NASDAQ:CFLT - Get Free Report) last issued its earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing analysts' consensus estimates of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. Analysts anticipate that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Confluent 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.