Kayne Anderson Rudnick Investment Management LLC Trims Stock Holdings in Confluent, Inc. (NASDAQ:CFLT)

Kayne Anderson Rudnick Investment Management LLC lessened its position in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 17.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 82,219 shares of the company's stock after selling 17,767 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC's holdings in Confluent were worth $2,299,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in CFLT. Blue Trust Inc. boosted its position in Confluent by 354.0% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company's stock valued at $58,000 after buying an additional 1,607 shares during the period. SBI Securities Co. Ltd. purchased a new stake in Confluent during the fourth quarter valued at about $59,000. GAMMA Investing LLC boosted its position in Confluent by 85.3% during the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company's stock valued at $69,000 after buying an additional 1,136 shares during the period. AlphaQuest LLC boosted its position in Confluent by 22,112.5% during the fourth quarter. AlphaQuest LLC now owns 3,554 shares of the company's stock valued at $99,000 after buying an additional 3,538 shares during the period. Finally, IFP Advisors Inc boosted its position in Confluent by 48.4% during the fourth quarter. IFP Advisors Inc now owns 4,945 shares of the company's stock valued at $138,000 after buying an additional 1,613 shares during the period. Institutional investors own 78.09% of the company's stock.

Insider Buying and Selling

In other Confluent news, insider Erica Schultz sold 150,000 shares of the stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $35.82, for a total value of $5,373,000.00. Following the transaction, the insider now owns 678,016 shares of the company's stock, valued at approximately $24,286,533.12. This represents a 18.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Kong Phan sold 6,346 shares of the stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $36.22, for a total value of $229,852.12. Following the completion of the transaction, the chief accounting officer now directly owns 179,593 shares in the company, valued at approximately $6,504,858.46. This represents a 3.41 % 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 worth $38,505,150 in the last three months. Insiders own 13.82% of the company's stock.

Confluent Stock Up 3.7 %

NASDAQ CFLT traded up $0.87 during mid-day trading on Friday, reaching $24.13. The stock had a trading volume of 4,467,632 shares, compared to its average volume of 4,519,464. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $37.90. The stock has a market cap of $8.06 billion, a PE ratio of -22.34 and a beta of 1.03. The company has a fifty day moving average price of $25.39 and a 200 day moving average price of $27.45. 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 (NASDAQ:CFLT - Get Free Report) last announced its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share 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%. On average, research analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CFLT. Truist Financial cut their price target on shares of Confluent from $40.00 to $35.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Stifel Nicolaus increased their target price on shares of Confluent from $37.00 to $40.00 and gave the stock a "buy" rating in a report on Wednesday, February 12th. Needham & Company LLC reiterated a "buy" rating and set a $40.00 target price on shares of Confluent in a report on Friday, March 7th. Morgan Stanley dropped their target price on shares of Confluent from $32.00 to $25.00 and set an "equal weight" rating for the company in a report on Wednesday, April 16th. Finally, UBS Group upgraded shares of Confluent from a "neutral" rating to a "buy" rating and increased their target price for the stock from $34.00 to $38.00 in a report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Confluent has a consensus rating of "Moderate Buy" and a consensus target price of $33.39.

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.