Confluent, Inc. (NASDAQ:CFLT) Stake Lessened by Legal & General Group Plc

Legal & General Group Plc lowered its position in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 7.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 256,814 shares of the company's stock after selling 19,566 shares during the quarter. Legal & General Group Plc owned 0.08% of Confluent worth $7,181,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in CFLT. Commonwealth Equity Services LLC grew its stake in shares of Confluent by 4.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company's stock worth $323,000 after purchasing an additional 458 shares during the period. Truist Financial Corp boosted its holdings in Confluent by 2.5% during the fourth quarter. Truist Financial Corp now owns 21,081 shares of the company's stock worth $589,000 after buying an additional 514 shares in the last quarter. Sit Investment Associates Inc. grew its position in Confluent by 0.5% during the fourth quarter. Sit Investment Associates Inc. now owns 124,623 shares of the company's stock worth $3,484,000 after buying an additional 680 shares during the period. GAMMA Investing LLC increased its holdings in Confluent by 85.3% in 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 in the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich lifted its position in shares of Confluent by 8.0% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 15,281 shares of the company's stock valued at $472,000 after acquiring an additional 1,137 shares during the period. Institutional investors and hedge funds own 78.09% of the company's stock.

Confluent Trading Up 5.5 %

NASDAQ CFLT traded up $1.21 during mid-day trading on Thursday, hitting $22.98. The company's stock had a trading volume of 1,108,270 shares, compared to its average volume of 4,487,551. 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 52-week low of $17.79 and a 52-week high of $37.90. The stock's fifty day simple moving average is $25.84 and its two-hundred day simple moving average is $27.32. The firm has a market capitalization of $7.67 billion, a P/E ratio of -21.28 and a beta of 1.03.

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

Insider Transactions at Confluent

In other Confluent news, CAO Kong Phan sold 2,178 shares of the company's stock in a transaction dated Friday, February 21st. The shares were 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. This represents a 1.21 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michelangelo Volpi sold 25,000 shares of Confluent stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $36.22, for a total value of $905,500.00. Following the sale, the director now directly owns 292,079 shares in the company, valued at approximately $10,579,101.38. The trade was a 7.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,200,746 shares of company stock valued at $38,505,150 over the last quarter. Company insiders own 13.82% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CFLT shares. Guggenheim restated a "buy" rating and issued a $38.00 price target on shares of Confluent in a report on Wednesday. Wells Fargo & Company dropped their price target on Confluent from $42.00 to $32.00 and set an "overweight" rating for the company in a research report on Tuesday. Barclays cut their price target on Confluent from $37.00 to $29.00 and set an "overweight" rating for the company in a research note on Monday. Canaccord Genuity Group increased their price objective on shares of Confluent from $34.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, February 12th. Finally, Truist Financial cut their target price 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. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Confluent has an average rating of "Moderate Buy" and an average price target of $33.39.

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.