Tobam Acquires Shares of 179,281 Confluent, Inc. (NASDAQ:CFLT)

Tobam acquired a new position in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 179,281 shares of the company's stock, valued at approximately $4,195,000. Tobam owned 0.06% of Confluent at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Advisors Asset Management Inc. acquired a new stake in Confluent in the first quarter worth approximately $30,000. UniSuper Management Pty Ltd acquired a new stake in Confluent in the third quarter worth approximately $36,000. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in Confluent in the first quarter worth approximately $42,000. Geneos Wealth Management Inc. acquired a new stake in Confluent in the first quarter worth approximately $43,000. Finally, American International Group Inc. acquired a new stake in Confluent in the second quarter worth approximately $45,000. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have issued reports on the company. JMP Securities upped their price target on Confluent from $25.00 to $38.00 and gave the company a "market outperform" rating in a report on Thursday, February 8th. Loop Capital assumed coverage on Confluent in a report on Tuesday, January 30th. They issued a "hold" rating and a $23.00 price target on the stock. Barclays upped their price target on Confluent from $26.00 to $33.00 and gave the company an "overweight" rating in a report on Thursday, February 8th. JPMorgan Chase & Co. boosted their target price on shares of Confluent from $23.00 to $27.00 and gave the company a "neutral" rating in a research note on Thursday, February 8th. Finally, Royal Bank of Canada boosted their target price on shares of Confluent from $35.00 to $37.00 and gave the company an "outperform" rating in a research note on Wednesday, February 14th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $30.72.

Confluent Price Performance

NASDAQ:CFLT traded down $0.09 during mid-day trading on Tuesday, hitting $30.00. The company's stock had a trading volume of 2,134,287 shares, compared to its average volume of 5,190,500. Confluent, Inc. has a fifty-two week low of $14.69 and a fifty-two week high of $41.22. The company has a current ratio of 4.62, a quick ratio of 4.62 and a debt-to-equity ratio of 1.34. The company has a market capitalization of $9.38 billion, a price-to-earnings ratio of -20.41 and a beta of 0.91. The stock has a fifty day moving average of $30.91 and a 200-day moving average of $26.42.

Confluent (NASDAQ:CFLT - Get Free Report) last posted its quarterly earnings results on Wednesday, February 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.01). Confluent had a negative return on equity of 44.16% and a negative net margin of 56.99%. The business had revenue of $213.18 million during the quarter, compared to analyst estimates of $204.62 million. As a group, equities analysts forecast that Confluent, Inc. will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CTO Chad Verbowski sold 8,086 shares of the firm's stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total transaction of $252,283.20. Following the completion of the sale, the chief technology officer now owns 532,072 shares of the company's stock, valued at $16,600,646.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CTO Chad Verbowski sold 8,086 shares of the firm's stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total transaction of $252,283.20. Following the completion of the sale, the chief technology officer now owns 532,072 shares of the company's stock, valued at $16,600,646.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Erica Schultz sold 63,729 shares of the firm's stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $31.75, for a total transaction of $2,023,395.75. Following the sale, the insider now directly owns 479,537 shares of the company's stock, valued at approximately $15,225,299.75. The disclosure for this sale can be found here. Insiders sold 1,433,170 shares of company stock valued at $46,438,029 over the last quarter. Corporate insiders own 22.08% of the company's stock.

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.