Allspring Global Investments Holdings LLC Has $29.39 Million Stock Position in Confluent, Inc. (NASDAQ:CFLT)

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 16.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,256,087 shares of the company's stock after selling 241,041 shares during the period. Allspring Global Investments Holdings LLC owned about 0.41% of Confluent worth $29,392,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Whale Rock Capital Management LLC acquired a new stake in Confluent during the 2nd quarter worth about $105,594,000. Vanguard Group Inc. raised its holdings in shares of Confluent by 96.6% during the first quarter. Vanguard Group Inc. now owns 5,063,242 shares of the company's stock valued at $207,593,000 after acquiring an additional 2,488,471 shares during the period. Altimeter Capital Management LP lifted its position in shares of Confluent by 79.9% in the 1st quarter. Altimeter Capital Management LP now owns 5,306,700 shares of the company's stock valued at $217,575,000 after acquiring an additional 2,356,700 shares in the last quarter. T. Rowe Price Investment Management Inc. acquired a new position in Confluent in the 4th quarter worth approximately $44,837,000. Finally, Price T Rowe Associates Inc. MD grew its position in Confluent by 18.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,476,920 shares of the company's stock worth $300,320,000 after purchasing an additional 1,938,668 shares in the last quarter. Institutional investors and hedge funds own 78.09% of the company's stock.

Insider Activity at Confluent

In other news, CTO Chad Verbowski sold 8,086 shares of the stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total value of $252,283.20. Following the completion of the transaction, the chief technology officer now owns 532,072 shares in the company, valued at approximately $16,600,646.40. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, Director Lara Caimi sold 46,875 shares of the firm's stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $31.90, for a total transaction of $1,495,312.50. Following the completion of the transaction, the director now owns 5,399 shares in the company, valued at approximately $172,228.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Chad Verbowski sold 8,086 shares of the company's stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total value of $252,283.20. Following the completion of the sale, the chief technology officer now owns 532,072 shares in the company, valued at $16,600,646.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,433,170 shares of company stock worth $46,438,029. 22.08% of the stock is owned by corporate insiders.

Confluent Stock Performance

Shares of NASDAQ:CFLT traded down $1.26 on Friday, hitting $28.56. 2,556,434 shares of the company were exchanged, compared to its average volume of 3,038,432. The company's 50 day moving average price is $31.29 and its two-hundred day moving average price is $26.44. The firm has a market capitalization of $8.93 billion, a price-to-earnings ratio of -19.43 and a beta of 0.91. The company has a debt-to-equity ratio of 1.34, a quick ratio of 4.62 and a current ratio of 4.62. Confluent, Inc. has a one year low of $14.69 and a one year high of $41.22.

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

Analysts Set New Price Targets

CFLT has been the subject of several recent analyst reports. DA Davidson reaffirmed a "buy" rating and issued a $37.00 target price on shares of Confluent in a research report on Monday, April 1st. Royal Bank of Canada lifted their target price on Confluent from $35.00 to $37.00 and gave the company an "outperform" rating in a research note on Wednesday, February 14th. Loop Capital started coverage on shares of Confluent in a research report on Tuesday, January 30th. They issued a "hold" rating and a $23.00 price target for the company. The Goldman Sachs Group boosted their price objective on shares of Confluent from $24.00 to $27.00 and gave the company a "neutral" rating in a research report on Thursday, February 8th. Finally, JMP Securities increased their target price on shares of Confluent from $25.00 to $38.00 and gave the stock a "market outperform" rating in a research report on Thursday, February 8th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $30.72.

Confluent Company 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.