Federated Hermes Inc. Buys 135,330 Shares of Confluent, Inc. (NASDAQ:CFLT)

Federated Hermes Inc. raised its stake in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 34.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 529,619 shares of the company's stock after purchasing an additional 135,330 shares during the quarter. Federated Hermes Inc. owned approximately 0.17% of Confluent worth $12,393,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Daiwa Securities Group Inc. boosted its position in shares of Confluent by 6.6% during the 4th quarter. Daiwa Securities Group Inc. now owns 11,300 shares of the company's stock valued at $264,000 after purchasing an additional 700 shares in the last quarter. CloudAlpha Capital Management Limited Hong Kong purchased a new stake in Confluent in the fourth quarter worth $29,833,000. Rakuten Securities Inc. purchased a new stake in Confluent in the fourth quarter worth $31,000. Strategic Vision Investment Ltd purchased a new stake in Confluent in the fourth quarter worth $1,861,000. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Confluent by 5.6% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 360,754 shares of the company's stock worth $8,442,000 after acquiring an additional 19,054 shares during the period. 78.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CFLT. Scotiabank lifted their price target on Confluent from $22.00 to $28.00 and gave the stock a "sector perform" rating in a research note on Thursday, February 8th. JMP Securities upped their price objective on Confluent from $25.00 to $38.00 and gave the company a "market outperform" rating in a research report on Thursday, February 8th. Needham & Company LLC boosted their target price on shares of Confluent from $35.00 to $38.00 and gave the company a "buy" rating in a research note on Friday, March 22nd. Mizuho reduced their price objective on Confluent from $38.00 to $36.00 and set a "buy" rating for the company in a research note on Monday, April 15th. Finally, JPMorgan Chase & Co. increased their price target on Confluent from $23.00 to $27.00 and gave the stock a "neutral" rating in a research note on Thursday, February 8th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $30.64.

Insider Activity at Confluent

In related news, CTO Chad Verbowski sold 8,086 shares of the company's stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total value of $252,283.20. Following the transaction, the chief technology officer now directly owns 532,072 shares in the company, valued at $16,600,646.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Michelangelo Volpi sold 637,268 shares of the stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $31.73, for a total value of $20,220,513.64. Following the completion of the transaction, the director now owns 302,306 shares of the company's stock, valued at $9,592,169.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Chad Verbowski sold 8,086 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $31.20, for a total transaction of $252,283.20. Following the completion of the transaction, the chief technology officer now directly owns 532,072 shares of the company's stock, valued at approximately $16,600,646.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,433,170 shares of company stock worth $46,438,029. Corporate insiders own 22.08% of the company's stock.

Confluent Trading Up 1.2 %

Shares of Confluent stock traded up $0.35 during trading on Wednesday, hitting $28.88. 2,805,457 shares of the company were exchanged, compared to its average volume of 4,926,146. The firm has a market capitalization of $9.03 billion, a P/E ratio of -19.69 and a beta of 0.91. The firm's fifty day moving average price is $31.20 and its 200 day moving average price is $26.36. The company has a debt-to-equity ratio of 1.34, a current ratio of 4.62 and a quick ratio of 4.62. Confluent, Inc. has a 1-year low of $14.69 and a 1-year high of $41.22.

Confluent (NASDAQ:CFLT - Get Free Report) last announced its quarterly earnings data on Wednesday, February 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 company had revenue of $213.18 million for the quarter, compared to the consensus estimate of $204.62 million. As a group, sell-side analysts expect that Confluent, Inc. will post -0.92 earnings per share 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.