State of New Jersey Common Pension Fund D Has $2.89 Million Stock Position in Confluent, Inc. (NASDAQ:CFLT)

State of New Jersey Common Pension Fund D grew its stake in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 29.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 123,311 shares of the company's stock after purchasing an additional 27,996 shares during the period. State of New Jersey Common Pension Fund D's holdings in Confluent were worth $2,885,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Confluent by 13.0% in the 3rd quarter. Vanguard Group Inc. now owns 18,424,394 shares of the company's stock worth $545,546,000 after buying an additional 2,125,843 shares in the last quarter. Invesco Ltd. raised its stake in Confluent by 14.0% in the 3rd quarter. Invesco Ltd. now owns 3,824,055 shares of the company's stock valued at $113,230,000 after purchasing an additional 470,002 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Confluent by 82.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,826,876 shares of the company's stock valued at $54,094,000 after purchasing an additional 824,436 shares during the last quarter. CloudAlpha Capital Management Limited Hong Kong acquired a new position in Confluent in the 4th quarter valued at about $29,833,000. Finally, Bank of New York Mellon Corp raised its stake in Confluent by 1.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,071,263 shares of the company's stock valued at $31,720,000 after purchasing an additional 15,944 shares during the last quarter. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Erica Schultz sold 63,729 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $33.91, for a total transaction of $2,161,050.39. Following the completion of the transaction, the insider now directly owns 706,715 shares in the company, valued at approximately $23,964,705.65. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director Michelangelo Volpi sold 637,268 shares of Confluent stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $31.73, for a total transaction of $20,220,513.64. Following the sale, the director now owns 302,306 shares of the company's stock, valued at approximately $9,592,169.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Erica Schultz sold 63,729 shares of Confluent stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $33.91, for a total value of $2,161,050.39. Following the sale, the insider now directly owns 706,715 shares in the company, valued at approximately $23,964,705.65. The disclosure for this sale can be found here. In the last three months, insiders sold 1,433,170 shares of company stock worth $46,438,029. 22.08% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on CFLT shares. 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. JMP Securities upped their price objective on shares of Confluent from $25.00 to $38.00 and gave the company a "market outperform" rating in a research note on Thursday, February 8th. Scotiabank upped their price objective on shares of Confluent from $22.00 to $28.00 and gave the company a "sector perform" rating in a research note on Thursday, February 8th. Barclays upped their price objective on shares of Confluent from $26.00 to $33.00 and gave the company an "overweight" rating in a research note on Thursday, February 8th. Finally, JPMorgan Chase & Co. upped their price objective 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. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, Confluent currently has an average rating of "Moderate Buy" and a consensus target price of $30.64.

Confluent Stock Down 3.0 %

NASDAQ CFLT traded down $0.89 on Monday, reaching $28.86. The company had a trading volume of 2,990,255 shares, compared to its average volume of 4,861,143. The firm has a market capitalization of $9.02 billion, a PE ratio of -19.63 and a beta of 0.91. Confluent, Inc. has a 1 year low of $14.69 and a 1 year high of $41.22. The firm has a 50-day moving average of $30.82 and a 200-day moving average of $26.31. 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 (NASDAQ:CFLT - Get Free Report) last released its earnings results on Wednesday, February 7th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.01). The business had revenue of $213.18 million for the quarter, compared to analysts' expectations of $204.62 million. Confluent had a negative net margin of 56.99% and a negative return on equity of 44.16%. On average, equities research analysts anticipate that Confluent, Inc. will post -0.92 EPS for the current fiscal year.

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.