Confluent, Inc. (NASDAQ:CFLT) Shares Bought by Russell Investments Group Ltd.

Russell Investments Group Ltd. increased its position in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 7,051.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 259,101 shares of the company's stock after buying an additional 255,478 shares during the quarter. Russell Investments Group Ltd. owned about 0.08% of Confluent worth $6,063,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CFLT. Vanguard Group Inc. lifted its holdings in shares of Confluent by 13.0% in the third quarter. Vanguard Group Inc. now owns 18,424,394 shares of the company's stock valued at $545,546,000 after purchasing an additional 2,125,843 shares in the last quarter. Invesco Ltd. grew its position in shares of Confluent by 14.0% in the third 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 in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Confluent by 82.2% in the third 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 in the last quarter. CloudAlpha Capital Management Limited Hong Kong purchased a new position in shares of Confluent in the fourth quarter valued at $29,833,000. Finally, Bank of New York Mellon Corp grew its position in Confluent by 1.5% during the third quarter. Bank of New York Mellon Corp now owns 1,071,263 shares of the company's stock worth $31,720,000 after buying an additional 15,944 shares in the last quarter. Institutional investors own 78.09% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on CFLT. Barclays boosted their target price on Confluent from $33.00 to $34.00 and gave the stock an "overweight" rating in a research report on Wednesday. TD Cowen lifted their price target on Confluent from $34.00 to $37.00 and gave the stock a "buy" rating in a research note on Wednesday. Needham & Company LLC reaffirmed a "buy" rating and set a $38.00 price target on shares of Confluent in a research note on Wednesday. JMP Securities lifted their price target on Confluent from $38.00 to $40.00 and gave the stock a "market outperform" rating in a research note on Wednesday. Finally, Canaccord Genuity Group raised Confluent from a "hold" rating to a "buy" rating and set a $35.00 target price for the company in a research note on Wednesday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and nineteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $32.88.

Insiders Place Their Bets

In other Confluent news, CTO Chad Verbowski sold 5,963 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total value of $191,710.45. Following the completion of the sale, the chief technology officer now owns 404,412 shares in the company, valued at approximately $13,001,845.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CTO Chad Verbowski sold 5,963 shares of Confluent stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total value of $191,710.45. Following the completion of the transaction, the chief technology officer now owns 404,412 shares in the company, valued at $13,001,845.80. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Lara Caimi sold 46,875 shares of the firm's stock in a transaction dated 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 sale, the director now directly owns 5,399 shares of the company's stock, valued at approximately $172,228.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,433,170 shares of company stock worth $46,438,029. Corporate insiders own 13.82% of the company's stock.

Confluent Stock Down 1.1 %

CFLT traded down $0.35 during trading on Thursday, hitting $31.03. 5,095,206 shares of the company's stock traded hands, compared to its average volume of 4,856,223. The company's 50 day simple moving average is $30.20 and its two-hundred day simple moving average is $26.28. The company has a current ratio of 4.62, a quick ratio of 4.62 and a debt-to-equity ratio of 1.34. Confluent, Inc. has a 12-month low of $14.69 and a 12-month high of $41.22. The stock has a market capitalization of $9.70 billion, a price-to-earnings ratio of -21.35 and a beta of 0.93.

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