Confluent, Inc. (NASDAQ:CFLT) Position Boosted by Swiss National Bank

Swiss National Bank raised its stake in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 7.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 566,318 shares of the company's stock after acquiring an additional 39,800 shares during the period. Swiss National Bank owned 0.18% of Confluent worth $13,252,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Fortitude Advisory Group L.L.C. acquired a new stake in Confluent in the fourth quarter worth $324,000. Triumph Capital Management increased its holdings in shares of Confluent by 146.3% in the 4th quarter. Triumph Capital Management now owns 50,500 shares of the company's stock worth $1,182,000 after acquiring an additional 30,000 shares during the period. Victory Capital Management Inc. lifted its position in Confluent by 20.2% in the 4th quarter. Victory Capital Management Inc. now owns 561,497 shares of the company's stock valued at $13,139,000 after purchasing an additional 94,405 shares during the last quarter. Intellectus Partners LLC boosted its stake in Confluent by 4.2% during the 4th quarter. Intellectus Partners LLC now owns 25,000 shares of the company's stock valued at $585,000 after purchasing an additional 1,000 shares during the period. Finally, Russell Investments Group Ltd. grew its position in Confluent by 7,051.6% in the 4th quarter. Russell Investments Group Ltd. now owns 259,101 shares of the company's stock worth $6,063,000 after purchasing an additional 255,478 shares during the last quarter. 78.09% of the stock is owned by institutional investors.

Insider Buying and Selling at Confluent

In other news, CTO Chad Verbowski sold 5,963 shares of the business's stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total transaction of $191,710.45. Following the sale, the chief technology officer now directly 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 accessible through the SEC website. In other Confluent news, insider Erica Schultz sold 63,729 shares of Confluent stock in a transaction on Monday, February 26th. The stock was sold at an average price of $33.50, for a total value of $2,134,921.50. Following the completion of the transaction, the insider now owns 480,471 shares in the company, valued at approximately $16,095,778.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 sale, the chief technology officer now owns 404,412 shares in the company, valued at approximately $13,001,845.80. The disclosure for this sale can be found here. Insiders sold a total of 873,277 shares of company stock valued at $28,572,424 in the last ninety days. Company insiders own 13.82% of the company's stock.

Confluent Stock Performance

CFLT traded down $1.61 during midday trading on Friday, reaching $29.42. The company's stock had a trading volume of 3,734,508 shares, compared to its average volume of 3,906,009. The company has a current ratio of 5.07, a quick ratio of 4.62 and a debt-to-equity ratio of 1.29. The company has a fifty day simple moving average of $30.04 and a 200 day simple moving average of $26.32. The stock has a market cap of $9.20 billion, a P/E ratio of -23.54 and a beta of 0.93. Confluent, Inc. has a twelve month low of $14.69 and a twelve month high of $41.22.

Confluent (NASDAQ:CFLT - Get Free Report) last posted its quarterly earnings data 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 46.73% and a negative return on equity of 40.55%. The business had revenue of $213.18 million during the quarter, compared to the consensus estimate of $204.62 million. Research analysts expect that Confluent, Inc. will post -0.92 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on CFLT shares. UBS Group boosted their price objective on Confluent from $21.00 to $26.00 and gave the stock a "neutral" rating in a research report on Monday, February 5th. Stifel Nicolaus assumed coverage on Confluent in a research note on Wednesday, February 21st. They issued a "buy" rating and a $40.00 price target for the company. Guggenheim boosted their price target on shares of Confluent from $35.00 to $37.00 and gave the stock a "buy" rating in a research report on Wednesday. TD Cowen upped their target price on Confluent from $34.00 to $37.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. lifted their price target on Confluent from $23.00 to $27.00 and gave the company a "neutral" rating in a research report on Thursday, February 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $32.88.

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.