Northern Trust Corp Raises Holdings in Confluent, Inc. (NASDAQ:CFLT)

Northern Trust Corp grew its stake in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 25.9% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,383,028 shares of the company's stock after buying an additional 284,307 shares during the quarter. Northern Trust Corp owned 0.42% of Confluent worth $38,669,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. The Manufacturers Life Insurance Company lifted its stake in Confluent by 19.8% in the fourth quarter. The Manufacturers Life Insurance Company now owns 127,306 shares of the company's stock worth $3,559,000 after acquiring an additional 21,010 shares during the last quarter. Melqart Asset Management UK Ltd purchased a new stake in shares of Confluent during the 4th quarter worth $4,710,000. Gilder Gagnon Howe & Co. LLC acquired a new position in shares of Confluent during the fourth quarter worth $3,788,000. Credit Industriel ET Commercial purchased a new position in Confluent in the fourth quarter valued at $28,000. Finally, Fuller & Thaler Asset Management Inc. acquired a new stake in Confluent in the fourth quarter valued at $64,658,000. 78.09% of the stock is owned by institutional investors and hedge funds.

Confluent Stock Down 1.6 %

Shares of NASDAQ CFLT opened at $20.65 on Friday. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. The firm has a 50-day moving average price of $23.40 and a 200 day moving average price of $27.31. Confluent, Inc. has a 52 week low of $17.79 and a 52 week high of $37.90. The stock has a market capitalization of $6.90 billion, a price-to-earnings ratio of -19.12 and a beta of 1.02.

Confluent (NASDAQ:CFLT - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.07 by $0.01. Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. The business had revenue of $271.12 million for the quarter, compared to analyst estimates of $264.45 million. During the same quarter in the previous year, the company earned $0.05 EPS. The company's quarterly revenue was up 24.8% on a year-over-year basis. Equities research analysts anticipate that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Insider Activity

In other news, CEO Edward Jay Kreps sold 232,500 shares of the firm's stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $32.33, for a total transaction of $7,516,725.00. Following the completion of the transaction, the chief executive officer now directly owns 452,488 shares of the company's stock, valued at $14,628,937.04. This trade represents a 33.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Rohan Sivaram sold 68,350 shares of the company's stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $36.23, for a total value of $2,476,320.50. Following the completion of the sale, the chief financial officer now directly owns 520,273 shares in the company, valued at approximately $18,849,490.79. The trade was a 11.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,260,746 shares of company stock worth $39,702,750 over the last 90 days. 13.82% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Oppenheimer dropped their price objective on Confluent from $35.00 to $32.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. Truist Financial lowered their target price on shares of Confluent from $35.00 to $30.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Canaccord Genuity Group cut their price target on shares of Confluent from $38.00 to $32.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. TD Securities decreased their price objective on shares of Confluent from $34.00 to $32.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Finally, Royal Bank of Canada lifted their target price on Confluent from $36.00 to $41.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $30.11.

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.

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