OMERS ADMINISTRATION Corp Sells 42,800 Shares of Confluent, Inc. (NASDAQ:CFLT)

OMERS ADMINISTRATION Corp lowered its holdings in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 49.0% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 44,516 shares of the company's stock after selling 42,800 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in Confluent were worth $1,245,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of Confluent during the fourth quarter valued at approximately $81,092,000. Pictet Asset Management Holding SA grew its position in shares of Confluent by 7,342.2% in the 4th quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company's stock worth $65,748,000 after buying an additional 2,319,919 shares during the period. Fuller & Thaler Asset Management Inc. bought a new position in shares of Confluent in the 4th quarter worth about $64,658,000. MIG Capital LLC purchased a new position in Confluent during the 4th quarter valued at about $27,007,000. Finally, Greenhouse Funds LLLP boosted its stake in Confluent by 102.2% during the fourth quarter. Greenhouse Funds LLLP now owns 1,820,446 shares of the company's stock worth $50,900,000 after acquiring an additional 919,997 shares in the last quarter. 78.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CFLT shares. Evercore ISI lowered their target price on shares of Confluent from $29.00 to $28.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. Stifel Nicolaus lowered their price objective on Confluent from $40.00 to $30.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Royal Bank of Canada increased their target price on Confluent from $36.00 to $41.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 12th. Guggenheim reduced their price target on Confluent from $38.00 to $31.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Finally, Bank of America lifted their price target on Confluent from $26.00 to $31.00 and gave the stock an "underperform" rating in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $30.11.

Confluent Stock Performance

NASDAQ CFLT traded up $0.67 during trading hours on Thursday, hitting $21.72. 2,704,333 shares of the company's stock traded hands, compared to its average volume of 4,774,865. Confluent, Inc. has a 52 week low of $17.79 and a 52 week high of $37.90. The firm has a market capitalization of $7.39 billion, a P/E ratio of -20.12 and a beta of 1.02. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14. The business's fifty day moving average price is $22.67 and its two-hundred day moving average price is $27.26.

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

Insiders Place Their Bets

In other news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $29.36, for a total value of $6,826,200.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares of the company's stock, valued at $13,285,047.68. This represents a 33.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Erica Schultz sold 126,730 shares of Confluent stock in a transaction on Friday, February 21st. The shares were sold at an average price of $31.58, for a total transaction of $4,002,133.40. Following the transaction, the insider now owns 552,424 shares in the company, valued at approximately $17,445,549.92. This trade represents a 18.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 769,274 shares of company stock worth $22,198,314 over the last quarter. 13.82% of the stock is currently owned by corporate insiders.

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.