The Manufacturers Life Insurance Company Boosts Stock Holdings in Confluent, Inc. (NASDAQ:CFLT)

The Manufacturers Life Insurance Company grew its position in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 19.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 127,306 shares of the company's stock after buying an additional 21,010 shares during the quarter. The Manufacturers Life Insurance Company's holdings in Confluent were worth $3,559,000 as of its most recent filing with the Securities and Exchange Commission.

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

Insider Activity at Confluent

In other news, Director Neha Narkhede sold 60,000 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $19.96, for a total value of $1,197,600.00. Following the completion of the sale, the director now directly owns 20,247 shares of the company's stock, valued at $404,130.12. This trade represents a 74.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Kong Phan sold 6,346 shares of the stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $36.22, for a total transaction of $229,852.12. Following the sale, the chief accounting officer now directly owns 179,593 shares of the company's stock, valued at $6,504,858.46. The trade was a 3.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,260,746 shares of company stock valued at $39,702,750 over the last three months. 9.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CFLT. Royal Bank of Canada increased their price objective on Confluent from $36.00 to $41.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. Oppenheimer reduced their price target on Confluent from $35.00 to $32.00 and set an "outperform" rating on the stock in a report 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 report on Thursday, May 1st. Stifel Nicolaus dropped their target price on Confluent from $40.00 to $30.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Finally, Wells Fargo & Company decreased their target price on shares of Confluent from $32.00 to $30.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. One analyst has rated the stock with a sell rating, six have given a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $30.11.

Confluent Price Performance

Shares of NASDAQ CFLT traded up $0.78 during trading on Tuesday, hitting $23.12. 6,414,361 shares of the company were exchanged, compared to its average volume of 4,727,481. The firm's fifty day moving average price is $23.21 and its 200 day moving average price is $27.39. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24. The company has a market cap of $7.87 billion, a price-to-earnings ratio of -21.41 and a beta of 1.02. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $37.90.

Confluent (NASDAQ:CFLT - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.08 EPS for the quarter, topping analysts' consensus estimates of $0.07 by $0.01. The firm had revenue of $271.12 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the business posted $0.05 EPS. On average, sell-side analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Confluent Profile

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.