Oppenheimer & Co. Inc. Acquires 1,370 Shares of Confluent, Inc. (NASDAQ:CFLT)

Oppenheimer & Co. Inc. boosted its holdings in shares of Confluent, Inc. (NASDAQ:CFLT) by 1.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 92,432 shares of the company’s stock after purchasing an additional 1,370 shares during the period. Oppenheimer & Co. Inc.’s holdings in Confluent were worth $2,167,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CFLT. Norges Bank acquired a new stake in shares of Confluent during the fourth quarter worth approximately $81,092,000. Pictet Asset Management Holding SA increased its holdings in shares of Confluent by 7,342.2% during the fourth 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 in the last quarter. Fuller & Thaler Asset Management Inc. acquired a new stake in shares of Confluent during the fourth quarter worth approximately $64,658,000. MIG Capital LLC acquired a new stake in shares of Confluent during the fourth quarter worth approximately $27,007,000. Finally, Greenhouse Funds LLLP increased its holdings in shares of 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 buying an additional 919,997 shares in the last quarter. Institutional investors own 78.09% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. UBS Group dropped their price objective on shares of Confluent from $38.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, May 1st. Barclays dropped their price objective on shares of Confluent from $29.00 to $27.00 and set an “overweight” rating for the company in a report on Thursday, May 1st. Citigroup reaffirmed a “neutral” rating on shares of Confluent in a report on Wednesday, May 21st. Oppenheimer dropped their price objective on shares of Confluent from $35.00 to $32.00 and set an “outperform” rating for the company in a report on Thursday, May 1st. Finally, Wells Fargo & Company dropped their price objective on shares of Confluent from $32.00 to $30.00 and set an “overweight” rating for the company in a report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $30.11.

Insider Transactions at Confluent

In related news, Director Neha Narkhede sold 60,000 shares of the business’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $19.96, for a total value of $1,197,600.00. Following the sale, the director now directly owns 20,247 shares of the company’s stock, valued at approximately $404,130.12. The trade was a 74.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $24.50, for a total transaction of $5,696,250.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at $11,085,956. This represents a 33.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 546,669 shares of company stock valued at $12,637,193 over the last three months. 9.20% of the stock is currently owned by corporate insiders.

Confluent Trading Up 4.0%

Shares of NASDAQ CFLT opened at $24.85 on Friday. The company’s fifty day moving average is $22.68 and its 200-day moving average is $26.16. The stock has a market cap of $8.46 billion, a price-to-earnings ratio of -25.36 and a beta of 0.98. Confluent, Inc. has a twelve month low of $17.79 and a twelve month high of $37.90. The company has a quick ratio of 4.42, a current ratio of 4.42 and a debt-to-equity ratio of 1.07.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. The company had revenue of $271.12 million for the quarter, compared to analysts’ expectations of $264.45 million. Confluent had a negative net margin of 31.42% and a negative return on equity of 29.92%. The business’s quarterly revenue was up 24.8% compared to the same quarter last year. During the same period last year, the firm posted $0.05 earnings per share. Equities research analysts predict that Confluent, Inc. will post -0.83 EPS for the current year.

Confluent Company 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.