Envestnet Asset Management Inc. Cuts Stock Position in Confluent, Inc. $CFLT

Envestnet Asset Management Inc. trimmed its holdings in shares of Confluent, Inc. (NASDAQ:CFLT) by 22.8% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 76,912 shares of the company’s stock after selling 22,715 shares during the period. Envestnet Asset Management Inc.’s holdings in Confluent were worth $1,523,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Bank of Montreal Can raised its stake in Confluent by 28.5% in the 2nd quarter. Bank of Montreal Can now owns 261,007 shares of the company’s stock valued at $6,507,000 after purchasing an additional 57,928 shares during the last quarter. Hsbc Holdings PLC lifted its stake in shares of Confluent by 655.7% in the 2nd quarter. Hsbc Holdings PLC now owns 243,596 shares of the company’s stock valued at $6,013,000 after purchasing an additional 211,360 shares during the last quarter. Persistent Asset Partners Ltd acquired a new position in Confluent in the second quarter valued at about $499,000. Neuberger Berman Group LLC purchased a new position in shares of Confluent during the 2nd quarter worth approximately $305,000. Finally, First Trust Advisors LP boosted its position in shares of Confluent by 15.7% during the second quarter. First Trust Advisors LP now owns 4,555,913 shares of the company’s stock worth $113,579,000 after buying an additional 616,822 shares during the period. Institutional investors and hedge funds own 78.09% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Truist Financial set a $31.00 price objective on shares of Confluent in a research note on Monday, December 8th. Mizuho downgraded Confluent from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 8th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $31.00 target price on shares of Confluent in a report on Monday, December 8th. UBS Group downgraded shares of Confluent from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $29.00 to $31.00 in a research note on Tuesday, December 9th. Finally, Robert W. Baird boosted their price target on shares of Confluent from $26.00 to $31.00 and gave the stock a “neutral” rating in a report on Tuesday, December 9th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, twenty-eight have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Confluent currently has an average rating of “Hold” and a consensus target price of $28.71.

Insider Transactions at Confluent

In other news, Director Michelangelo Volpi sold 25,000 shares of the business’s stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $30.59, for a total value of $764,750.00. Following the completion of the sale, the director directly owned 155,512 shares of the company’s stock, valued at approximately $4,757,112.08. The trade was a 13.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Ban Ryan Norris Mac sold 19,756 shares of the company’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $30.66, for a total value of $605,718.96. Following the completion of the sale, the executive directly owned 358,890 shares of the company’s stock, valued at approximately $11,003,567.40. This trade represents a 5.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 1,501,830 shares of company stock valued at $45,389,931 over the last quarter. 13.82% of the stock is owned by corporate insiders.

Confluent Price Performance

CFLT stock opened at $30.67 on Monday. The business has a 50 day moving average price of $30.43 and a 200 day moving average price of $25.03. The company has a quick ratio of 3.83, a current ratio of 3.83 and a debt-to-equity ratio of 0.94. The stock has a market cap of $10.97 billion, a price-to-earnings ratio of -35.66 and a beta of 0.95. Confluent, Inc. has a fifty-two week low of $15.64 and a fifty-two week high of $32.63.

Confluent (NASDAQ:CFLT) last released its quarterly earnings data on Wednesday, February 11th. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.02. Confluent had a negative net margin of 25.31% and a negative return on equity of 22.66%. The company had revenue of $314.82 million for the quarter, compared to analysts’ expectations of $308.03 million. During the same quarter last year, the company earned $0.09 earnings per share. The firm’s revenue for the quarter was up 20.5% on a year-over-year basis. Equities research analysts anticipate that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Confluent Company Profile

Confluent, Inc (NASDAQ: CFLT) is a leading provider of an event streaming platform built on Apache Kafka. The company’s flagship offerings include Confluent Platform—a self-managed software solution—and Confluent Cloud, a fully managed service designed to simplify real-time data processing across hybrid and multi-cloud environments. These products enable enterprises to collect, process and distribute high volumes of data in real time, supporting use cases such as fraud detection, supply chain optimization and personalized customer experiences.

Founded in 2014 by Apache Kafka co-creators Jay Kreps, Neha Narkhede and Jun Rao, Confluent has driven the commercialization of Kafka technologies and extended the platform with tools for data integration, stream processing and enterprise-grade security.