Orion Portfolio Solutions LLC Buys Shares of 29,696 Confluent, Inc. (NASDAQ:CFLT)

Orion Portfolio Solutions LLC bought a new stake in shares of Confluent, Inc. (NASDAQ:CFLT) in the third quarter, HoldingsChannel reports. The institutional investor bought 29,696 shares of the company’s stock, valued at approximately $605,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Assenagon Asset Management S.A. raised its position in shares of Confluent by 9.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 12,680 shares of the company’s stock worth $374,000 after acquiring an additional 1,113 shares in the last quarter. Baillie Gifford & Co. raised its position in shares of Confluent by 1.0% in the 2nd quarter. Baillie Gifford & Co. now owns 447,958 shares of the company’s stock worth $13,228,000 after acquiring an additional 4,283 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Confluent by 60.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,510,483 shares of the company’s stock worth $103,665,000 after acquiring an additional 1,316,804 shares in the last quarter. Liontrust Investment Partners LLP raised its position in shares of Confluent by 117.9% in the 2nd quarter. Liontrust Investment Partners LLP now owns 305,000 shares of the company’s stock worth $9,007,000 after acquiring an additional 165,000 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Confluent by 10.5% in the 2nd quarter. Principal Financial Group Inc. now owns 215,464 shares of the company’s stock worth $6,363,000 after acquiring an additional 20,504 shares in the last quarter. 78.09% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Confluent news, CAO Kong Phan sold 12,460 shares of the stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $31.30, for a total transaction of $389,998.00. Following the completion of the transaction, the chief accounting officer now owns 183,886 shares of the company’s stock, valued at $5,755,631.80. This represents a 6.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Erica Schultz sold 63,729 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $27.40, for a total value of $1,746,174.60. Following the transaction, the insider now directly owns 687,483 shares of the company’s stock, valued at $18,837,034.20. The trade was a 8.48 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,580,955 shares of company stock valued at $132,819,322. 13.82% of the stock is owned by company insiders.

Confluent Stock Performance

NASDAQ CFLT opened at $31.34 on Wednesday. The stock has a market capitalization of $10.28 billion, a price-to-earnings ratio of -28.23 and a beta of 0.88. Confluent, Inc. has a twelve month low of $17.79 and a twelve month high of $35.07. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. The stock has a 50-day moving average of $27.32 and a 200 day moving average of $24.72.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03. The company had revenue of $250.20 million during the quarter, compared to analysts’ expectations of $243.98 million. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. Sell-side analysts anticipate that Confluent, Inc. will post -0.9 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Truist Financial boosted their price target on Confluent from $32.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Sanford C. Bernstein dropped their target price on Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Wells Fargo & Company boosted their target price on Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Royal Bank of Canada boosted their target price on Confluent from $26.00 to $33.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Finally, Scotiabank boosted their target price on Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $32.04.

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.