Zurcher Kantonalbank Zurich Cantonalbank Boosts Stake in Confluent, Inc. (NASDAQ:CFLT)

Zurcher Kantonalbank Zurich Cantonalbank raised its position in Confluent, Inc. (NASDAQ:CFLT) by 46.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 62,644 shares of the company’s stock after purchasing an additional 19,737 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Confluent were worth $1,752,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CFLT. Champlain Investment Partners LLC raised its position in Confluent by 72.2% in the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock worth $218,083,000 after purchasing an additional 4,486,841 shares during the period. Jacobs Levy Equity Management Inc. grew its stake in Confluent by 46.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,513,426 shares of the company’s stock worth $51,224,000 after acquiring an additional 802,353 shares in the last quarter. Savant Capital LLC bought a new position in Confluent in the 4th quarter worth about $10,607,000. Oddo BHF Asset Management Sas bought a new position in Confluent in the 3rd quarter worth about $7,646,000. Finally, Victory Capital Management Inc. grew its stake in Confluent by 135.7% in the 4th quarter. Victory Capital Management Inc. now owns 648,986 shares of the company’s stock worth $18,146,000 after acquiring an additional 373,682 shares in the last quarter. 78.09% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Confluent

In other news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $32.33, for a total value of $7,516,725.00. Following the sale, the chief executive officer now owns 452,488 shares in the company, valued at $14,628,937.04. This represents a 33.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Erica Schultz sold 150,000 shares of Confluent stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $35.82, for a total value of $5,373,000.00. Following the transaction, the insider now owns 678,016 shares of the company’s stock, valued at approximately $24,286,533.12. This represents a 18.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,201,518 shares of company stock worth $38,533,306 over the last 90 days. 13.82% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Canaccord Genuity Group upped their target price on shares of Confluent from $34.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Truist Financial upped their target price on shares of Confluent from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Stifel Nicolaus upped their target price on shares of Confluent from $37.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Mizuho increased their price objective on shares of Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Finally, Barclays increased their price objective on shares of Confluent from $35.00 to $37.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Confluent has a consensus rating of “Moderate Buy” and an average price target of $35.33.

Confluent Stock Performance

Shares of CFLT opened at $27.20 on Tuesday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99. The stock has a 50-day moving average of $29.60 and a two-hundred day moving average of $26.86. The stock has a market cap of $9.09 billion, a P/E ratio of -25.19 and a beta of 0.90. Confluent, Inc. has a one year low of $17.79 and a one year high of $37.90.

Confluent (NASDAQ:CFLT) last released its earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. As a group, 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.