Swiss National Bank Reduces Stock Position in Confluent, Inc. (NASDAQ:CFLT)

Swiss National Bank lessened its holdings in shares of Confluent, Inc. (NASDAQ:CFLT) by 23.9% during the third quarter, Holdings Channel reports. The firm owned 455,900 shares of the company’s stock after selling 142,918 shares during the quarter. Swiss National Bank’s holdings in Confluent were worth $9,291,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of CFLT. Diversified Trust Co raised its holdings in shares of Confluent by 110.3% during the third quarter. Diversified Trust Co now owns 60,503 shares of the company’s stock valued at $1,233,000 after acquiring an additional 31,729 shares in the last quarter. Sycomore Asset Management raised its holdings in Confluent by 308.3% in the 2nd quarter. Sycomore Asset Management now owns 333,083 shares of the company’s stock worth $9,176,000 after purchasing an additional 251,507 shares in the last quarter. Pathway Capital Management LP purchased a new stake in shares of Confluent in the 3rd quarter worth about $918,000. Sei Investments Co. increased its position in shares of Confluent by 29.1% during the second quarter. Sei Investments Co. now owns 305,537 shares of the company’s stock valued at $9,022,000 after buying an additional 68,880 shares during the period. Finally, Creative Planning raised its stake in Confluent by 109.9% in the third quarter. Creative Planning now owns 94,939 shares of the company’s stock worth $1,935,000 after buying an additional 49,699 shares in the last quarter. Institutional investors own 78.09% of the company’s stock.

Insider Transactions at Confluent

In related news, Director Matthew Craig Miller sold 1,084,259 shares of the stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $28.90, for a total value of $31,335,085.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at $9,045,235.12. This represents a 33.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,425,457 shares of company stock worth $93,622,927 in the last three months. Corporate insiders own 13.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CFLT shares. JMP Securities reiterated a “market outperform” rating and set a $40.00 target price on shares of Confluent in a report on Tuesday, October 29th. UBS Group upped their price target on Confluent from $23.00 to $26.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Sanford C. Bernstein dropped their target price on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. TD Cowen increased their price target on shares of Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Finally, Mizuho boosted their price objective on shares of Confluent from $29.00 to $31.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. One 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Confluent presently has an average rating of “Moderate Buy” and a consensus price target of $30.88.

Confluent Stock Up 3.0 %

CFLT stock opened at $31.52 on Monday. The business’s 50-day moving average is $23.35 and its two-hundred day moving average is $24.57. The company has a market cap of $10.34 billion, a price-to-earnings ratio of -28.40 and a beta of 0.82. Confluent, Inc. has a fifty-two week low of $17.79 and a fifty-two week high of $35.07. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. The company had revenue of $250.20 million for the quarter, compared to the consensus estimate of $243.98 million. As a group, analysts forecast that Confluent, Inc. will post -0.9 earnings per share 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.