CANADA LIFE ASSURANCE Co Boosts Stake in Confluent, Inc. (NASDAQ:CFLT)

CANADA LIFE ASSURANCE Co raised its holdings in Confluent, Inc. (NASDAQ:CFLT) by 9.6% during the 1st quarter, HoldingsChannel.com reports. The fund owned 199,789 shares of the company’s stock after acquiring an additional 17,435 shares during the quarter. CANADA LIFE ASSURANCE Co’s holdings in Confluent were worth $6,099,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Lake Street Advisors Group LLC bought a new position in Confluent in the first quarter valued at $495,000. UniSuper Management Pty Ltd increased its position in shares of Confluent by 125.0% during the 1st quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock valued at $82,000 after purchasing an additional 1,500 shares during the last quarter. Cedar Wealth Management LLC raised its holdings in shares of Confluent by 41.8% during the 1st quarter. Cedar Wealth Management LLC now owns 17,131 shares of the company’s stock valued at $523,000 after buying an additional 5,049 shares in the last quarter. Texas Capital Bank Wealth Management Services Inc bought a new stake in Confluent in the 1st quarter worth approximately $244,000. Finally, Champlain Investment Partners LLC purchased a new stake in Confluent in the first quarter worth approximately $144,563,000. Institutional investors own 78.09% of the company’s stock.

Confluent Stock Up 0.4 %

Shares of NASDAQ:CFLT opened at $25.06 on Friday. The company has a quick ratio of 5.07, a current ratio of 5.07 and a debt-to-equity ratio of 1.29. Confluent, Inc. has a 1 year low of $14.69 and a 1 year high of $38.19. The stock’s fifty day moving average price is $27.50 and its 200-day moving average price is $28.45.

Confluent (NASDAQ:CFLT) last posted its earnings results on Tuesday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.04). Confluent had a negative net margin of 46.73% and a negative return on equity of 40.55%. The company had revenue of $217.24 million for the quarter, compared to the consensus estimate of $211.57 million. As a group, research analysts anticipate that Confluent, Inc. will post -0.94 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts recently commented on CFLT shares. Guggenheim reiterated a “buy” rating and issued a $37.00 target price on shares of Confluent in a research report on Tuesday, June 25th. Evercore ISI began coverage on shares of Confluent in a report on Tuesday, June 11th. They issued an “outperform” rating and a $35.00 price target on the stock. JMP Securities upped their price objective on shares of Confluent from $38.00 to $40.00 and gave the company a “market outperform” rating in a research note on Wednesday, May 8th. The Goldman Sachs Group upped their price target on Confluent from $27.00 to $30.00 and gave the company a “neutral” rating in a research report on Thursday, May 9th. Finally, Mizuho reduced their target price on Confluent from $36.00 to $34.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $32.93.

Insider Buying and Selling

In other Confluent news, Director Lara Caimi sold 9,375 shares of Confluent stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $31.00, for a total value of $290,625.00. Following the completion of the sale, the director now owns 5,399 shares of the company’s stock, valued at approximately $167,369. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Confluent news, Director Lara Caimi sold 9,375 shares of the business’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $31.00, for a total transaction of $290,625.00. Following the completion of the sale, the director now directly owns 5,399 shares in the company, valued at approximately $167,369. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Ying Christina Liu sold 68,000 shares of the company’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $31.06, for a total transaction of $2,112,080.00. Following the sale, the chief accounting officer now directly owns 168,338 shares of the company’s stock, valued at approximately $5,228,578.28. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 632,725 shares of company stock worth $18,138,428. 13.82% of the stock is owned by insiders.

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.