Capital Research Global Investors Has $167.82 Million Stock Holdings in Confluent, Inc. (NASDAQ:CFLT)

Capital Research Global Investors cut its position in Confluent, Inc. (NASDAQ:CFLT) by 10.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,498,651 shares of the company’s stock after selling 638,041 shares during the period. Capital Research Global Investors owned about 1.76% of Confluent worth $167,819,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Advisors Asset Management Inc. raised its holdings in Confluent by 40.3% in the first quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after purchasing an additional 859 shares during the period. Carlson Capital L P acquired a new stake in Confluent in the first quarter worth $712,000. Freestone Capital Holdings LLC raised its holdings in Confluent by 547.5% in the first quarter. Freestone Capital Holdings LLC now owns 71,002 shares of the company’s stock worth $2,167,000 after purchasing an additional 60,036 shares during the period. Natixis acquired a new stake in Confluent in the first quarter worth $1,272,000. Finally, Saturna Capital Corp acquired a new stake in Confluent in the first quarter worth $266,000. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Confluent

In other news, CTO Chad Verbowski sold 8,312 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $26.76, for a total transaction of $222,429.12. Following the completion of the sale, the chief technology officer now owns 510,347 shares in the company, valued at approximately $13,656,885.72. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CTO Chad Verbowski sold 8,312 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $26.76, for a total transaction of $222,429.12. Following the completion of the sale, the chief technology officer now owns 510,347 shares in the company, valued at approximately $13,656,885.72. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Ying Christina Liu sold 68,000 shares of the firm’s stock in a transaction dated Thursday, May 9th. The stock was 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 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. In the last 90 days, insiders sold 632,725 shares of company stock worth $18,138,428. 13.82% of the stock is owned by insiders.

Confluent Stock Performance

Shares of CFLT traded up $0.09 during midday trading on Friday, reaching $25.06. The stock had a trading volume of 2,905,820 shares, compared to its average volume of 3,858,255. The firm has a 50 day simple moving average of $27.50 and a 200-day simple moving average of $28.45. Confluent, Inc. has a one year low of $14.69 and a one year high of $38.19. The firm has a market cap of $7.96 billion, a PE ratio of -20.05 and a beta of 0.91. The company has a current ratio of 5.07, a quick ratio of 5.07 and a debt-to-equity ratio of 1.29.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $217.24 million during the quarter, compared to the consensus estimate of $211.57 million. As a group, sell-side analysts anticipate that Confluent, Inc. will post -0.94 EPS for the current year.

Analyst Ratings Changes

Several research firms have weighed in on CFLT. Wells Fargo & Company increased their target price on shares of Confluent from $36.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. Evercore ISI initiated coverage on shares of Confluent in a report on Tuesday, June 11th. They set an “outperform” rating and a $35.00 price objective on the stock. Guggenheim restated a “buy” rating and set a $37.00 price objective on shares of Confluent in a report on Tuesday, June 25th. Truist Financial restated a “buy” rating and set a $36.00 price objective (up from $33.00) on shares of Confluent in a report on Wednesday, May 8th. Finally, Needham & Company LLC restated a “buy” rating and set a $38.00 price objective on shares of Confluent in a report on Tuesday, June 11th. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $32.93.

About Confluent

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.