EP Wealth Advisors LLC Invests $525,000 in Confluent, Inc. (NASDAQ:CFLT)

EP Wealth Advisors LLC acquired a new position in shares of Confluent, Inc. (NASDAQ:CFLT) during the fourth quarter, HoldingsChannel reports. The firm acquired 22,441 shares of the company’s stock, valued at approximately $525,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Rakuten Securities Inc. bought a new stake in Confluent in the 4th quarter valued at $31,000. Quest Partners LLC bought a new stake in Confluent in the 4th quarter valued at $31,000. GAMMA Investing LLC bought a new stake in Confluent in the 4th quarter valued at $35,000. UniSuper Management Pty Ltd bought a new stake in Confluent in the 3rd quarter valued at $36,000. Finally, Kayne Anderson Rudnick Investment Management LLC raised its stake in Confluent by 56.5% in the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,748 shares of the company’s stock valued at $81,000 after acquiring an additional 992 shares during the period. Institutional investors own 78.09% of the company’s stock.

Confluent Stock Performance

NASDAQ:CFLT opened at $27.85 on Wednesday. The stock’s 50-day simple moving average is $28.80 and its 200 day simple moving average is $27.82. The firm has a market capitalization of $8.85 billion, a PE ratio of -22.28 and a beta of 0.88. 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 twelve month low of $14.69 and a twelve month high of $41.22.

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

Analyst Ratings Changes

CFLT has been the topic of a number of research analyst reports. Oppenheimer initiated coverage on Confluent in a research note on Friday, May 17th. They issued an “outperform” rating and a $37.00 price target on the stock. The Goldman Sachs Group increased their price target on Confluent from $27.00 to $30.00 and gave the company a “neutral” rating in a research note on Thursday, May 9th. Canaccord Genuity Group raised Confluent from a “hold” rating to a “buy” rating and upped their price objective for the company from $28.00 to $35.00 in a report on Wednesday, May 8th. Wells Fargo & Company upped their price objective on Confluent from $36.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th. Finally, Canaccord Genuity Group raised Confluent from a “hold” rating to a “buy” rating and set a $35.00 price objective on the stock in a report on Wednesday, May 8th. One 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’s stock. According to MarketBeat, Confluent presently has a consensus rating of “Moderate Buy” and an average price target of $32.93.

Insider Activity at Confluent

In related news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $26.17, for a total value of $6,084,525.00. Following the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $11,841,610.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Confluent news, CAO Ying Christina Liu sold 68,000 shares of the stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $31.06, for a total value of $2,112,080.00. Following the completion of the transaction, the chief accounting officer now directly owns 168,338 shares in the company, valued at $5,228,578.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $26.17, for a total value of $6,084,525.00. Following the completion of the transaction, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $11,841,610.96. The disclosure for this sale can be found here. Insiders have sold 623,555 shares of company stock valued at $17,893,039 over the last ninety days. 13.82% of the stock is owned by corporate 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.