Confluent, Inc. (NASDAQ:CFLT) Shares Sold by Handelsinvest Investeringsforvaltning

Handelsinvest Investeringsforvaltning cut its holdings in Confluent, Inc. (NASDAQ:CFLT) by 34.2% during the first quarter, Holdings Channel reports. The institutional investor owned 6,073 shares of the company’s stock after selling 3,153 shares during the period. Handelsinvest Investeringsforvaltning’s holdings in Confluent were worth $185,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CFLT. Coatue Management LLC acquired a new stake in Confluent in the fourth quarter valued at $134,132,000. Vanguard Group Inc. grew its holdings in shares of Confluent by 13.0% during the third quarter. Vanguard Group Inc. now owns 18,424,394 shares of the company’s stock worth $545,546,000 after purchasing an additional 2,125,843 shares during the last quarter. Norges Bank purchased a new position in shares of Confluent during the fourth quarter worth about $37,046,000. Trivest Advisors Ltd purchased a new position in shares of Confluent during the fourth quarter worth about $31,145,000. Finally, CloudAlpha Capital Management Limited Hong Kong purchased a new position in shares of Confluent during the fourth quarter worth about $29,833,000. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Confluent Stock Down 1.8 %

Shares of NASDAQ CFLT opened at $28.58 on Thursday. Confluent, Inc. has a 12-month low of $14.69 and a 12-month high of $41.22. The company has a market cap of $9.08 billion, a P/E ratio of -22.86 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. The stock has a fifty day moving average price of $28.71 and a 200 day moving average price of $28.17.

Confluent (NASDAQ:CFLT) last announced its quarterly 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 during the quarter, compared to analyst estimates of $211.57 million. Research analysts anticipate that Confluent, Inc. will post -0.94 EPS for the current fiscal year.

Insider Buying and Selling at Confluent

In other news, insider Erica Schultz sold 63,729 shares of the stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $31.00, for a total transaction of $1,975,599.00. Following the transaction, the insider now owns 706,715 shares of the company’s stock, valued at $21,908,165. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Confluent news, Director Lara Caimi sold 9,375 shares of the firm’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $31.00, for a total value of $290,625.00. Following the transaction, the director now owns 5,399 shares of the company’s stock, valued at $167,369. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Erica Schultz sold 63,729 shares of the firm’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 $1,975,599.00. Following the completion of the transaction, the insider now directly owns 706,715 shares in the company, valued at approximately $21,908,165. The disclosure for this sale can be found here. Insiders sold a total of 632,725 shares of company stock valued at $18,138,428 in the last ninety days. Insiders own 13.82% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on CFLT. Royal Bank of Canada reaffirmed an “outperform” rating and set a $40.00 price objective on shares of Confluent in a report on Tuesday, June 4th. Guggenheim reaffirmed a “buy” rating and set a $37.00 price objective on shares of Confluent in a report on Tuesday, June 25th. DA Davidson reaffirmed a “buy” rating and set a $37.00 price objective on shares of Confluent in a report on Monday, April 1st. Evercore ISI began coverage on Confluent in a report on Tuesday, June 11th. They set an “outperform” rating and a $35.00 price objective on the stock. Finally, Wells Fargo & Company raised their price objective on Confluent from $36.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat.com, Confluent has a consensus rating of “Moderate Buy” and an average target price of $32.93.

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.