Intech Investment Management LLC Trims Holdings in Confluent, Inc. (NASDAQ:CFLT)

Intech Investment Management LLC lowered its stake in shares of Confluent, Inc. (NASDAQ:CFLT) by 13.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,530 shares of the company’s stock after selling 1,595 shares during the period. Intech Investment Management LLC’s holdings in Confluent were worth $311,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Hollencrest Capital Management purchased a new position in Confluent in the first quarter worth approximately $26,000. Quest Partners LLC acquired a new stake in shares of Confluent during the fourth quarter valued at about $31,000. V Square Quantitative Management LLC purchased a new stake in shares of Confluent in the 2nd quarter valued at approximately $68,000. UniSuper Management Pty Ltd lifted its holdings in shares of Confluent by 125.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock worth $82,000 after acquiring an additional 1,500 shares during the last quarter. Finally, Advisors Asset Management Inc. boosted its position in shares of Confluent by 40.3% during the 1st 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. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Confluent Trading Up 0.1 %

NASDAQ CFLT opened at $19.70 on Friday. Confluent, Inc. has a one year low of $14.69 and a one year high of $35.07. The firm has a market cap of $6.26 billion, a PE ratio of -15.76 and a beta of 0.88. The firm’s fifty day moving average is $21.13 and its two-hundred day moving average is $26.16. The company has a debt-to-equity ratio of 1.25, a quick ratio of 4.44 and a current ratio of 4.44.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings results on Wednesday, July 31st. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.04). Confluent had a negative net margin of 42.70% and a negative return on equity of 37.78%. The company had revenue of $234.99 million during the quarter, compared to analyst estimates of $229.49 million. Analysts expect that Confluent, Inc. will post -0.95 earnings per share for the current year.

Insider Transactions at Confluent

In related news, CMO Stephanie Buscemi sold 3,866 shares of Confluent stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $83,814.88. Following the transaction, the chief marketing officer now directly owns 161,673 shares in the company, valued at approximately $3,505,070.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Confluent news, CMO Stephanie Buscemi sold 3,866 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $83,814.88. Following the transaction, the chief marketing officer now owns 161,673 shares in the company, valued at approximately $3,505,070.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lara Caimi sold 9,375 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $20.01, for a total value of $187,593.75. Following the completion of the sale, the director now directly owns 7,160 shares of the company’s stock, valued at $143,271.60. The disclosure for this sale can be found here. Insiders sold 524,453 shares of company stock worth $10,833,388 over the last 90 days. 13.82% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on CFLT shares. Citigroup decreased their target price on Confluent from $32.00 to $28.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Confluent from $35.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, August 1st. Needham & Company LLC reiterated a “buy” rating and set a $28.00 target price on shares of Confluent in a report on Monday, September 23rd. JPMorgan Chase & Co. upgraded shares of Confluent from a “neutral” rating to an “overweight” rating and set a $25.00 price target for the company in a research note on Friday, August 9th. Finally, Bank of America reduced their price objective on Confluent from $32.00 to $26.00 and set an “underperform” rating on the stock in a research note on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Confluent has a consensus rating of “Moderate Buy” and an average target price of $29.97.

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.