Mercer Global Advisors Inc. ADV Cuts Stock Holdings in Confluent, Inc. (NASDAQ:CFLT)

Mercer Global Advisors Inc. ADV decreased its holdings in shares of Confluent, Inc. (NASDAQ:CFLT) by 27.1% during the second quarter, HoldingsChannel reports. The firm owned 7,470 shares of the company’s stock after selling 2,777 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in Confluent were worth $221,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Hollencrest Capital Management purchased a new stake in Confluent during the 1st quarter worth approximately $26,000. V Square Quantitative Management LLC acquired a new position in shares of Confluent in the 2nd quarter valued at $68,000. UniSuper Management Pty Ltd increased its holdings in 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 in the last quarter. Advisors Asset Management Inc. increased its holdings in Confluent by 40.3% in the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after acquiring an additional 859 shares in the last quarter. Finally, Lazard Asset Management LLC increased its holdings in Confluent by 25.5% in the 1st quarter. Lazard Asset Management LLC now owns 5,747 shares of the company’s stock worth $175,000 after acquiring an additional 1,167 shares in the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company dropped their target price on shares of Confluent from $38.00 to $34.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. Evercore ISI reduced their price target on shares of Confluent from $33.00 to $28.00 and set an “outperform” rating on the stock in a research report on Friday, September 20th. Canaccord Genuity Group reduced their price target on shares of Confluent from $35.00 to $34.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. Bank of America reduced their target price on shares of Confluent from $32.00 to $26.00 and set an “underperform” rating on the stock in a report on Thursday, August 1st. Finally, Truist Financial reiterated a “buy” rating and issued a $30.00 price target (down from $36.00) on shares of Confluent in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.97.

Confluent Stock Performance

Shares of CFLT stock opened at $20.38 on Tuesday. The company has a debt-to-equity ratio of 1.25, a current ratio of 4.44 and a quick ratio of 4.44. Confluent, Inc. has a fifty-two week low of $14.69 and a fifty-two week high of $35.07. The stock’s 50-day moving average is $21.04 and its two-hundred day moving average is $26.00. The firm has a market cap of $6.48 billion, a P/E ratio of -16.30 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last announced its earnings results on Wednesday, July 31st. The company reported ($0.27) earnings per share 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 business had revenue of $234.99 million for the quarter, compared to the consensus estimate of $229.49 million. Analysts predict that Confluent, Inc. will post -0.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Erica Schultz sold 9,556 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $207,174.08. Following the completion of the sale, the insider now owns 687,483 shares in the company, valued at $14,904,631.44. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CMO Stephanie Buscemi sold 3,866 shares of the company’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $83,814.88. Following the completion of the transaction, the chief marketing officer now directly owns 161,673 shares of the company’s stock, valued at $3,505,070.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Erica Schultz sold 9,556 shares of the company’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $207,174.08. Following the transaction, the insider now directly owns 687,483 shares of the company’s stock, valued at $14,904,631.44. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 524,453 shares of company stock valued at $10,833,388. 13.82% of the stock is currently owned by corporate insiders.

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.