Toronto Dominion Bank Lowers Holdings in Confluent, Inc. (NASDAQ:CFLT)

Toronto Dominion Bank reduced its position in Confluent, Inc. (NASDAQ:CFLT) by 98.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 19,775 shares of the company’s stock after selling 1,498,442 shares during the quarter. Toronto Dominion Bank’s holdings in Confluent were worth $584,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of CFLT. Treasurer of the State of North Carolina lifted its position in shares of Confluent by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 82,082 shares of the company’s stock worth $1,921,000 after purchasing an additional 800 shares in the last quarter. Daiwa Securities Group Inc. lifted its stake in Confluent by 7.1% in the first quarter. Daiwa Securities Group Inc. now owns 12,100 shares of the company’s stock valued at $369,000 after buying an additional 800 shares during the last quarter. DekaBank Deutsche Girozentrale increased its stake in shares of Confluent by 8.7% in the first quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock valued at $322,000 after purchasing an additional 857 shares during the period. Advisors Asset Management Inc. raised its stake in shares of Confluent by 40.3% during the first quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock valued at $91,000 after purchasing an additional 859 shares in the last quarter. Finally, Hollencrest Capital Management acquired a new stake in Confluent in the first quarter worth approximately $26,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CFLT. Deutsche Bank Aktiengesellschaft decreased their target price on Confluent from $35.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. Truist Financial reaffirmed a “buy” rating and set a $30.00 price objective (down from $36.00) on shares of Confluent in a research note on Thursday, August 1st. Canaccord Genuity Group reduced their price target on shares of Confluent from $35.00 to $34.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. TD Cowen cut their target price on shares of Confluent from $31.00 to $27.00 and set a “buy” rating on the stock in a research note on Friday, September 20th. Finally, Wells Fargo & Company lowered their target price on Confluent from $38.00 to $34.00 and set an “overweight” 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-one have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $29.97.

Confluent Trading Up 3.5 %

Shares of CFLT opened at $20.38 on Tuesday. The stock has a 50 day simple moving average of $21.04 and a 200-day simple moving average of $26.00. The company has a current ratio of 4.44, a quick ratio of 4.44 and a debt-to-equity ratio of 1.25. The stock has a market cap of $6.48 billion, a PE ratio of -16.30 and a beta of 0.88. Confluent, Inc. has a 1 year low of $14.69 and a 1 year high of $35.07.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, July 31st. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $229.49 million. On average, sell-side analysts predict that Confluent, Inc. will post -0.95 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CMO Stephanie Buscemi sold 3,866 shares of Confluent stock in a transaction that occurred 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 completion of the transaction, the chief marketing officer now owns 161,673 shares in the company, valued at $3,505,070.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Confluent news, CMO Stephanie Buscemi sold 3,866 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $83,814.88. Following the completion of the sale, 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $21.13, for a total transaction of $4,912,725.00. Following the transaction, the chief executive officer now owns 452,488 shares in the company, valued at $9,561,071.44. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 524,453 shares of company stock valued at $10,833,388. 13.82% of the stock is currently owned by 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.