MBB Public Markets I LLC Takes $493,000 Position in Confluent, Inc. (NASDAQ:CFLT)

MBB Public Markets I LLC bought a new position in Confluent, Inc. (NASDAQ:CFLT) in the second quarter, according to its most recent filing with the SEC. The firm bought 16,688 shares of the company’s stock, valued at approximately $493,000.

Other institutional investors also recently bought and sold shares of the company. William Blair Investment Management LLC purchased a new position in shares of Confluent during the 2nd quarter valued at approximately $193,403,000. 1832 Asset Management L.P. acquired a new position in Confluent in the first quarter valued at about $181,075,000. Coatue Management LLC purchased a new stake in Confluent during the fourth quarter worth about $134,132,000. Champlain Investment Partners LLC purchased a new stake in shares of Confluent during the first quarter worth approximately $144,563,000. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of Confluent by 17.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock worth $536,601,000 after buying an additional 2,587,169 shares during the period. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Confluent Trading Down 7.3 %

Shares of Confluent stock opened at $18.90 on Wednesday. The firm has a 50-day moving average of $20.91 and a 200-day moving average of $25.92. The stock has a market cap of $6.01 billion, a PE ratio of -15.12 and a beta of 0.88. Confluent, Inc. has a 52-week low of $14.69 and a 52-week high of $35.07. 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 earnings results 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 return on equity of 37.78% and a negative net margin of 42.70%. The firm had revenue of $234.99 million during the quarter, compared to the consensus estimate of $229.49 million. As a group, sell-side analysts forecast that Confluent, Inc. will post -0.95 EPS for the current year.

Insider Activity

In related news, Director Lara Caimi sold 9,375 shares of Confluent stock in a transaction dated Thursday, August 8th. The stock was 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 owns 7,160 shares of the company’s stock, valued at approximately $143,271.60. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Confluent news, CTO Chad Verbowski sold 13,540 shares of Confluent stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $293,547.20. Following the transaction, the chief technology officer now directly owns 496,807 shares of the company’s stock, valued at approximately $10,770,775.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lara Caimi sold 9,375 shares of the business’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 transaction, the director now directly owns 7,160 shares in the company, valued at $143,271.60. The disclosure for this sale can be found here. Insiders sold a total of 524,453 shares of company stock valued at $10,833,388 in the last ninety days. 13.82% of the stock is currently owned by insiders.

Analysts Set New Price Targets

CFLT has been the subject of several research analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $28.00 price objective on shares of Confluent in a report on Monday, September 23rd. JPMorgan Chase & Co. upgraded Confluent from a “neutral” rating to an “overweight” rating and set a $25.00 price objective for the company in a research report on Friday, August 9th. Robert W. Baird initiated coverage on Confluent in a research report on Wednesday, September 4th. They issued a “neutral” rating and a $23.00 price objective for the company. JMP Securities restated a “market outperform” rating and issued a $40.00 price target on shares of Confluent in a research report on Tuesday, September 24th. Finally, TD Cowen dropped their price target on Confluent from $31.00 to $27.00 and set a “buy” rating for the company in a research report on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $29.97.

Confluent 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.