Sanctuary Advisors LLC Acquires New Holdings in Confluent, Inc. (NASDAQ:CFLT)

Sanctuary Advisors LLC acquired a new stake in Confluent, Inc. (NASDAQ:CFLT) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 15,527 shares of the company’s stock, valued at approximately $462,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Confluent by 3.5% during the first quarter. Vanguard Group Inc. now owns 19,741,320 shares of the company’s stock worth $602,505,000 after buying an additional 669,675 shares during the period. Price T Rowe Associates Inc. MD increased its position 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. 1832 Asset Management L.P. increased its position in shares of Confluent by 28.4% during the second quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock worth $224,933,000 after buying an additional 1,684,100 shares during the period. William Blair Investment Management LLC acquired a new stake in shares of Confluent during the second quarter worth $193,403,000. Finally, Champlain Investment Partners LLC acquired a new stake in shares of Confluent during the first quarter worth $144,563,000. Institutional investors own 78.09% of the company’s stock.

Confluent Trading Down 0.6 %

Shares of CFLT opened at $22.15 on Thursday. The firm has a market cap of $7.04 billion, a price-to-earnings ratio of -17.72 and a beta of 0.88. 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, Inc. has a fifty-two week low of $14.69 and a fifty-two week high of $35.07. The firm has a 50 day moving average price of $20.63 and a 200-day moving average price of $25.18.

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). The company had revenue of $234.99 million for the quarter, compared to analysts’ expectations of $229.49 million. Confluent had a negative net margin of 42.70% and a negative return on equity of 37.78%. As a group, equities research analysts forecast that Confluent, Inc. will post -0.95 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CFLT shares. Wells Fargo & Company decreased their price objective on shares of Confluent from $38.00 to $34.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. Robert W. Baird initiated coverage on shares of Confluent in a report on Wednesday, September 4th. They issued a “neutral” rating and a $23.00 price target for the company. Needham & Company LLC restated a “buy” rating and issued a $28.00 price target on shares of Confluent in a report on Monday, September 23rd. DA Davidson restated a “buy” rating and issued a $30.00 price target on shares of Confluent in a report on Wednesday, September 18th. Finally, Scotiabank reduced their price target on shares of Confluent from $28.00 to $25.00 and set a “sector perform” rating for the company in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $29.97.

Insider Transactions at Confluent

In related news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at approximately $9,045,235.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Confluent news, CFO Rohan Sivaram sold 22,926 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $497,035.68. Following the transaction, the chief financial officer now owns 555,337 shares in the company, valued at approximately $12,039,706.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the transaction, the chief executive officer now owns 452,488 shares in the company, valued at $9,045,235.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 524,453 shares of company stock valued at $10,833,388 in the last three months. 13.82% of the stock is currently owned by company insiders.

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.