Swiss National Bank Has $9.29 Million Stock Position in Confluent, Inc. (NASDAQ:CFLT)

Swiss National Bank lessened its position in Confluent, Inc. (NASDAQ:CFLT) by 23.9% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 455,900 shares of the company’s stock after selling 142,918 shares during the period. Swiss National Bank owned approximately 0.14% of Confluent worth $9,291,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in CFLT. 1832 Asset Management L.P. lifted its holdings in shares of Confluent by 28.4% in the 2nd quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock worth $224,933,000 after purchasing an additional 1,684,100 shares in the last quarter. William Blair Investment Management LLC bought a new position in Confluent in the 2nd quarter valued at about $193,403,000. Bank of New York Mellon Corp lifted its position in Confluent by 60.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,510,483 shares of the company’s stock valued at $103,665,000 after acquiring an additional 1,316,804 shares in the last quarter. Federated Hermes Inc. increased its holdings in Confluent by 1.7% during the 2nd quarter. Federated Hermes Inc. now owns 1,160,770 shares of the company’s stock worth $34,278,000 after purchasing an additional 19,170 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its stake in shares of Confluent by 24.6% in the first quarter. Jacobs Levy Equity Management Inc. now owns 1,157,231 shares of the company’s stock worth $35,319,000 after purchasing an additional 228,429 shares during the last quarter. Institutional investors and hedge funds own 78.09% of the company’s stock.

Confluent Stock Up 3.0 %

CFLT stock opened at $31.52 on Monday. The stock has a 50-day simple moving average of $23.35 and a two-hundred day simple moving average of $24.57. Confluent, Inc. has a twelve month low of $17.79 and a twelve month high of $35.07. The firm has a market capitalization of $10.34 billion, a PE ratio of -28.40 and a beta of 0.82. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17.

Confluent (NASDAQ:CFLT) last posted its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. The business had revenue of $250.20 million for the quarter, compared to analyst estimates of $243.98 million. On average, equities analysts predict that Confluent, Inc. will post -0.9 EPS for the current fiscal year.

Insider Transactions at Confluent

In other news, CAO Kong Phan sold 2,096 shares of the stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $59,170.08. Following the transaction, the chief accounting officer now owns 190,680 shares of the company’s stock, valued at $5,382,896.40. This represents a 1.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Erica Schultz sold 9,467 shares of Confluent stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total transaction of $267,253.41. Following the sale, the insider now directly owns 678,016 shares of the company’s stock, valued at $19,140,391.68. This represents a 1.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,425,457 shares of company stock valued at $93,622,927. 13.82% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CFLT has been the topic of several analyst reports. Mizuho lifted their target price on Confluent from $29.00 to $31.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Wolfe Research upgraded shares of Confluent to a “strong-buy” rating in a research note on Wednesday, September 18th. DA Davidson restated a “buy” rating and set a $30.00 price target on shares of Confluent in a report on Wednesday, September 18th. UBS Group increased their price objective on shares of Confluent from $23.00 to $26.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Finally, Baird R W raised shares of Confluent to a “hold” rating in a research report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Confluent has a consensus rating of “Moderate Buy” and a consensus price target of $30.88.

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.