M&T Bank Corp Reduces Stock Holdings in Confluent, Inc. (NASDAQ:CFLT)

M&T Bank Corp lessened its holdings in shares of Confluent, Inc. (NASDAQ:CFLT) by 60.5% in the 3rd quarter, HoldingsChannel reports. The firm owned 19,173 shares of the company’s stock after selling 29,420 shares during the quarter. M&T Bank Corp’s holdings in Confluent were worth $390,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CFLT. Y Intercept Hong Kong Ltd purchased a new position in shares of Confluent during the 3rd quarter valued at about $634,000. Main Management ETF Advisors LLC purchased a new position in Confluent during the third quarter valued at approximately $696,000. Orion Portfolio Solutions LLC acquired a new position in Confluent in the third quarter valued at approximately $605,000. XTX Topco Ltd purchased a new stake in Confluent in the 3rd quarter worth approximately $868,000. Finally, EP Wealth Advisors LLC grew its stake in shares of Confluent by 3.6% during the 3rd quarter. EP Wealth Advisors LLC now owns 14,371 shares of the company’s stock worth $293,000 after purchasing an additional 503 shares during the period. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Confluent Price Performance

CFLT stock opened at $29.46 on Thursday. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $35.07. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The firm has a market capitalization of $9.66 billion, a PE ratio of -26.54 and a beta of 0.88. The business has a 50 day simple moving average of $27.49 and a 200-day simple moving average of $24.75.

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on CFLT shares. JPMorgan Chase & Co. boosted their target price on shares of Confluent from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. TD Cowen upped their price objective on shares of Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. JMP Securities restated a “market outperform” rating and set a $40.00 target price on shares of Confluent in a research report on Tuesday, October 29th. DA Davidson restated a “buy” rating and issued a $30.00 price target on shares of Confluent in a research note on Wednesday, September 18th. Finally, Wolfe Research upgraded Confluent to a “strong-buy” rating in a research report on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Confluent has a consensus rating of “Moderate Buy” and a consensus price target of $32.23.

Insiders Place Their Bets

In related news, Director Matthew Craig Miller sold 53,512 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $33.64, for a total value of $1,800,143.68. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Michelangelo Volpi sold 50,000 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $25.92, for a total transaction of $1,296,000.00. Following the transaction, the director now directly owns 280,200 shares of the company’s stock, valued at approximately $7,262,784. This trade represents a 15.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,580,955 shares of company stock valued at $132,819,322 over the last ninety days. Company insiders own 13.82% of the company’s stock.

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.