Victory Capital Management Inc. Purchases 373,682 Shares of Confluent, Inc. (NASDAQ:CFLT)

Victory Capital Management Inc. grew its holdings in Confluent, Inc. (NASDAQ:CFLT) by 135.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 648,986 shares of the company’s stock after acquiring an additional 373,682 shares during the quarter. Victory Capital Management Inc.’s holdings in Confluent were worth $18,146,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Blue Trust Inc. grew its holdings in shares of Confluent by 354.0% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after buying an additional 1,607 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Confluent in the 4th quarter valued at $59,000. GAMMA Investing LLC grew its position in Confluent by 85.3% during the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after purchasing an additional 1,136 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Confluent during the third quarter worth about $68,000. Finally, IFP Advisors Inc boosted its holdings in Confluent by 48.4% during the fourth quarter. IFP Advisors Inc now owns 4,945 shares of the company’s stock worth $138,000 after buying an additional 1,613 shares in the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Insider Buying and Selling at Confluent

In other news, CAO Kong Phan sold 3,947 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $28.74, for a total value of $113,436.78. Following the transaction, the chief accounting officer now owns 179,939 shares in the company, valued at $5,171,446.86. This represents a 2.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Rohan Sivaram sold 68,350 shares of the stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $36.23, for a total transaction of $2,476,320.50. Following the transaction, the chief financial officer now owns 520,273 shares in the company, valued at approximately $18,849,490.79. This trade represents a 11.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,248,478 shares of company stock worth $40,003,844 over the last ninety days. Company insiders own 13.82% of the company’s stock.

Confluent Stock Up 4.5 %

CFLT opened at $25.50 on Wednesday. The company has a market cap of $8.52 billion, a price-to-earnings ratio of -23.61 and a beta of 0.89. Confluent, Inc. has a one year low of $17.79 and a one year high of $37.90. The business’s fifty day moving average is $29.80 and its two-hundred day moving average is $26.71. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. Analysts anticipate that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. raised their target price on shares of Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. UBS Group raised Confluent from a “neutral” rating to a “buy” rating and upped their price target for the company from $34.00 to $38.00 in a research report on Wednesday, February 26th. Truist Financial boosted their price objective on Confluent from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Stifel Nicolaus increased their price objective on Confluent from $37.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Finally, Morgan Stanley lifted their target price on shares of Confluent from $30.00 to $32.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Confluent currently has an average rating of “Moderate Buy” and a consensus target price of $35.33.

About Confluent

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.