Zurcher Kantonalbank Zurich Cantonalbank Increases Stock Position in Confluent, Inc. (NASDAQ:CFLT)

Zurcher Kantonalbank Zurich Cantonalbank increased its position in Confluent, Inc. (NASDAQ:CFLT) by 46.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 62,644 shares of the company’s stock after acquiring an additional 19,737 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Confluent were worth $1,752,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Champlain Investment Partners LLC raised its stake in Confluent by 72.2% during the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock valued at $218,083,000 after buying an additional 4,486,841 shares during the last quarter. Geode Capital Management LLC raised its stake in Confluent by 2.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company’s stock valued at $88,180,000 after buying an additional 107,510 shares during the last quarter. Atreides Management LP raised its stake in Confluent by 7.3% during the 3rd quarter. Atreides Management LP now owns 2,706,910 shares of the company’s stock valued at $55,167,000 after buying an additional 184,865 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its stake in Confluent by 46.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,513,426 shares of the company’s stock valued at $51,224,000 after buying an additional 802,353 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Confluent by 3.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,355,491 shares of the company’s stock valued at $65,860,000 after buying an additional 71,454 shares during the last quarter. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Confluent Stock Up 3.2 %

CFLT opened at $27.20 on Tuesday. The firm has a 50-day simple moving average of $29.60 and a two-hundred day simple moving average of $26.86. Confluent, Inc. has a 52 week low of $17.79 and a 52 week high of $37.90. The company has a market capitalization of $9.09 billion, a PE ratio of -25.19 and a beta of 0.90. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14.

Confluent (NASDAQ:CFLT) last released its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate 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 forecast that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $32.33, for a total transaction of $7,516,725.00. Following the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $14,628,937.04. This represents a 33.94 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Kong Phan sold 3,947 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $28.74, for a total transaction of $113,436.78. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,201,518 shares of company stock worth $38,533,306. 13.82% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Canaccord Genuity Group boosted their target price on shares of Confluent from $34.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Bank of America boosted their target price on shares of Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a research note on Wednesday, February 12th. Stifel Nicolaus boosted their target price on shares of Confluent from $37.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Truist Financial boosted their price objective on shares of Confluent from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Finally, Guggenheim boosted their price objective on shares of Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. One 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 issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target 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.