KLP Kapitalforvaltning AS Purchases New Stake in Confluent, Inc. (NASDAQ:CFLT)

KLP Kapitalforvaltning AS acquired a new position in shares of Confluent, Inc. (NASDAQ:CFLT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 48,500 shares of the company’s stock, valued at approximately $1,356,000.

Several other institutional investors have also recently bought and sold shares of the business. Sei Investments Co. lifted its holdings in shares of Confluent by 12.7% in the fourth quarter. Sei Investments Co. now owns 445,585 shares of the company’s stock valued at $12,459,000 after purchasing an additional 50,340 shares in the last quarter. Virtu Financial LLC purchased a new stake in Confluent in the 4th quarter valued at $579,000. Teacher Retirement System of Texas bought a new position in Confluent during the 4th quarter valued at $2,028,000. Trivest Advisors Ltd purchased a new position in Confluent during the 4th quarter worth $11,989,000. Finally, West Tower Group LLC bought a new stake in shares of Confluent in the 4th quarter worth $224,000. Institutional investors and hedge funds own 78.09% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Kong Phan sold 3,175 shares of Confluent stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $26.86, for a total value of $85,280.50. Following the transaction, the chief accounting officer now owns 246,516 shares in the company, valued at approximately $6,621,419.76. The trade was a 1.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michelangelo Volpi sold 25,000 shares of the stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $36.22, for a total value of $905,500.00. Following the sale, the director now owns 292,079 shares of the company’s stock, valued at $10,579,101.38. This represents a 7.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,200,746 shares of company stock valued at $38,505,150. 13.82% of the stock is currently owned by corporate insiders.

Confluent Stock Down 4.8 %

CFLT opened at $24.33 on Friday. The business’s fifty day simple moving average is $29.36 and its 200 day simple moving average is $27.20. Confluent, Inc. has a 52 week low of $17.79 and a 52 week high of $37.90. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. The stock has a market cap of $8.13 billion, a PE ratio of -22.53 and a beta of 0.90.

Confluent (NASDAQ:CFLT) last announced 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%. As a group, research analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. JPMorgan Chase & Co. boosted their price target on shares of Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Evercore ISI upped their target price on Confluent from $32.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Stifel Nicolaus increased their price target on Confluent from $37.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. William Blair reissued an “outperform” rating on shares of Confluent in a research report on Monday, March 17th. Finally, Guggenheim raised their target price on Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Confluent has an average rating of “Moderate Buy” and an average price target of $35.33.

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.