Bank of New York Mellon Corp Raises Holdings in Confluent, Inc. (NASDAQ:CFLT)

Bank of New York Mellon Corp grew its position in shares of Confluent, Inc. (NASDAQ:CFLT) by 60.0% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 3,510,483 shares of the company’s stock after buying an additional 1,316,804 shares during the quarter. Bank of New York Mellon Corp’s holdings in Confluent were worth $103,665,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Hollencrest Capital Management purchased a new position in shares of Confluent during the first quarter worth about $26,000. Quest Partners LLC acquired a new stake in shares of Confluent during the fourth quarter worth about $31,000. GAMMA Investing LLC acquired a new stake in shares of Confluent during the fourth quarter worth about $35,000. V Square Quantitative Management LLC acquired a new stake in shares of Confluent during the second quarter worth about $68,000. Finally, UniSuper Management Pty Ltd boosted its stake in shares of Confluent by 125.0% during the first quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock worth $82,000 after buying an additional 1,500 shares during the period. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Analyst Ratings Changes

CFLT has been the subject of several recent research reports. Loop Capital decreased their target price on shares of Confluent from $30.00 to $25.00 and set a “hold” rating for the company in a research note on Friday, July 19th. Canaccord Genuity Group upgraded shares of Confluent from a “hold” rating to a “buy” rating and set a $35.00 target price for the company in a research note on Wednesday, May 8th. Bank of America reduced their price objective on shares of Confluent from $32.00 to $26.00 and set an “underperform” rating for the company in a research report on Thursday, August 1st. The Goldman Sachs Group raised their price objective on shares of Confluent from $27.00 to $30.00 and gave the company a “neutral” rating in a research report on Thursday, May 9th. Finally, DA Davidson reduced their price objective on shares of Confluent from $37.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat, Confluent presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.96.

Confluent Trading Down 1.7 %

Shares of CFLT opened at $21.07 on Wednesday. The company has a debt-to-equity ratio of 1.29, a current ratio of 5.07 and a quick ratio of 5.07. The firm has a 50 day simple moving average of $24.43 and a 200-day simple moving average of $28.17. Confluent, Inc. has a 1-year low of $14.69 and a 1-year high of $35.22. The stock has a market cap of $6.70 billion, a price-to-earnings ratio of -16.86 and a beta of 0.91.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, July 31st. The company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). Confluent had a negative return on equity of 38.46% and a negative net margin of 42.70%. The business had revenue of $234.99 million for the quarter, compared to analysts’ expectations of $229.49 million. Equities analysts forecast that Confluent, Inc. will post -0.94 EPS for the current fiscal year.

Insider Transactions at Confluent

In other news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $26.17, for a total transaction of $6,084,525.00. Following the completion of the transaction, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at approximately $11,841,610.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $26.17, for a total value of $6,084,525.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at approximately $11,841,610.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Erica Schultz sold 63,729 shares of Confluent stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $26.01, for a total transaction of $1,657,591.29. Following the completion of the sale, the insider now directly owns 697,039 shares of the company’s stock, valued at $18,129,984.39. The disclosure for this sale can be found here. Insiders sold a total of 602,561 shares of company stock valued at $14,309,122 in the last ninety days. Corporate 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.