Plato Investment Management Ltd Purchases 6,312 Shares of Confluent, Inc. (NASDAQ:CFLT)

Plato Investment Management Ltd lifted its position in shares of Confluent, Inc. (NASDAQ:CFLT) by 2,184.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,601 shares of the company’s stock after purchasing an additional 6,312 shares during the period. Plato Investment Management Ltd’s holdings in Confluent were worth $195,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Confluent by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 19,741,320 shares of the company’s stock worth $602,505,000 after buying an additional 669,675 shares during the period. Price T Rowe Associates Inc. MD increased its position in Confluent by 17.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock worth $536,601,000 after acquiring an additional 2,587,169 shares during the period. William Blair Investment Management LLC acquired a new stake in Confluent in the 2nd quarter worth about $193,403,000. 1832 Asset Management L.P. bought a new stake in Confluent in the 1st quarter valued at about $181,075,000. Finally, Coatue Management LLC acquired a new position in shares of Confluent during the 4th quarter worth approximately $134,132,000. 78.09% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Bank of America cut their price target on Confluent from $32.00 to $26.00 and set an “underperform” rating for the company in a research note on Thursday, August 1st. Mizuho reduced their target price on Confluent from $36.00 to $34.00 and set an “outperform” rating on the stock in a report on Tuesday, July 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $38.00 price target on shares of Confluent in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Confluent from $35.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Finally, Stifel Nicolaus decreased their target price on shares of Confluent from $40.00 to $32.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.69.

Confluent Price Performance

Shares of NASDAQ:CFLT opened at $20.75 on Tuesday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 4.44 and a current ratio of 4.44. Confluent, Inc. has a 52 week low of $14.69 and a 52 week high of $35.07. The firm has a market cap of $6.60 billion, a PE ratio of -16.60 and a beta of 0.88. The firm’s fifty day moving average is $22.16 and its 200-day moving average is $26.89.

Confluent (NASDAQ:CFLT) last announced its earnings results on Wednesday, July 31st. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.04). Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. The company had revenue of $234.99 million for the quarter, compared to analyst estimates of $229.49 million. Sell-side analysts predict that Confluent, Inc. will post -0.95 earnings per share for the current year.

Insider Buying and Selling

In other Confluent news, insider Erica Schultz sold 9,556 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $207,174.08. Following the completion of the sale, the insider now owns 687,483 shares of the company’s stock, valued at approximately $14,904,631.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total value of $4,647,675.00. Following the transaction, the chief executive officer now owns 452,488 shares in the company, valued at $9,045,235.12. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Erica Schultz sold 9,556 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $207,174.08. Following the sale, the insider now directly owns 687,483 shares in the company, valued at approximately $14,904,631.44. The disclosure for this sale can be found here. Insiders have sold a total of 533,433 shares of company stock valued at $11,074,955 over the last ninety days. 13.82% of the stock is owned by company insiders.

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.