Confluent, Inc. (NASDAQ:CFLT) Position Trimmed by EP Wealth Advisors LLC

EP Wealth Advisors LLC lowered its stake in Confluent, Inc. (NASDAQ:CFLT) by 33.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 13,868 shares of the company’s stock after selling 6,826 shares during the period. EP Wealth Advisors LLC’s holdings in Confluent were worth $410,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Treasurer of the State of North Carolina lifted its holdings in shares of Confluent by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 82,082 shares of the company’s stock valued at $1,921,000 after purchasing an additional 800 shares during the last quarter. Daiwa Securities Group Inc. lifted its stake in Confluent by 7.1% during the first quarter. Daiwa Securities Group Inc. now owns 12,100 shares of the company’s stock valued at $369,000 after buying an additional 800 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in shares of Confluent by 8.7% in the first quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock worth $322,000 after buying an additional 857 shares during the period. Advisors Asset Management Inc. boosted its holdings in shares of Confluent by 40.3% in the first quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after buying an additional 859 shares during the period. Finally, Hollencrest Capital Management purchased a new position in shares of Confluent in the first quarter worth approximately $26,000. Institutional investors and hedge funds own 78.09% of the company’s stock.

Confluent Price Performance

NASDAQ:CFLT opened at $18.94 on Friday. The company has a quick ratio of 4.44, a current ratio of 4.44 and a debt-to-equity ratio of 1.25. The firm has a market cap of $6.02 billion, a PE ratio of -15.15 and a beta of 0.88. Confluent, Inc. has a 12 month low of $14.69 and a 12 month high of $35.07. The company’s 50-day moving average price is $20.68 and its two-hundred day moving average price is $25.82.

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 business had revenue of $234.99 million during the quarter, compared to analyst estimates of $229.49 million. On average, equities analysts anticipate that Confluent, Inc. will post -0.95 EPS for the current fiscal year.

Insider Activity

In related news, Director Lara Caimi sold 9,375 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $20.01, for a total transaction of $187,593.75. Following the transaction, the director now owns 7,160 shares in the company, valued at approximately $143,271.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $21.13, for a total value of $4,912,725.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at approximately $9,561,071.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lara Caimi sold 9,375 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $20.01, for a total value of $187,593.75. Following the transaction, the director now directly owns 7,160 shares in the company, valued at approximately $143,271.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 524,453 shares of company stock worth $10,833,388. 13.82% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on CFLT shares. Wolfe Research raised shares of Confluent to a “strong-buy” rating in a research note on Wednesday, September 18th. Guggenheim reiterated a “buy” rating and set a $37.00 price target on shares of Confluent in a report on Tuesday, June 25th. JPMorgan Chase & Co. raised Confluent from a “neutral” rating to an “overweight” rating and set a $25.00 price objective for the company in a research note on Friday, August 9th. JMP Securities reaffirmed a “market outperform” rating and set a $40.00 target price on shares of Confluent in a research note on Tuesday, September 24th. Finally, Piper Sandler dropped their target price on Confluent from $37.00 to $32.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. 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’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $29.97.

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.