Clearbridge Investments LLC Trims Stake in Confluent, Inc. (NASDAQ:CFLT)

Clearbridge Investments LLC lowered its holdings in Confluent, Inc. (NASDAQ:CFLT) by 30.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 617,836 shares of the company’s stock after selling 270,666 shares during the period. Clearbridge Investments LLC’s holdings in Confluent were worth $18,245,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. William Blair Investment Management LLC purchased a new stake in Confluent during the second quarter valued at about $193,403,000. 1832 Asset Management L.P. bought a new stake in shares of Confluent in the 1st quarter worth approximately $181,075,000. Coatue Management LLC purchased a new stake in shares of Confluent in the 4th quarter valued at $134,132,000. Champlain Investment Partners LLC bought a new position in shares of Confluent during the 1st quarter valued at $144,563,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Confluent by 17.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock valued at $536,601,000 after purchasing an additional 2,587,169 shares during the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Confluent Stock Performance

Shares of NASDAQ CFLT opened at $20.57 on Friday. The company has a current ratio of 4.44, a quick ratio of 4.44 and a debt-to-equity ratio of 1.25. Confluent, Inc. has a 12-month low of $14.69 and a 12-month high of $35.07. The firm has a market capitalization of $6.54 billion, a price-to-earnings ratio of -16.46 and a beta of 0.88. The firm has a 50 day moving average of $20.68 and a 200 day moving average of $25.82.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Canaccord Genuity Group lowered their target price on Confluent from $35.00 to $34.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. Loop Capital dropped their price objective on Confluent from $30.00 to $25.00 and set a “hold” rating for the company in a research note on Friday, July 19th. Truist Financial reiterated a “buy” rating and set a $30.00 price target (down from $36.00) on shares of Confluent in a report on Thursday, August 1st. Wells Fargo & Company dropped their price target on shares of Confluent from $38.00 to $34.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. Finally, Mizuho decreased their price objective on shares of Confluent from $36.00 to $34.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 16th. One research 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 assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $29.97.

Insider Transactions at Confluent

In related news, CMO Stephanie Buscemi sold 3,866 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 value of $83,814.88. Following the completion of the transaction, the chief marketing officer now owns 161,673 shares of the company’s stock, valued at approximately $3,505,070.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, CMO Stephanie Buscemi sold 3,866 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $83,814.88. Following the transaction, the chief marketing officer now owns 161,673 shares of the company’s stock, valued at approximately $3,505,070.64. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Rohan Sivaram sold 22,926 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $497,035.68. Following the transaction, the chief financial officer now owns 555,337 shares of the company’s stock, valued at approximately $12,039,706.16. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 524,453 shares of company stock valued at $10,833,388 over the last three months. Corporate insiders own 13.82% of the company’s stock.

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.