Assetmark Inc. Grows Holdings in Confluent, Inc. (NASDAQ:CFLT)

Assetmark Inc. raised its position in shares of Confluent, Inc. (NASDAQ:CFLT) by 75,257.1% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 36,925 shares of the company’s stock after buying an additional 36,876 shares during the period. Assetmark Inc.’s holdings in Confluent were worth $753,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. V Square Quantitative Management LLC bought a new stake in Confluent during the 2nd quarter valued at about $68,000. UniSuper Management Pty Ltd increased its position in Confluent by 125.0% in the first quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock worth $82,000 after purchasing an additional 1,500 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in Confluent by 40.3% during 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. Lazard Asset Management LLC boosted its stake in Confluent by 25.5% during the first quarter. Lazard Asset Management LLC now owns 5,747 shares of the company’s stock worth $175,000 after buying an additional 1,167 shares during the period. Finally, Acadian Asset Management LLC purchased a new stake in shares of Confluent during the second quarter valued at $175,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CFLT shares. Needham & Company LLC reiterated a “buy” rating and issued a $31.00 target price on shares of Confluent in a report on Friday. Sanford C. Bernstein decreased their target price on Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. UBS Group increased their price objective on Confluent from $23.00 to $26.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Wells Fargo & Company lowered their target price on Confluent from $38.00 to $34.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. Finally, Piper Sandler decreased their price objective on Confluent from $37.00 to $32.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Confluent has an average rating of “Moderate Buy” and an average price target of $30.88.

Insider Activity at Confluent

In other Confluent news, CTO Chad Verbowski sold 13,540 shares of the company’s 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 $293,547.20. Following the completion of the sale, the chief technology officer now directly owns 496,807 shares of the company’s stock, valued at approximately $10,770,775.76. This represents a 2.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Rohan Sivaram sold 22,926 shares of the 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 completion of the sale, the chief financial officer now directly owns 555,337 shares of the company’s stock, valued at approximately $12,039,706.16. This trade represents a 3.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,358,654 shares of company stock worth $91,463,207 over the last 90 days. 13.82% of the stock is owned by company insiders.

Confluent Stock Down 5.1 %

Confluent stock opened at $27.07 on Friday. Confluent, Inc. has a 1-year low of $17.79 and a 1-year high of $35.07. The firm has a market capitalization of $8.88 billion, a price-to-earnings ratio of -24.39 and a beta of 0.82. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. The firm has a 50 day simple moving average of $22.39 and a 200 day simple moving average of $24.61.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.03. The firm had revenue of $250.20 million during the quarter, compared to the consensus estimate of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. On average, analysts predict that Confluent, Inc. will post -0.9 earnings per share for the current year.

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.