HighTower Advisors LLC Has $253,000 Stake in Confluent, Inc. (NASDAQ:CFLT)

HighTower Advisors LLC reduced its holdings in Confluent, Inc. (NASDAQ:CFLT) by 21.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 12,418 shares of the company’s stock after selling 3,363 shares during the period. HighTower Advisors LLC’s holdings in Confluent were worth $253,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Clearline Capital LP acquired a new position in shares of Confluent during the 3rd quarter worth about $245,000. Atreides Management LP increased its position in Confluent by 7.3% during the third quarter. Atreides Management LP now owns 2,706,910 shares of the company’s stock worth $55,167,000 after buying an additional 184,865 shares during the last quarter. Paloma Partners Management Co bought a new stake in Confluent in the third quarter valued at approximately $303,000. Point72 Hong Kong Ltd acquired a new stake in shares of Confluent in the third quarter valued at approximately $68,000. Finally, Circle Wealth Management LLC boosted its stake in shares of Confluent by 48.9% during the 3rd quarter. Circle Wealth Management LLC now owns 30,150 shares of the company’s stock worth $614,000 after acquiring an additional 9,900 shares during the period. 78.09% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CFLT has been the subject of a number of research analyst reports. JMP Securities restated a “market outperform” rating and set a $40.00 price objective on shares of Confluent in a report on Tuesday, October 29th. Wells Fargo & Company boosted their price target on Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. DA Davidson reiterated a “buy” rating and set a $30.00 price objective on shares of Confluent in a research report on Wednesday, September 18th. Barclays boosted their target price on shares of Confluent from $32.00 to $35.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Finally, Sanford C. Bernstein lowered their price target on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. One analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $32.23.

Confluent Stock Up 0.2 %

Shares of NASDAQ:CFLT opened at $30.01 on Wednesday. The firm has a market capitalization of $9.84 billion, a PE ratio of -27.04 and a beta of 0.88. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $35.07. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The firm’s 50-day moving average is $27.92 and its two-hundred day moving average is $24.81.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03. The company 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%. Analysts predict that Confluent, Inc. will post -0.9 EPS for the current year.

Insider Buying and Selling at Confluent

In other news, CAO Kong Phan sold 2,096 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $59,170.08. Following the transaction, the chief accounting officer now directly owns 190,680 shares in the company, valued at $5,382,896.40. The trade was a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $27.40, for a total transaction of $1,746,174.60. Following the sale, the insider now owns 687,483 shares in the company, valued at $18,837,034.20. The trade was a 8.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,584,712 shares of company stock worth $132,928,936. 13.82% of the stock is owned by 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.