72,515 Shares in Confluent, Inc. (NASDAQ:CFLT) Purchased by Teacher Retirement System of Texas

Teacher Retirement System of Texas purchased a new position in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 72,515 shares of the company's stock, valued at approximately $2,028,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Blue Trust Inc. boosted its holdings in Confluent by 354.0% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company's stock worth $58,000 after buying an additional 1,607 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of Confluent during the 4th quarter worth approximately $59,000. GAMMA Investing LLC grew its holdings in shares of Confluent by 85.3% in the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company's stock worth $69,000 after acquiring an additional 1,136 shares during the period. Point72 Hong Kong Ltd purchased a new position in Confluent in the 3rd quarter valued at approximately $68,000. Finally, AlphaQuest LLC raised its holdings in Confluent by 22,112.5% during the fourth quarter. AlphaQuest LLC now owns 3,554 shares of the company's stock worth $99,000 after purchasing an additional 3,538 shares during the last quarter. 78.09% of the stock is owned by institutional investors and hedge funds.

Confluent Trading Down 3.7 %

Shares of NASDAQ CFLT traded down $0.89 during midday trading on Monday, hitting $23.44. The stock had a trading volume of 4,763,000 shares, compared to its average volume of 4,366,423. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. Confluent, Inc. has a 1-year low of $17.79 and a 1-year high of $37.90. The company has a market capitalization of $7.83 billion, a price-to-earnings ratio of -21.70 and a beta of 0.90. The company has a fifty day moving average price of $29.29 and a 200 day moving average price of $27.28.

Remove Ads

Confluent (NASDAQ:CFLT - Get Free Report) last posted its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. On average, analysts predict that Confluent, Inc. will post -0.83 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Michelangelo Volpi sold 25,000 shares of Confluent stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $36.22, for a total value of $905,500.00. Following the completion of the transaction, the director now owns 292,079 shares in the company, valued at approximately $10,579,101.38. This trade represents a 7.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Kong Phan sold 3,175 shares of the company's stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $26.86, for a total value of $85,280.50. Following the sale, the chief accounting officer now directly owns 246,516 shares in the company, valued at approximately $6,621,419.76. This represents a 1.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,200,746 shares of company stock worth $38,505,150. 13.82% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CFLT shares. JPMorgan Chase & Co. upped their target price on Confluent from $35.00 to $38.00 and gave the company an "overweight" rating in a report on Wednesday, December 11th. Needham & Company LLC restated a "buy" rating and set a $40.00 target price on shares of Confluent in a report on Friday, March 7th. Canaccord Genuity Group lifted their target price on shares of Confluent from $34.00 to $38.00 and gave the stock a "buy" rating in a research report on Wednesday, February 12th. Loop Capital lowered their price target on shares of Confluent from $34.00 to $30.00 and set a "hold" rating on the stock in a research report on Monday, March 10th. Finally, Stifel Nicolaus lifted their price objective on Confluent from $37.00 to $40.00 and gave the stock a "buy" rating in a research report on Wednesday, February 12th. One equities research 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 given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $35.15.

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.