Alberta Investment Management Corp Buys Shares of 117,760 Confluent, Inc. (NASDAQ:CFLT)

Alberta Investment Management Corp bought a new position in Confluent, Inc. (NASDAQ:CFLT - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 117,760 shares of the company's stock, valued at approximately $3,293,000.

Other institutional investors have also bought and sold shares of the company. Truist Financial Corp increased its position in Confluent by 2.5% in the fourth quarter. Truist Financial Corp now owns 21,081 shares of the company's stock worth $589,000 after purchasing an additional 514 shares during the last quarter. CIBC Asset Management Inc purchased a new position in shares of Confluent during the fourth quarter valued at approximately $7,754,000. Sanctuary Advisors LLC grew its stake in shares of Confluent by 37.6% during the fourth quarter. Sanctuary Advisors LLC now owns 25,910 shares of the company's stock valued at $764,000 after buying an additional 7,085 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Confluent by 1,617.4% in the fourth quarter. Principal Financial Group Inc. now owns 358,595 shares of the company's stock worth $10,026,000 after buying an additional 337,715 shares during the period. Finally, J.W. Cole Advisors Inc. bought a new stake in shares of Confluent during the 4th quarter worth approximately $281,000. Hedge funds and other institutional investors own 78.09% of the company's stock.

Insider Buying and Selling at Confluent

In other Confluent news, CAO Kong Phan sold 3,947 shares of the firm's stock in a transaction on Friday, December 20th. The stock was sold at an average price of $28.74, for a total transaction of $113,436.78. Following the completion of the transaction, the chief accounting officer now owns 179,939 shares of the company's stock, valued at approximately $5,171,446.86. This trade represents a 2.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Erica Schultz sold 63,729 shares of the company's stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $31.60, for a total value of $2,013,836.40. Following the completion of the sale, the insider now owns 678,016 shares in the company, valued at $21,425,305.60. This represents a 8.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,140,614 shares of company stock valued at $38,017,784. 13.82% of the stock is owned by corporate insiders.

Confluent Stock Down 4.7 %

CFLT stock traded down $1.53 during mid-day trading on Friday, reaching $31.01. The company had a trading volume of 8,023,704 shares, compared to its average volume of 5,634,724. The firm has a fifty day simple moving average of $29.85 and a 200 day simple moving average of $25.84. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99. Confluent, Inc. has a fifty-two week low of $17.79 and a fifty-two week high of $37.90. The company has a market capitalization of $10.17 billion, a price-to-earnings ratio of -28.71 and a beta of 0.92.

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

Analysts Set New Price Targets

A number of research firms have weighed in on CFLT. Evercore ISI increased their target price on Confluent from $32.00 to $40.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 12th. JMP Securities restated a "market outperform" rating and issued a $40.00 target price on shares of Confluent in a research note on Tuesday, October 29th. Wells Fargo & Company boosted their price target on Confluent from $40.00 to $42.00 and gave the company an "overweight" rating in a report on Wednesday, February 12th. Scotiabank raised their price objective on Confluent from $27.00 to $35.00 and gave the stock a "sector perform" rating in a report on Wednesday, February 12th. Finally, Mizuho upped their price objective on shares of Confluent from $31.00 to $35.00 and gave the stock an "outperform" rating in a research note on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $35.00.

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.