Asset Management One Co. Ltd. Sells 61,003 Shares of Confluent, Inc. (NASDAQ:CFLT)

Asset Management One Co. Ltd. cut its holdings in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 36.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 107,305 shares of the company's stock after selling 61,003 shares during the period. Asset Management One Co. Ltd.'s holdings in Confluent were worth $2,154,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of Confluent by 3.5% in the first quarter. Vanguard Group Inc. now owns 19,741,320 shares of the company's stock worth $602,505,000 after purchasing an additional 669,675 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Confluent by 17.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company's stock valued at $536,601,000 after acquiring an additional 2,587,169 shares during the period. 1832 Asset Management L.P. raised its stake in shares of Confluent by 28.4% during the second quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company's stock valued at $224,933,000 after acquiring an additional 1,684,100 shares during the last quarter. William Blair Investment Management LLC bought a new position in shares of Confluent during the second quarter valued at about $193,403,000. Finally, Champlain Investment Partners LLC purchased a new stake in shares of Confluent during the first quarter worth about $144,563,000. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Confluent Stock Down 3.8 %

CFLT traded down $1.06 during trading on Friday, hitting $26.50. 3,513,930 shares of the company's stock traded hands, compared to its average volume of 4,018,995. Confluent, Inc. has a 12-month low of $16.69 and a 12-month high of $35.07. The company's 50 day simple moving average is $21.62 and its two-hundred day simple moving average is $24.59. 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 stock has a market capitalization of $8.69 billion, a price-to-earnings ratio of -23.87 and a beta of 0.82.

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

Insider Activity

In related news, insider Erica Schultz sold 9,556 shares of the firm'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 value of $207,174.08. Following the sale, the insider now owns 687,483 shares in the company, valued at approximately $14,904,631.44. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider Erica Schultz sold 9,556 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 $207,174.08. Following the completion of the sale, the insider now owns 687,483 shares in the company, valued at approximately $14,904,631.44. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO Stephanie Buscemi sold 3,866 shares of the firm's stock in a transaction dated Tuesday, August 20th. The stock was 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 directly owns 161,673 shares in the company, valued at $3,505,070.64. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,274,395 shares of company stock valued at $58,230,922 over the last three months. Insiders own 13.82% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CFLT. Wells Fargo & Company reduced their price target on Confluent from $38.00 to $34.00 and set an "overweight" rating on the stock in a report on Thursday, August 1st. TD Cowen upped their target price on Confluent from $27.00 to $31.00 and gave the company a "buy" rating in a report on Thursday, October 31st. Wolfe Research raised shares of Confluent to a "strong-buy" rating in a research report on Wednesday, September 18th. Robert W. Baird raised their target price on shares of Confluent from $23.00 to $28.00 and gave the stock a "neutral" rating in a research report on Thursday, October 31st. Finally, Baird R W upgraded shares of Confluent to a "hold" rating in a research report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $30.88.

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.