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

Assetmark Inc. grew its stake in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 75,257.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of CFLT. V Square Quantitative Management LLC purchased a new stake in Confluent in the 2nd quarter worth $68,000. UniSuper Management Pty Ltd lifted its position in shares of 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 buying an additional 1,500 shares in 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 valued at $91,000 after buying an additional 859 shares during the last quarter. Lazard Asset Management LLC grew its holdings in Confluent by 25.5% during the 1st quarter. Lazard Asset Management LLC now owns 5,747 shares of the company's stock valued at $175,000 after buying an additional 1,167 shares in the last quarter. Finally, Acadian Asset Management LLC bought a new stake in Confluent in the 2nd quarter worth approximately $175,000. Hedge funds and other institutional investors own 78.09% of the company's stock.

Analysts Set New Price Targets

CFLT has been the subject of a number of research reports. Baird R W upgraded Confluent to a "hold" rating in a research report on Wednesday, September 4th. Barclays increased their price objective on shares of Confluent from $29.00 to $32.00 and gave the company an "overweight" rating in a research report on Thursday, October 31st. TD Cowen boosted their target price on shares of Confluent from $27.00 to $31.00 and gave the stock a "buy" rating in a report on Thursday, October 31st. Truist Financial restated a "buy" rating and set a $30.00 target price (down from $36.00) on shares of Confluent in a research report on Thursday, August 1st. Finally, UBS Group lifted their price target on Confluent from $23.00 to $26.00 and gave the stock a "neutral" rating in a research report on Thursday, October 31st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $30.88.

Insiders Place Their Bets

In other news, CFO Rohan Sivaram sold 22,926 shares of the business's stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $497,035.68. Following the completion of the transaction, the chief financial officer now directly owns 555,337 shares of the company's stock, valued at approximately $12,039,706.16. The trade was a 3.96 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the firm's stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total value of $4,647,675.00. Following the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $9,045,235.12. The trade was a 33.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,358,654 shares of company stock worth $91,463,207 in the last three months. Corporate insiders own 13.82% of the company's stock.

Confluent Trading Down 5.1 %

Shares of NASDAQ CFLT traded down $1.46 during trading hours on Friday, reaching $27.07. The stock had a trading volume of 3,943,328 shares, compared to its average volume of 4,374,944. Confluent, Inc. has a 52-week low of $17.79 and a 52-week high of $35.07. The firm has a market cap of $8.88 billion, a price-to-earnings ratio of -24.39 and a beta of 0.82. The business's fifty day moving average price is $22.39 and its two-hundred day moving average price is $24.61. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17.

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