CANADA LIFE ASSURANCE Co Cuts Position in Confluent, Inc. (NASDAQ:CFLT)

CANADA LIFE ASSURANCE Co trimmed its position in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 5.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 223,293 shares of the company's stock after selling 13,628 shares during the period. CANADA LIFE ASSURANCE Co owned approximately 0.07% of Confluent worth $6,240,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of CFLT. Blue Trust Inc. raised its stake in Confluent by 354.0% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company's stock valued at $58,000 after purchasing an additional 1,607 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Confluent in the 4th quarter worth about $59,000. GAMMA Investing LLC raised its position in shares of Confluent by 85.3% during the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company's stock valued at $69,000 after buying an additional 1,136 shares in the last quarter. AlphaQuest LLC lifted its holdings in shares of Confluent by 22,112.5% in the 4th quarter. AlphaQuest LLC now owns 3,554 shares of the company's stock valued at $99,000 after acquiring an additional 3,538 shares during the last quarter. Finally, IFP Advisors Inc grew its position in Confluent by 48.4% in the fourth quarter. IFP Advisors Inc now owns 4,945 shares of the company's stock worth $138,000 after acquiring an additional 1,613 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Confluent

In related news, CAO Kong Phan sold 6,346 shares of the stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $36.22, for a total value of $229,852.12. Following the completion of the transaction, the chief accounting officer now directly owns 179,593 shares of the company's stock, valued at $6,504,858.46. This trade represents a 3.41 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michelangelo Volpi sold 25,000 shares of the business's stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $36.22, for a total transaction of $905,500.00. Following the sale, the director now directly owns 292,079 shares in the company, valued at approximately $10,579,101.38. This represents a 7.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,200,746 shares of company stock worth $38,505,150 over the last three months. Corporate insiders own 13.82% of the company's stock.

Confluent Trading Up 1.2 %

Shares of NASDAQ CFLT opened at $20.64 on Wednesday. Confluent, Inc. has a 1-year low of $17.79 and a 1-year high of $37.90. The business has a fifty day moving average price of $26.10 and a 200 day moving average price of $27.36. The stock has a market capitalization of $6.89 billion, a P/E ratio of -19.11 and a beta of 1.03. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24.

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

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CFLT. Raymond James assumed coverage on Confluent in a research note on Friday, April 11th. They issued an "outperform" rating and a $30.00 price objective for the company. Bank of America raised their price target on Confluent from $26.00 to $31.00 and gave the stock an "underperform" rating in a research report on Wednesday, February 12th. Piper Sandler boosted their price objective on shares of Confluent from $35.00 to $40.00 and gave the company an "overweight" rating in a research report on Wednesday, February 12th. William Blair restated an "outperform" rating on shares of Confluent in a report on Monday, March 17th. Finally, Evercore ISI upped their price target on shares of Confluent from $32.00 to $40.00 and gave the company an "outperform" rating in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $34.07.

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.

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