277,319 Shares in Confluent, Inc. (NASDAQ:CFLT) Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc purchased a new stake in Confluent, Inc. (NASDAQ:CFLT - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 277,319 shares of the company's stock, valued at approximately $7,754,000. CIBC Asset Management Inc owned 0.08% of Confluent as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of CFLT. Champlain Investment Partners LLC lifted its stake in Confluent by 72.2% in the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company's stock worth $218,083,000 after acquiring an additional 4,486,841 shares in the last quarter. Geode Capital Management LLC lifted its stake in Confluent by 2.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company's stock worth $88,180,000 after acquiring an additional 107,510 shares in the last quarter. Atreides Management LP lifted its stake in Confluent by 7.3% in the 3rd quarter. Atreides Management LP now owns 2,706,910 shares of the company's stock worth $55,167,000 after acquiring an additional 184,865 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in Confluent by 46.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,513,426 shares of the company's stock worth $51,224,000 after acquiring an additional 802,353 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Confluent by 2.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company's stock worth $46,549,000 after acquiring an additional 64,926 shares in the last quarter. Institutional investors and hedge funds own 78.09% of the company's stock.

Insider Transactions at Confluent

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 transaction of $905,500.00. Following the sale, the director now owns 292,079 shares of the company's stock, valued at approximately $10,579,101.38. This trade represents a 7.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Kong Phan sold 3,947 shares of Confluent stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $28.74, for a total value of $113,436.78. Following the sale, the chief accounting officer now directly owns 179,939 shares in the company, valued at $5,171,446.86. The trade was a 2.15 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, 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.

Analyst Ratings Changes

Several brokerages recently issued reports on CFLT. Barclays increased their price objective on Confluent from $35.00 to $37.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 12th. Bank of America increased their price objective on Confluent from $26.00 to $31.00 and gave the stock an "underperform" rating in a research note on Wednesday, February 12th. Royal Bank of Canada raised their price target on Confluent from $36.00 to $41.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 12th. JPMorgan Chase & Co. raised their price target on Confluent from $35.00 to $38.00 and gave the stock an "overweight" rating in a research note on Wednesday, December 11th. Finally, Sanford C. Bernstein cut their price target on Confluent from $38.00 to $33.00 and set an "outperform" rating for the company in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $35.00.

Confluent Stock Performance

CFLT traded down $1.56 during midday trading on Friday, reaching $30.98. The company's stock had a trading volume of 5,094,782 shares, compared to its average volume of 5,541,059. The stock has a market cap of $10.16 billion, a P/E ratio of -28.69 and a beta of 0.92. The company has a fifty day simple moving average of $29.85 and a 200 day simple moving average of $25.84. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14. Confluent, Inc. has a twelve month low of $17.79 and a twelve month high of $37.90.

Confluent (NASDAQ:CFLT - Get Free Report) last released its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) 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%. Research analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current year.

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.