Franklin Resources Inc. Has $219.91 Million Stock Holdings in Confluent, Inc. (NASDAQ:CFLT)

Franklin Resources Inc. lowered its holdings in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 10.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,864,986 shares of the company's stock after selling 915,629 shares during the period. Franklin Resources Inc. owned about 2.40% of Confluent worth $219,905,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Cerity Partners LLC boosted its stake in Confluent by 28.1% during the 3rd quarter. Cerity Partners LLC now owns 35,129 shares of the company's stock valued at $716,000 after purchasing an additional 7,705 shares during the period. Quantbot Technologies LP grew its stake in shares of Confluent by 1,465.6% in the third quarter. Quantbot Technologies LP now owns 30,295 shares of the company's stock worth $617,000 after purchasing an additional 28,360 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Confluent by 52.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,907 shares of the company's stock valued at $874,000 after purchasing an additional 14,725 shares during the period. Point72 Hong Kong Ltd bought a new stake in shares of Confluent during the third quarter valued at about $68,000. Finally, Paloma Partners Management Co acquired a new stake in Confluent in the third quarter worth about $303,000. Institutional investors own 78.09% of the company's stock.

Insider Activity

In related news, CEO Edward Jay Kreps sold 232,500 shares of the company's stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $32.33, for a total transaction of $7,516,725.00. Following the completion of the transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at $14,628,937.04. This represents a 33.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Erica Schultz sold 150,000 shares of the firm's stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $35.82, for a total transaction of $5,373,000.00. Following the completion of the sale, the insider now owns 678,016 shares in the company, valued at $24,286,533.12. This represents a 18.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,200,746 shares of company stock valued at $38,505,150. 13.82% of the stock is owned by insiders.

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Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. UBS Group upgraded shares of Confluent from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $34.00 to $38.00 in a research report on Wednesday, February 26th. JPMorgan Chase & Co. lifted their price target on Confluent from $35.00 to $38.00 and gave the company an "overweight" rating in a research report on Wednesday, December 11th. William Blair reaffirmed an "outperform" rating on shares of Confluent in a report on Monday, March 17th. Bank of America raised their price objective on shares of Confluent from $26.00 to $31.00 and gave the company an "underperform" rating in a research report on Wednesday, February 12th. Finally, Scotiabank raised their target price on shares of Confluent from $27.00 to $35.00 and gave the stock a "sector perform" rating in a report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Confluent has an average rating of "Moderate Buy" and a consensus price target of $35.15.

Confluent Stock Down 4.9 %

Shares of NASDAQ CFLT traded down $1.03 during mid-day trading on Friday, reaching $20.17. 7,211,116 shares of the company traded hands, compared to its average volume of 4,408,196. The company's fifty day moving average is $28.82 and its two-hundred day moving average is $27.28. Confluent, Inc. has a fifty-two week low of $17.79 and a fifty-two week high of $37.90. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99. The stock has a market cap of $6.74 billion, a PE ratio of -18.68 and a beta of 1.03.

Confluent (NASDAQ:CFLT - Get Free Report) last issued its quarterly earnings data 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 return on equity of 34.70% and a negative net margin of 35.81%. On average, 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.