Alliancebernstein L.P. Raises Stock Position in Confluent, Inc. (NASDAQ:CFLT)

Alliancebernstein L.P. boosted its holdings in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 676.7% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 638,189 shares of the company's stock after acquiring an additional 556,025 shares during the quarter. Alliancebernstein L.P. owned 0.19% of Confluent worth $17,844,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Janus Henderson Group PLC boosted its position in Confluent by 873.2% during the third quarter. Janus Henderson Group PLC now owns 102,600 shares of the company's stock valued at $2,092,000 after buying an additional 92,058 shares during the period. Stifel Financial Corp grew its holdings in shares of Confluent by 112.3% in the third quarter. Stifel Financial Corp now owns 41,339 shares of the company's stock worth $842,000 after purchasing an additional 21,864 shares during the last quarter. EP Wealth Advisors LLC increased its stake in shares of Confluent by 3.6% in the third quarter. EP Wealth Advisors LLC now owns 14,371 shares of the company's stock worth $293,000 after buying an additional 503 shares during the period. XTX Topco Ltd bought a new stake in Confluent during the 3rd quarter valued at $868,000. Finally, Orion Portfolio Solutions LLC purchased a new stake in Confluent during the 3rd quarter valued at $605,000. Hedge funds and other institutional investors own 78.09% of the company's stock.

Confluent Stock Performance

CFLT traded up $0.34 during trading on Monday, hitting $21.85. The company's stock had a trading volume of 257,297 shares, compared to its average volume of 4,484,744. Confluent, Inc. has a one year low of $17.79 and a one year high of $37.90. The business's 50 day simple moving average is $27.64 and its 200-day simple moving average is $27.34. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. The firm has a market cap of $7.30 billion, a PE ratio of -20.23 and a beta of 1.03.

Remove Ads

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

Insider Transactions at Confluent

In other Confluent news, CAO Kong Phan sold 2,178 shares of the stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $31.58, for a total transaction of $68,781.24. Following the completion of the sale, the chief accounting officer now directly owns 177,415 shares of the company's stock, valued at $5,602,765.70. This trade represents a 1.21 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Rohan Sivaram sold 68,350 shares of the company's stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $36.23, for a total transaction of $2,476,320.50. Following the transaction, the chief financial officer now owns 520,273 shares of the company's stock, valued at approximately $18,849,490.79. This represents a 11.61 % 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 valued at $38,505,150 over the last three months. Corporate insiders own 13.82% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CFLT shares. Loop Capital reduced their price objective on shares of Confluent from $34.00 to $30.00 and set a "hold" rating on the stock in a research report on Monday, March 10th. Guggenheim boosted their price target on shares of Confluent from $35.00 to $38.00 and gave the company a "buy" rating in a research report on Wednesday, February 12th. Needham & Company LLC restated a "buy" rating and issued a $40.00 price objective on shares of Confluent in a report on Friday, March 7th. Scotiabank upped their target price on Confluent from $27.00 to $35.00 and gave the stock a "sector perform" rating in a report on Wednesday, February 12th. Finally, Bank of America raised their target price on Confluent from $26.00 to $31.00 and gave the company an "underperform" rating in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $34.96.

Confluent Company 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.