Phoenix Financial Ltd. Reduces Position in Confluent, Inc. (NASDAQ:CFLT)

Phoenix Financial Ltd. trimmed its stake in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 48.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 154,497 shares of the company's stock after selling 147,593 shares during the quarter. Phoenix Financial Ltd.'s holdings in Confluent were worth $4,320,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the business. Commonwealth Equity Services LLC boosted its holdings in Confluent by 4.1% in the fourth quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company's stock worth $323,000 after acquiring an additional 458 shares in the last quarter. EP Wealth Advisors LLC boosted its holdings in shares of Confluent by 3.6% in the 3rd quarter. EP Wealth Advisors LLC now owns 14,371 shares of the company's stock worth $293,000 after purchasing an additional 503 shares in the last quarter. Truist Financial Corp increased its stake in Confluent by 2.5% in the 4th quarter. Truist Financial Corp now owns 21,081 shares of the company's stock worth $589,000 after purchasing an additional 514 shares during the period. Sit Investment Associates Inc. raised its holdings in Confluent by 0.5% in the 4th quarter. Sit Investment Associates Inc. now owns 124,623 shares of the company's stock worth $3,484,000 after purchasing an additional 680 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings 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. 78.09% of the stock is owned by institutional investors and hedge funds.

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Confluent Price Performance

CFLT stock traded up $0.18 during trading on Wednesday, reaching $21.83. 1,612,669 shares of the company were exchanged, compared to its average volume of 4,476,537. The company has a 50-day moving average of $27.31 and a two-hundred day moving average of $27.31. 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, Inc. has a twelve month low of $17.79 and a twelve month high of $37.90. The company has a market capitalization of $7.29 billion, a price-to-earnings ratio of -20.21 and a beta of 1.03.

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 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%. As a group, equities analysts predict that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Insider Activity

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction that occurred 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 transaction, the chief executive officer now owns 452,488 shares of the company's stock, valued at $14,628,937.04. The trade was a 33.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Rohan Sivaram sold 68,350 shares of the stock in a transaction dated Thursday, February 13th. The shares were 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 directly owns 520,273 shares of the company's stock, valued at $18,849,490.79. This trade represents a 11.61 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,200,746 shares of company stock worth $38,505,150. 13.82% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on CFLT shares. Barclays boosted their price objective on shares of Confluent from $35.00 to $37.00 and gave the company an "overweight" rating in a report on Wednesday, February 12th. Truist Financial cut their price objective on shares of Confluent from $40.00 to $35.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Wells Fargo & Company lifted their price target on shares of Confluent from $40.00 to $42.00 and gave the company an "overweight" rating in a research note on Wednesday, February 12th. Morgan Stanley decreased their target price on shares of Confluent from $32.00 to $25.00 and set an "equal weight" rating for the company in a research report on Wednesday. Finally, UBS Group raised Confluent from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $34.00 to $38.00 in a report on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $34.71.

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.