717,480 Shares in Confluent, Inc. (NASDAQ:CFLT) Acquired by Great Lakes Advisors LLC

Great Lakes Advisors LLC purchased a new position in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 717,480 shares of the company's stock, valued at approximately $20,061,000. Great Lakes Advisors LLC owned 0.22% of Confluent at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in CFLT. Blue Trust Inc. boosted its position in Confluent by 354.0% in the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company's stock valued at $58,000 after buying an additional 1,607 shares during the period. SBI Securities Co. Ltd. purchased a new stake in shares of Confluent in the 4th quarter worth approximately $59,000. Point72 Hong Kong Ltd purchased a new stake in shares of Confluent in the 3rd quarter worth approximately $68,000. GAMMA Investing LLC lifted its position in shares of Confluent by 85.3% in the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company's stock worth $69,000 after purchasing an additional 1,136 shares during the period. Finally, AlphaQuest LLC boosted its stake in Confluent by 22,112.5% in the fourth quarter. AlphaQuest LLC now owns 3,554 shares of the company's stock valued at $99,000 after acquiring an additional 3,538 shares in the last quarter. 78.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Canaccord Genuity Group raised their target price on shares of Confluent from $34.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, February 12th. Guggenheim raised their price target on shares of Confluent from $35.00 to $38.00 and gave the stock a "buy" rating in a report on Wednesday, February 12th. Morgan Stanley raised their price target on shares of Confluent from $30.00 to $32.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 12th. Barclays raised their target price on shares of Confluent from $35.00 to $37.00 and gave the stock an "overweight" rating in a report on Wednesday, February 12th. Finally, Evercore ISI raised their target price on shares of Confluent from $32.00 to $40.00 and gave the stock an "outperform" rating in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $35.33.

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Insiders Place Their Bets

In other news, CFO Rohan Sivaram sold 68,350 shares of the business's stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $36.23, for a total value of $2,476,320.50. Following the sale, the chief financial officer now directly owns 520,273 shares of the company's stock, valued at approximately $18,849,490.79. The trade was a 11.61 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Kong Phan sold 3,947 shares of the business's stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $28.74, for a total transaction of $113,436.78. Following the completion of the sale, the chief accounting officer now directly owns 179,939 shares in the company, valued at $5,171,446.86. This trade represents a 2.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,201,518 shares of company stock valued at $38,533,306 over the last ninety days. Company insiders own 13.82% of the company's stock.

Confluent Trading Up 2.2 %

CFLT stock traded up $0.56 during trading on Friday, reaching $26.36. 4,706,379 shares of the stock were exchanged, compared to its average volume of 4,292,282. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14. The business has a 50 day moving average price of $29.66 and a 200-day moving average price of $26.77. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $37.90. The firm has a market capitalization of $8.80 billion, a price-to-earnings ratio of -24.41 and a beta of 0.89.

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

Confluent 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.