KLP Kapitalforvaltning AS Buys Shares of 48,500 Confluent, Inc. (NASDAQ:CFLT)

KLP Kapitalforvaltning AS acquired a new stake in Confluent, Inc. (NASDAQ:CFLT - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 48,500 shares of the company's stock, valued at approximately $1,356,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its position in Confluent by 2.9% during the third 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 during the last quarter. Cerity Partners LLC raised its position in shares of Confluent by 28.1% in the 3rd quarter. Cerity Partners LLC now owns 35,129 shares of the company's stock worth $716,000 after buying an additional 7,705 shares during the period. Quantbot Technologies LP raised its holdings in shares of Confluent by 1,465.6% in the 3rd quarter. Quantbot Technologies LP now owns 30,295 shares of the company's stock worth $617,000 after purchasing an additional 28,360 shares during the period. Bridgewater Associates LP lifted its position in Confluent by 1,325.2% during the third quarter. Bridgewater Associates LP now owns 281,093 shares of the company's stock valued at $5,729,000 after buying an additional 261,370 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Confluent by 52.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,907 shares of the company's stock valued at $874,000 after acquiring an additional 14,725 shares in the last quarter. Hedge funds and other institutional investors own 78.09% of the company's stock.

Remove Ads

Confluent Price Performance

Shares of Confluent stock traded down $2.91 on Thursday, hitting $21.20. The company had a trading volume of 6,326,234 shares, compared to its average volume of 4,391,778. The company has a market cap of $7.08 billion, a PE ratio of -19.63 and a beta of 0.90. 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 52 week low of $17.79 and a 52 week high of $37.90. The business has a 50-day simple moving average of $28.99 and a 200-day simple moving average of $27.24.

Confluent (NASDAQ:CFLT - Get Free Report) last posted its quarterly earnings data 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%. Research analysts expect that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Insider Activity

In other 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 value 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 represents a 1.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Erica Schultz sold 150,000 shares of the business's stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $35.82, for a total transaction of $5,373,000.00. Following the transaction, the insider now directly owns 678,016 shares in the company, valued at $24,286,533.12. The trade was a 18.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,200,746 shares of company stock worth $38,505,150. Corporate insiders own 13.82% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on CFLT shares. Stifel Nicolaus increased their target price on Confluent from $37.00 to $40.00 and gave the company a "buy" rating in a research note on Wednesday, February 12th. William Blair reaffirmed an "outperform" rating on shares of Confluent in a research report on Monday, March 17th. Royal Bank of Canada boosted their target price on shares of Confluent from $36.00 to $41.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. Bank of America raised their price target on shares of Confluent from $26.00 to $31.00 and gave the company an "underperform" rating in a report on Wednesday, February 12th. Finally, Canaccord Genuity Group raised their price target on shares of Confluent from $34.00 to $38.00 and gave the stock a "buy" rating in a research 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 given a strong buy rating to the stock. Based on data from MarketBeat, Confluent currently has a consensus rating of "Moderate Buy" and an average price target of $35.15.

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.