Confluent, Inc. (NASDAQ:CFLT) Shares Bought by LPL Financial LLC

LPL Financial LLC grew its stake in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 43.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 66,726 shares of the company's stock after acquiring an additional 20,300 shares during the period. LPL Financial LLC's holdings in Confluent were worth $1,866,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Great Lakes Advisors LLC acquired a new position in Confluent during the fourth quarter worth $20,061,000. Trivest Advisors Ltd acquired a new position in shares of Confluent during the 4th quarter worth $11,989,000. Savant Capital LLC purchased a new stake in shares of Confluent in the 4th quarter worth about $10,607,000. Oddo BHF Asset Management Sas acquired a new stake in Confluent in the 3rd quarter valued at about $7,646,000. Finally, Victory Capital Management Inc. increased its holdings in Confluent by 135.7% during the 4th quarter. Victory Capital Management Inc. now owns 648,986 shares of the company's stock valued at $18,146,000 after acquiring an additional 373,682 shares in the last quarter. Hedge funds and other institutional investors own 78.09% of the company's stock.

Insiders Place Their Bets

In other news, CEO Edward Jay Kreps sold 232,500 shares of the business's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $32.33, for a total value of $7,516,725.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares of the company's stock, valued at approximately $14,628,937.04. The trade was a 33.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Rohan Sivaram sold 68,350 shares of the company's 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 completion of the sale, the chief financial officer now owns 520,273 shares in the company, valued at approximately $18,849,490.79. This trade represents a 11.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,200,746 shares of company stock worth $38,505,150 in the last three months. 13.82% of the stock is owned by insiders.

Confluent Stock Down 1.7 %

CFLT traded down $0.36 during trading hours on Friday, reaching $21.15. 2,602,037 shares of the stock traded hands, compared to its average volume of 4,510,597. Confluent, Inc. has a fifty-two week low of $17.79 and a fifty-two week high of $37.90. The company has a market cap of $7.06 billion, a price-to-earnings ratio of -19.58 and a beta of 1.03. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24. The firm's fifty day simple moving average is $26.76 and its two-hundred day simple moving average is $27.41.

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

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CFLT. Canaccord Genuity Group raised their price objective on shares of Confluent from $34.00 to $38.00 and gave the stock a "buy" rating in a research note on Wednesday, February 12th. Needham & Company LLC restated a "buy" rating and issued a $40.00 price objective on shares of Confluent in a research report on Friday, March 7th. Royal Bank of Canada boosted their target price on shares of Confluent from $36.00 to $41.00 and gave the company an "outperform" rating in a research note on Wednesday, February 12th. Raymond James began coverage on shares of Confluent in a research note on Friday, April 11th. They set an "outperform" rating and a $30.00 price target on the stock. Finally, Guggenheim boosted their price objective 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. One 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 issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $34.71.

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.