Confluent, Inc. (NASDAQ:CFLT) Shares Sold by M&T Bank Corp

M&T Bank Corp decreased its stake in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 60.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,173 shares of the company's stock after selling 29,420 shares during the period. M&T Bank Corp's holdings in Confluent were worth $390,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in CFLT. Champlain Investment Partners LLC increased its holdings in Confluent by 72.2% in the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company's stock worth $218,083,000 after acquiring an additional 4,486,841 shares in the last quarter. 1832 Asset Management L.P. boosted its stake in Confluent by 28.4% in the 2nd quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company's stock worth $224,933,000 after purchasing an additional 1,684,100 shares during the period. William Blair Investment Management LLC purchased a new position in Confluent during the second quarter valued at $193,403,000. Bank of New York Mellon Corp increased its stake in Confluent by 60.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,510,483 shares of the company's stock worth $103,665,000 after acquiring an additional 1,316,804 shares during the last quarter. Finally, Atreides Management LP raised its holdings in shares of Confluent by 7.3% during the 3rd quarter. Atreides Management LP now owns 2,706,910 shares of the company's stock worth $55,167,000 after acquiring an additional 184,865 shares in the last quarter. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Mizuho raised their target price on shares of Confluent from $31.00 to $35.00 and gave the company an "outperform" rating in a report on Friday, December 13th. Citigroup increased their price target on shares of Confluent from $24.00 to $25.00 and gave the company a "neutral" rating in a report on Tuesday, October 29th. Sanford C. Bernstein reduced their price objective on Confluent from $38.00 to $33.00 and set an "outperform" rating on the stock in a research note on Friday, October 25th. Wolfe Research upgraded Confluent to a "strong-buy" rating in a report on Wednesday, September 18th. Finally, Evercore ISI decreased their price target on Confluent from $33.00 to $28.00 and set an "outperform" rating on the stock in a report on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $32.23.

Insider Buying and Selling at Confluent

In other news, Director Michelangelo Volpi sold 50,000 shares of the firm's stock in a transaction on Friday, November 1st. The stock was sold at an average price of $25.92, for a total value of $1,296,000.00. Following the completion of the sale, the director now owns 280,200 shares of the company's stock, valued at $7,262,784. This trade represents a 15.14 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Stephanie Buscemi sold 164,123 shares of the business's stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $26.24, for a total value of $4,306,587.52. Following the sale, the chief marketing officer now owns 149,644 shares in the company, valued at $3,926,658.56. The trade was a 52.31 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,580,955 shares of company stock valued at $132,819,322. 13.82% of the stock is currently owned by corporate insiders.

Confluent Stock Down 3.3 %

Shares of CFLT stock traded down $0.97 on Thursday, hitting $28.49. The stock had a trading volume of 5,989,073 shares, compared to its average volume of 4,344,978. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17. Confluent, Inc. has a one year low of $17.79 and a one year high of $35.07. The business has a 50 day moving average price of $27.49 and a 200 day moving average price of $24.75. The company has a market cap of $9.34 billion, a PE ratio of -25.67 and a beta of 0.88.

Confluent (NASDAQ:CFLT - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.03. The firm had revenue of $250.20 million during the quarter, compared to analysts' expectations of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. Research analysts anticipate that Confluent, Inc. will post -0.9 earnings per share for the current fiscal year.

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.