Pictet Asset Management Holding SA Grows Position in Confluent, Inc. (NASDAQ:CFLT)

Pictet Asset Management Holding SA boosted its position in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 7,342.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,351,516 shares of the company's stock after buying an additional 2,319,919 shares during the period. Pictet Asset Management Holding SA owned approximately 0.72% of Confluent worth $65,748,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Confluent by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company's stock valued at $694,207,000 after acquiring an additional 599,582 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Confluent by 2.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company's stock worth $88,180,000 after purchasing an additional 107,510 shares in the last quarter. Norges Bank acquired a new stake in Confluent in the 4th quarter valued at $81,092,000. Atreides Management LP increased its stake in Confluent by 7.3% during the 3rd quarter. Atreides Management LP now owns 2,706,910 shares of the company's stock valued at $55,167,000 after purchasing an additional 184,865 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its stake in Confluent by 46.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,513,426 shares of the company's stock valued at $51,224,000 after purchasing an additional 802,353 shares in the last quarter. 78.09% of the stock is owned by institutional investors and hedge funds.

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Analyst Ratings Changes

A number of research analysts have weighed in on CFLT shares. Mizuho raised their price objective on shares of Confluent from $31.00 to $35.00 and gave the company an "outperform" rating in a research note on Friday, December 13th. Scotiabank lifted their price target on Confluent from $27.00 to $35.00 and gave the company a "sector perform" rating in a research note on Wednesday, February 12th. Guggenheim increased their price objective on Confluent from $35.00 to $38.00 and gave the stock a "buy" rating in a research note on Wednesday, February 12th. JPMorgan Chase & Co. raised their target price on Confluent from $35.00 to $38.00 and gave the company an "overweight" rating in a report on Wednesday, December 11th. Finally, Loop Capital decreased their price target on Confluent from $34.00 to $30.00 and set a "hold" rating for the company in a report on Monday, March 10th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Confluent currently has an average rating of "Moderate Buy" and a consensus target price of $35.15.

Insider Buying and Selling at Confluent

In other Confluent news, Director Michelangelo Volpi sold 25,000 shares of Confluent stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $36.22, for a total transaction of $905,500.00. Following the completion of the transaction, the director now owns 292,079 shares of the company's stock, valued at $10,579,101.38. The trade was a 7.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Kong Phan sold 3,175 shares of the company's stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $26.86, for a total value of $85,280.50. Following the sale, the chief accounting officer now owns 246,516 shares in the company, valued at approximately $6,621,419.76. This represents a 1.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,200,746 shares of company stock valued at $38,505,150 in the last 90 days. 13.82% of the stock is currently owned by company insiders.

Confluent Stock Performance

CFLT traded down $2.66 during trading hours on Thursday, hitting $21.45. The stock had a trading volume of 2,565,267 shares, compared to its average volume of 4,370,988. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $37.90. The company's fifty day simple moving average is $29.14 and its 200 day simple moving average is $27.28. The stock has a market cap of $7.16 billion, a PE ratio of -19.86 and a beta of 0.90. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14.

Confluent (NASDAQ:CFLT - Get Free Report) last posted 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 return on equity of 34.70% and a negative net margin of 35.81%. Equities analysts anticipate 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.