Principal Financial Group Inc. Sells 194,584 Shares of Confluent, Inc. (NASDAQ:CFLT)

Principal Financial Group Inc. lessened its holdings in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 90.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,880 shares of the company's stock after selling 194,584 shares during the quarter. Principal Financial Group Inc.'s holdings in Confluent were worth $426,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. William Blair Investment Management LLC bought a new position in Confluent during the second quarter valued at $193,403,000. Champlain Investment Partners LLC lifted its position in shares of Confluent by 72.2% during the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company's stock valued at $218,083,000 after buying an additional 4,486,841 shares during the last quarter. 1832 Asset Management L.P. grew its stake in shares of Confluent by 28.4% during the 2nd quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company's stock worth $224,933,000 after acquiring an additional 1,684,100 shares during the period. Fiera Capital Corp purchased a new stake in Confluent in the 3rd quarter worth about $21,127,000. Finally, Jacobs Levy Equity Management Inc. raised its stake in Confluent by 46.9% in 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 acquiring an additional 802,353 shares during the period. 78.09% of the stock is currently owned by institutional investors.

Insider Activity at Confluent

In other news, CMO Stephanie Buscemi sold 164,123 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $26.24, for a total transaction of $4,306,587.52. Following the completion of the sale, the chief marketing officer now owns 149,644 shares of the company's stock, valued at approximately $3,926,658.56. This represents a 52.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Craig Miller sold 53,512 shares of Confluent stock in a transaction on Friday, December 6th. The stock was sold at an average price of $33.64, for a total transaction of $1,800,143.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,584,712 shares of company stock valued at $132,928,936. Insiders own 13.82% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CFLT. Sanford C. Bernstein cut their target price on shares of Confluent from $38.00 to $33.00 and set an "outperform" rating for the company in a research report on Friday, October 25th. Stifel Nicolaus raised their price objective on shares of Confluent from $34.00 to $37.00 and gave the stock a "buy" rating in a report on Wednesday, December 18th. Truist Financial boosted their target price on shares of Confluent from $32.00 to $35.00 and gave the company a "buy" rating in a report on Thursday, December 12th. Wolfe Research raised Confluent to a "strong-buy" rating in a report on Wednesday, September 18th. Finally, TD Cowen boosted their price objective on Confluent from $27.00 to $31.00 and gave the company a "buy" rating in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Confluent presently has an average rating of "Moderate Buy" and a consensus target price of $32.46.

Confluent Price Performance

Shares of Confluent stock traded up $0.57 during trading on Monday, hitting $29.83. 3,161,632 shares of the stock traded hands, compared to its average volume of 2,659,409. The stock has a market cap of $9.78 billion, a price-to-earnings ratio of -26.87 and a beta of 0.91. 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 52 week low of $17.79 and a 52 week high of $35.07. The firm's fifty day moving average is $29.15 and its 200-day moving average is $24.93.

Confluent (NASDAQ:CFLT - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, beating analysts' consensus estimates of ($0.24) by $0.03. The business had revenue of $250.20 million for 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 expect that Confluent, Inc. will post -0.9 EPS for the current fiscal year.

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.