Savant Capital LLC Takes $10.61 Million Position in Confluent, Inc. (NASDAQ:CFLT)

Savant Capital LLC acquired a new stake in Confluent, Inc. (NASDAQ:CFLT - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 379,371 shares of the company's stock, valued at approximately $10,607,000. Savant Capital LLC owned about 0.12% of Confluent as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the business. 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 worth $218,083,000 after buying an additional 4,486,841 shares in the last quarter. Geode Capital Management LLC grew its position in Confluent by 2.5% during the third quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company's stock valued at $88,180,000 after buying an additional 107,510 shares during the period. Atreides Management LP grew its position 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 valued at $55,167,000 after acquiring an additional 184,865 shares during the period. Jacobs Levy Equity Management Inc. lifted its stake in Confluent by 46.9% in the third 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 during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Confluent by 2.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company's stock valued at $46,549,000 after buying an additional 64,926 shares during the period. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently weighed in on CFLT. Stifel Nicolaus upped their target price on shares of Confluent from $34.00 to $37.00 and gave the stock a "buy" rating in a report on Wednesday, December 18th. Morgan Stanley reiterated an "equal weight" rating and issued a $30.00 price objective (down previously from $33.00) on shares of Confluent in a research report on Thursday, January 16th. Mizuho increased their price objective on Confluent from $31.00 to $35.00 and gave the stock an "outperform" rating in a report on Friday, December 13th. JPMorgan Chase & Co. lifted their price target on Confluent from $35.00 to $38.00 and gave the company an "overweight" rating in a research report on Wednesday, December 11th. Finally, Robert W. Baird increased their price objective on shares of Confluent from $23.00 to $28.00 and gave the company a "neutral" rating in a research report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Confluent presently has a consensus rating of "Moderate Buy" and a consensus target price of $32.30.

Confluent Stock Performance

Shares of NASDAQ CFLT traded down $1.36 during mid-day trading on Tuesday, hitting $30.10. The company had a trading volume of 10,915,735 shares, compared to its average volume of 4,327,551. The firm's 50 day simple moving average is $29.52 and its two-hundred day simple moving average is $25.25. Confluent, Inc. has a 12 month low of $17.79 and a 12 month high of $35.07. The stock has a market cap of $9.87 billion, a price-to-earnings ratio of -27.12 and a beta of 0.92. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24.

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 34.05% and a negative net margin of 38.35%. As a group, equities research analysts forecast that Confluent, Inc. will post -0.9 earnings per share for the current year.

Insider Activity at Confluent

In related news, CTO Chad Verbowski sold 13,414 shares of the firm's stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $378,677.22. Following the completion of the sale, the chief technology officer now owns 483,393 shares of the company's stock, valued at $13,646,184.39. This trade represents a 2.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Matthew Craig Miller sold 1,084,259 shares of the firm's stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $28.90, for a total value of $31,335,085.10. Following the completion of the transaction, the director now owns 12,559 shares in the company, valued at $362,955.10. This represents a 98.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,825,395 shares of company stock valued at $85,343,808. 13.82% of the stock is owned by corporate insiders.

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.