Zurcher Kantonalbank Zurich Cantonalbank Grows Stock Position in Confluent, Inc. (NASDAQ:CFLT)

Zurcher Kantonalbank Zurich Cantonalbank grew its position in Confluent, Inc. (NASDAQ:CFLT - Free Report) by 46.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 62,644 shares of the company's stock after acquiring an additional 19,737 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Confluent were worth $1,752,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Blue Trust Inc. boosted its holdings in shares of Confluent by 354.0% in the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company's stock worth $58,000 after purchasing an additional 1,607 shares during the period. SBI Securities Co. Ltd. purchased a new position in shares of Confluent in the 4th quarter worth approximately $59,000. GAMMA Investing LLC boosted its holdings in shares of Confluent by 85.3% in the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company's stock worth $69,000 after purchasing an additional 1,136 shares during the period. Point72 Hong Kong Ltd purchased a new position in Confluent during the 3rd quarter valued at $68,000. Finally, AlphaQuest LLC boosted its holdings in Confluent by 22,112.5% during the 4th quarter. AlphaQuest LLC now owns 3,554 shares of the company's stock valued at $99,000 after acquiring an additional 3,538 shares during the period. Institutional investors own 78.09% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Guggenheim boosted their price objective on Confluent from $35.00 to $38.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. Canaccord Genuity Group lifted their target price on Confluent from $34.00 to $38.00 and gave the company a "buy" rating in a research report on Wednesday, February 12th. Loop Capital decreased their target price on Confluent from $34.00 to $30.00 and set a "hold" rating for the company in a research report on Monday, March 10th. UBS Group raised Confluent from a "neutral" rating to a "buy" rating and lifted their target price for the company from $34.00 to $38.00 in a research report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. lifted their target price on Confluent from $35.00 to $38.00 and gave the company an "overweight" rating in a research report on Wednesday, December 11th. One research 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 data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $35.33.

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Insider Buying and Selling at Confluent

In other Confluent news, CAO Kong Phan sold 2,178 shares of the firm's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $31.58, for a total value of $68,781.24. Following the sale, the chief accounting officer now directly owns 177,415 shares of the company's stock, valued at approximately $5,602,765.70. This trade represents a 1.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $29.36, for a total value of $6,826,200.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $13,285,047.68. The trade was a 33.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,197,571 shares of company stock valued at $38,419,870. Company insiders own 13.82% of the company's stock.

Confluent Stock Performance

Confluent stock traded down $0.12 during midday trading on Friday, hitting $26.50. 4,684,961 shares of the company were exchanged, compared to its average volume of 4,298,056. The firm has a market capitalization of $8.85 billion, a PE ratio of -24.54 and a beta of 0.90. Confluent, Inc. has a fifty-two week low of $17.79 and a fifty-two week high of $37.90. The business has a fifty day simple moving average of $29.49 and a two-hundred day simple moving average of $26.90. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99.

Confluent (NASDAQ:CFLT - Get Free Report) last issued its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) EPS 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%. On average, sell-side analysts forecast that Confluent, Inc. will post -0.83 earnings per share for the current 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.