Baker Avenue Asset Management LP lowered its position in shares of Confluent, Inc. (NASDAQ:CFLT - Free Report) by 87.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,510 shares of the company's stock after selling 176,016 shares during the quarter. Baker Avenue Asset Management LP's holdings in Confluent were worth $520,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in the company. Oppenheimer & Co. Inc. raised its position in shares of Confluent by 86.0% during the first quarter. Oppenheimer & Co. Inc. now owns 23,670 shares of the company's stock valued at $722,000 after buying an additional 10,944 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in Confluent by 0.7% during the first quarter. Russell Investments Group Ltd. now owns 260,808 shares of the company's stock worth $7,960,000 after buying an additional 1,707 shares during the period. ProShare Advisors LLC boosted its stake in Confluent by 19.6% during the first quarter. ProShare Advisors LLC now owns 11,719 shares of the company's stock worth $358,000 after buying an additional 1,922 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in shares of Confluent by 19.6% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 15,501 shares of the company's stock valued at $473,000 after purchasing an additional 2,542 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Confluent by 20.3% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 154,939 shares of the company's stock valued at $4,729,000 after purchasing an additional 26,100 shares during the period. Hedge funds and other institutional investors own 78.09% of the company's stock.
Confluent stock opened at $27.37 on Tuesday. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. Confluent, Inc. has a 12 month low of $17.26 and a 12 month high of $35.07. The stock's 50 day simple moving average is $21.74 and its two-hundred day simple moving average is $24.58. The firm has a market cap of $8.98 billion, a PE ratio of -24.66 and a beta of 0.82.
Confluent (NASDAQ:CFLT - Get Free Report) last announced its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.24) by $0.03. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. The firm had revenue of $250.20 million for the quarter, compared to analyst estimates of $243.98 million. Analysts anticipate that Confluent, Inc. will post -0.9 earnings per share for the current year.
In other Confluent news, insider Erica Schultz sold 9,556 shares of the firm's stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $207,174.08. Following the completion of the sale, the insider now directly owns 687,483 shares of the company's stock, valued at $14,904,631.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Edward Jay Kreps sold 232,500 shares of the firm's stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the completion of the transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at $9,045,235.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Erica Schultz sold 9,556 shares of Confluent stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $207,174.08. Following the completion of the transaction, the insider now owns 687,483 shares of the company's stock, valued at $14,904,631.44. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,274,395 shares of company stock valued at $58,230,922. 13.82% of the stock is owned by insiders.
A number of research firms recently weighed in on CFLT. Canaccord Genuity Group lowered their price objective on shares of Confluent from $35.00 to $34.00 and set a "buy" rating for the company in a research note on Thursday, August 1st. Evercore ISI reduced their target price on shares of Confluent from $33.00 to $28.00 and set an "outperform" rating for the company in a report on Friday, September 20th. Robert W. Baird boosted their target price on shares of Confluent from $23.00 to $28.00 and gave the stock a "neutral" rating in a report on Thursday, October 31st. Loop Capital cut their price objective on shares of Confluent from $30.00 to $25.00 and set a "hold" rating on the stock in a report on Friday, July 19th. Finally, TD Cowen upped their price objective on shares of Confluent from $27.00 to $31.00 and gave the company a "buy" rating in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $30.88.
View Our Latest Stock Analysis on 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.
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