Lake Street Advisors Group LLC Buys 7,770 Shares of Confluent, Inc. (NASDAQ:CFLT)

Lake Street Advisors Group LLC increased its stake in Confluent, Inc. (NASDAQ:CFLT) by 46.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,527 shares of the company’s stock after purchasing an additional 7,770 shares during the period. Lake Street Advisors Group LLC’s holdings in Confluent were worth $866,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the stock. Advisors Asset Management Inc. bought a new stake in shares of Confluent during the 1st quarter valued at $30,000. Kayne Anderson Rudnick Investment Management LLC bought a new stake in shares of Confluent during the 1st quarter valued at $42,000. Geneos Wealth Management Inc. bought a new stake in shares of Confluent during the 1st quarter valued at $43,000. American International Group Inc. bought a new stake in shares of Confluent during the 2nd quarter valued at $45,000. Finally, Coppell Advisory Solutions Corp. bought a new stake in shares of Confluent during the 4th quarter valued at $47,000. Institutional investors own 59.30% of the company’s stock.

Confluent Stock Up 0.2 %

Shares of NASDAQ CFLT traded up $0.04 during mid-day trading on Friday, hitting $19.01. The company had a trading volume of 4,864,877 shares, compared to its average volume of 4,359,525. The company has a market capitalization of $5.85 billion, a PE ratio of -12.34 and a beta of 1.03. The firm has a 50-day simple moving average of $27.10 and a two-hundred day simple moving average of $30.53. The company has a current ratio of 4.98, a quick ratio of 4.98 and a debt-to-equity ratio of 1.38. Confluent, Inc. has a one year low of $14.69 and a one year high of $41.22.

Analysts Set New Price Targets

Several analysts have commented on CFLT shares. Guggenheim upgraded shares of Confluent from a “neutral” rating to a “buy” rating and set a $23.00 target price for the company in a research report on Friday, November 3rd. Morgan Stanley lowered their price objective on shares of Confluent from $40.00 to $27.00 and set an “overweight” rating for the company in a research report on Thursday, November 2nd. Wolfe Research upgraded shares of Confluent from a “peer perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a research report on Friday, November 3rd. Needham & Company LLC lowered their price objective on shares of Confluent from $45.00 to $23.00 and set a “buy” rating for the company in a research report on Thursday, November 2nd. Finally, Canaccord Genuity Group restated a “hold” rating and issued a $26.00 price objective on shares of Confluent in a research report on Thursday, November 2nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $29.50.

Insider Activity

In related news, CAO Ying Christina Liu sold 3,597 shares of Confluent stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $32.14, for a total transaction of $115,607.58. Following the completion of the transaction, the chief accounting officer now owns 131,921 shares in the company, valued at $4,239,940.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Confluent news, CFO Rohan Sivaram sold 860 shares of the firm’s stock in a transaction that occurred on Thursday, September 21st. The shares were sold at an average price of $29.80, for a total transaction of $25,628.00. Following the completion of the sale, the chief financial officer now directly owns 332,648 shares in the company, valued at $9,912,910.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Ying Christina Liu sold 3,597 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $32.14, for a total transaction of $115,607.58. Following the sale, the chief accounting officer now owns 131,921 shares of the company’s stock, valued at $4,239,940.94. The disclosure for this sale can be found here. Insiders sold 278,527 shares of company stock worth $9,219,094 in the last quarter. Corporate insiders own 22.08% of the company’s stock.

About Confluent

Confluent, Inc operates a data streaming platform in the United States and internationally. The company offers Confluent Cloud, a managed cloud-native service for connecting and processing real-time data; and Confluent Platform, an enterprise-grade self-managed software that connects and processes data.