Confluent, Inc. (NASDAQ:CFLT) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC reduced its stake in shares of Confluent, Inc. (NASDAQ:CFLT) by 16.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,256,087 shares of the company’s stock after selling 241,041 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Confluent were worth $29,392,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Advisors Asset Management Inc. purchased a new stake in shares of Confluent during the 1st quarter valued at about $30,000. Geneos Wealth Management Inc. purchased a new stake in shares of Confluent during the 1st quarter valued at about $43,000. UniSuper Management Pty Ltd purchased a new stake in shares of Confluent during the 3rd quarter valued at about $36,000. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in shares of Confluent during the 1st quarter valued at about $42,000. Finally, Penserra Capital Management LLC raised its holdings in shares of Confluent by 50.0% during the 1st quarter. Penserra Capital Management LLC now owns 1,926 shares of the company’s stock valued at $78,000 after buying an additional 642 shares during the period. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Confluent Trading Down 4.2 %

NASDAQ:CFLT opened at $28.56 on Friday. Confluent, Inc. has a 12-month low of $14.69 and a 12-month high of $41.22. The firm has a market capitalization of $8.93 billion, a P/E ratio of -19.43 and a beta of 0.91. The company has a debt-to-equity ratio of 1.34, a current ratio of 4.62 and a quick ratio of 4.62. The business has a 50 day simple moving average of $31.29 and a 200 day simple moving average of $26.45.

Confluent (NASDAQ:CFLT) last released its quarterly earnings data on Wednesday, February 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). Confluent had a negative net margin of 56.99% and a negative return on equity of 44.16%. The company had revenue of $213.18 million for the quarter, compared to analyst estimates of $204.62 million. Equities research analysts predict that Confluent, Inc. will post -0.92 EPS for the current year.

Insider Activity at Confluent

In related news, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $31.75, for a total transaction of $2,023,395.75. Following the completion of the transaction, the insider now owns 479,537 shares in the company, valued at approximately $15,225,299.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Confluent news, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $31.75, for a total transaction of $2,023,395.75. Following the completion of the transaction, the insider now owns 479,537 shares in the company, valued at approximately $15,225,299.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Chad Verbowski sold 8,086 shares of the business’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $31.20, for a total value of $252,283.20. Following the transaction, the chief technology officer now owns 532,072 shares of the company’s stock, valued at approximately $16,600,646.40. The disclosure for this sale can be found here. Insiders sold 1,433,170 shares of company stock worth $46,438,029 in the last 90 days. 22.08% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Stifel Nicolaus started coverage on Confluent in a report on Wednesday, February 21st. They set a “buy” rating and a $40.00 target price on the stock. Barclays lifted their price objective on Confluent from $26.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, February 8th. Needham & Company LLC lifted their price objective on Confluent from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. The Goldman Sachs Group lifted their price objective on Confluent from $24.00 to $27.00 and gave the stock a “neutral” rating in a report on Thursday, February 8th. Finally, Wells Fargo & Company lifted their price objective on Confluent from $30.00 to $36.00 and gave the stock an “overweight” rating in a report on Thursday, February 8th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $30.72.

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.