Perigon Wealth Management LLC Purchases Shares of 21,244 Confluent, Inc. (NASDAQ:CFLT)

Perigon Wealth Management LLC purchased a new position in shares of Confluent, Inc. (NASDAQ:CFLT) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 21,244 shares of the company’s stock, valued at approximately $497,000.

Several other hedge funds have also recently modified their holdings of CFLT. Credit Suisse AG grew its holdings in Confluent by 1.7% during the second quarter. Credit Suisse AG now owns 21,325 shares of the company’s stock worth $495,000 after acquiring an additional 362 shares during the period. Avestar Capital LLC boosted its position in Confluent by 3.3% during the third quarter. Avestar Capital LLC now owns 11,466 shares of the company’s stock worth $340,000 after purchasing an additional 370 shares in the last quarter. Xponance Inc. grew its holdings in Confluent by 1.7% in the third quarter. Xponance Inc. now owns 26,427 shares of the company’s stock valued at $783,000 after purchasing an additional 440 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Confluent by 22.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 2,669 shares of the company’s stock worth $94,000 after buying an additional 487 shares during the period. Finally, Public Employees Retirement System of Ohio lifted its position in shares of Confluent by 0.8% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 62,332 shares of the company’s stock valued at $1,482,000 after buying an additional 491 shares in the last quarter. Institutional investors and hedge funds own 78.09% of the company’s stock.

Confluent Trading Down 0.5 %

NASDAQ CFLT opened at $28.41 on Tuesday. The company has a market cap of $8.88 billion, a P/E ratio of -19.33 and a beta of 0.91. Confluent, Inc. has a 12 month low of $14.69 and a 12 month high of $41.22. 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 company has a 50-day moving average of $31.38 and a 200-day moving average of $26.42.

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

Insider Activity

In related news, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $31.75, for a total value of $2,023,395.75. Following the transaction, the insider now owns 479,537 shares in the company, valued at $15,225,299.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Confluent news, CMO Stephanie Buscemi sold 2,724 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total value of $87,576.60. Following the transaction, the chief marketing officer now directly owns 109,002 shares of the company’s stock, valued at $3,504,414.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Erica Schultz sold 63,729 shares of the company’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $31.75, for a total value of $2,023,395.75. Following the completion of the sale, the insider now directly owns 479,537 shares of the company’s stock, valued at approximately $15,225,299.75. The disclosure for this sale can be found here. Insiders have sold 1,433,170 shares of company stock valued at $46,438,029 in the last three months. Corporate insiders own 22.08% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. The Goldman Sachs Group upped their price objective on shares of Confluent from $24.00 to $27.00 and gave the stock a “neutral” rating in a research report on Thursday, February 8th. Scotiabank raised their target price on Confluent from $22.00 to $28.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 8th. DA Davidson reissued a “buy” rating and set a $37.00 price objective on shares of Confluent in a research report on Monday, April 1st. Stifel Nicolaus started coverage on Confluent in a research note on Wednesday, February 21st. They set a “buy” rating and a $40.00 target price on the stock. Finally, Loop Capital assumed coverage on Confluent in a research note on Tuesday, January 30th. They set a “hold” rating and a $23.00 target price for the company. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $30.64.

Confluent 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.