Russell Investments Group Ltd. Has $6.06 Million Stock Position in Confluent, Inc. (NASDAQ:CFLT)

Russell Investments Group Ltd. increased its position in Confluent, Inc. (NASDAQ:CFLT) by 7,051.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 259,101 shares of the company’s stock after purchasing an additional 255,478 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.08% of Confluent worth $6,063,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Fifth Third Bancorp boosted its holdings in Confluent by 5.0% during the fourth quarter. Fifth Third Bancorp now owns 11,703 shares of the company’s stock worth $274,000 after buying an additional 556 shares during the last quarter. Rhumbline Advisers boosted its holdings in Confluent by 0.3% during the third quarter. Rhumbline Advisers now owns 243,828 shares of the company’s stock worth $7,220,000 after buying an additional 629 shares during the last quarter. Daiwa Securities Group Inc. boosted its holdings in Confluent by 6.6% during the fourth quarter. Daiwa Securities Group Inc. now owns 11,300 shares of the company’s stock worth $264,000 after buying an additional 700 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in Confluent by 32.4% during the third quarter. PNC Financial Services Group Inc. now owns 3,533 shares of the company’s stock worth $105,000 after buying an additional 864 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC boosted its holdings in Confluent by 56.5% during the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,748 shares of the company’s stock worth $81,000 after buying an additional 992 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Confluent Stock Up 12.8 %

CFLT stock opened at $31.38 on Thursday. The company has a current ratio of 4.62, a quick ratio of 4.62 and a debt-to-equity ratio of 1.34. The firm has a market capitalization of $9.81 billion, a PE ratio of -21.35 and a beta of 0.93. Confluent, Inc. has a 1-year low of $14.69 and a 1-year high of $41.22. The business’s 50 day simple moving average is $30.23 and its 200 day simple moving average is $26.24.

Confluent (NASDAQ:CFLT) last posted its 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). The business had revenue of $213.18 million for the quarter, compared to analyst estimates of $204.62 million. Confluent had a negative return on equity of 44.16% and a negative net margin of 56.99%. As a group, research analysts anticipate that Confluent, Inc. will post -0.92 EPS for the current year.

Insider Buying and Selling

In related news, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $33.91, for a total transaction of $2,161,050.39. Following the transaction, the insider now directly owns 706,715 shares of the company’s stock, valued at approximately $23,964,705.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Confluent news, Director Michelangelo Volpi sold 637,268 shares of the company’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $31.73, for a total value of $20,220,513.64. Following the transaction, the director now directly owns 302,306 shares of the company’s stock, valued at approximately $9,592,169.38. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Erica Schultz sold 63,729 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $33.91, for a total value of $2,161,050.39. Following the completion of the transaction, the insider now directly owns 706,715 shares in the company, valued at $23,964,705.65. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,433,170 shares of company stock valued at $46,438,029. 13.82% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on CFLT. JPMorgan Chase & Co. raised their target price on Confluent from $23.00 to $27.00 and gave the stock a “neutral” rating in a report on Thursday, February 8th. Needham & Company LLC reiterated a “buy” rating and set a $38.00 price objective on shares of Confluent in a report on Wednesday. Truist Financial reiterated a “buy” rating and set a $36.00 price objective (up previously from $33.00) on shares of Confluent in a report on Wednesday. Loop Capital assumed coverage on Confluent in a report on Tuesday, January 30th. They set a “hold” rating and a $23.00 price objective on the stock. Finally, Stifel Nicolaus assumed coverage on Confluent in a report on Wednesday, February 21st. They set a “buy” rating and a $40.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat, Confluent currently has a consensus rating of “Moderate Buy” and an average target price of $32.77.

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.