Norges Bank Acquires New Position in Confluent, Inc. (NASDAQ:CFLT)

Norges Bank acquired a new stake in shares of Confluent, Inc. (NASDAQ:CFLTFree Report) in the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 1,583,150 shares of the company’s stock, valued at approximately $37,046,000.

Several other large investors also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Confluent by 13.0% during the 3rd quarter. Vanguard Group Inc. now owns 18,424,394 shares of the company’s stock valued at $545,546,000 after acquiring an additional 2,125,843 shares in the last quarter. Invesco Ltd. grew its stake in Confluent by 14.0% during the 3rd quarter. Invesco Ltd. now owns 3,824,055 shares of the company’s stock valued at $113,230,000 after acquiring an additional 470,002 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Confluent by 5.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,931,677 shares of the company’s stock valued at $45,201,000 after acquiring an additional 104,801 shares in the last quarter. Trivest Advisors Ltd purchased a new stake in Confluent during the 4th quarter valued at about $31,145,000. Finally, CloudAlpha Capital Management Limited Hong Kong purchased a new stake in Confluent during the 4th quarter valued at about $29,833,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Confluent Price Performance

Confluent stock opened at $27.56 on Friday. The firm has a market cap of $8.76 billion, a PE ratio of -22.05 and a beta of 0.93. Confluent, Inc. has a 52-week low of $14.69 and a 52-week high of $41.22. The company has a quick ratio of 5.07, a current ratio of 5.07 and a debt-to-equity ratio of 1.29. The company’s 50 day moving average is $29.65 and its two-hundred day moving average is $27.11.

Confluent (NASDAQ:CFLTGet Free Report) last released its earnings results on Tuesday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). The business had revenue of $217.24 million for the quarter, compared to analyst estimates of $211.57 million. Confluent had a negative return on equity of 40.55% and a negative net margin of 46.73%. On average, research analysts expect that Confluent, Inc. will post -0.94 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CFLT. The Goldman Sachs Group upped their price objective on shares of Confluent from $27.00 to $30.00 and gave the company a “neutral” rating in a research note on Thursday, May 9th. Oppenheimer assumed coverage on shares of Confluent in a research note on Friday, May 17th. They issued an “outperform” rating and a $37.00 price target for the company. Needham & Company LLC reissued a “buy” rating and issued a $38.00 price target on shares of Confluent in a research note on Wednesday, May 8th. Wells Fargo & Company increased their price target on shares of Confluent from $36.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. Finally, Stifel Nicolaus assumed coverage on shares of Confluent in a research note on Wednesday, February 21st. They issued a “buy” rating and a $40.00 price target for the company. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $33.04.

View Our Latest Stock Analysis on Confluent

Insider Buying and Selling at Confluent

In other Confluent news, CMO Stephanie Buscemi sold 3,794 shares of the stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $31.96, for a total value of $121,256.24. Following the sale, the chief marketing officer now directly owns 165,539 shares of the company’s stock, valued at approximately $5,290,626.44. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Confluent news, CMO Stephanie Buscemi sold 3,794 shares of the stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $31.96, for a total value of $121,256.24. Following the sale, the chief marketing officer now directly owns 165,539 shares of the company’s stock, valued at approximately $5,290,626.44. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Eric Vishria sold 61,905 shares of the stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $31.41, for a total transaction of $1,944,436.05. Following the completion of the sale, the director now directly owns 1,371,068 shares in the company, valued at $43,065,245.88. The disclosure for this sale can be found here. In the last three months, insiders have sold 610,383 shares of company stock valued at $19,793,814. Insiders own 13.82% of the company’s stock.

Confluent Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Confluent (NASDAQ:CFLT)

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