Legal & General Group Plc Has $7.18 Million Position in Confluent, Inc. (NASDAQ:CFLT)

Legal & General Group Plc lessened its position in Confluent, Inc. (NASDAQ:CFLT) by 7.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 256,814 shares of the company’s stock after selling 19,566 shares during the quarter. Legal & General Group Plc owned approximately 0.08% of Confluent worth $7,181,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new stake in shares of Confluent in the fourth quarter valued at approximately $81,092,000. Pictet Asset Management Holding SA boosted its stake in shares of Confluent by 7,342.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company’s stock worth $65,748,000 after buying an additional 2,319,919 shares during the last quarter. MIG Capital LLC bought a new position in shares of Confluent in the 4th quarter valued at about $27,007,000. Great Lakes Advisors LLC bought a new stake in Confluent during the fourth quarter worth about $20,061,000. Finally, Trexquant Investment LP boosted its position in Confluent by 4,111.5% during the fourth quarter. Trexquant Investment LP now owns 652,193 shares of the company’s stock valued at $18,235,000 after purchasing an additional 636,707 shares during the last quarter. Institutional investors and hedge funds own 78.09% of the company’s stock.

Analysts Set New Price Targets

CFLT has been the topic of several recent research reports. Raymond James initiated coverage on Confluent in a research report on Friday, April 11th. They set an “outperform” rating and a $30.00 price objective on the stock. Bank of America boosted their target price on shares of Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a research note on Wednesday, February 12th. Stifel Nicolaus raised their price objective on Confluent from $37.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Scotiabank upped their target price on Confluent from $27.00 to $35.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 12th. Finally, Royal Bank of Canada increased their target price on Confluent from $36.00 to $41.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $34.71.

Insider Buying and Selling at Confluent

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $32.33, for a total transaction of $7,516,725.00. Following the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $14,628,937.04. The trade was a 33.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Kong Phan sold 3,175 shares of the firm’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $26.86, for a total value of $85,280.50. Following the completion of the transaction, the chief accounting officer now directly owns 246,516 shares of the company’s stock, valued at $6,621,419.76. The trade was a 1.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,200,746 shares of company stock valued at $38,505,150 over the last three months. 13.82% of the stock is currently owned by insiders.

Confluent Stock Performance

Shares of CFLT stock opened at $21.15 on Friday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99. The firm has a market cap of $7.06 billion, a price-to-earnings ratio of -19.58 and a beta of 1.03. Confluent, Inc. has a 52 week low of $17.79 and a 52 week high of $37.90. The firm’s 50-day simple moving average is $26.76 and its two-hundred day simple moving average is $27.35.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. As a group, equities analysts forecast that Confluent, Inc. will post -0.83 earnings per share for the current year.

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.