Zurcher Kantonalbank Zurich Cantonalbank Acquires 14,725 Shares of Confluent, Inc. (NASDAQ:CFLT)

Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Confluent, Inc. (NASDAQ:CFLT) by 52.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 42,907 shares of the company’s stock after acquiring an additional 14,725 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Confluent were worth $874,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in CFLT. V Square Quantitative Management LLC acquired a new position in shares of Confluent during the 2nd quarter worth about $68,000. Acadian Asset Management LLC bought a new position in Confluent in the second quarter valued at approximately $175,000. Plato Investment Management Ltd increased its position in shares of Confluent by 2,184.1% during the 2nd quarter. Plato Investment Management Ltd now owns 6,601 shares of the company’s stock worth $195,000 after purchasing an additional 6,312 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new stake in shares of Confluent during the 3rd quarter worth approximately $214,000. Finally, Centaurus Financial Inc. raised its stake in shares of Confluent by 109.2% during the 2nd quarter. Centaurus Financial Inc. now owns 7,320 shares of the company’s stock worth $216,000 after purchasing an additional 3,821 shares in the last quarter. Institutional investors own 78.09% of the company’s stock.

Insider Activity at Confluent

In other news, CAO Kong Phan sold 2,096 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $59,170.08. Following the completion of the transaction, the chief accounting officer now directly owns 190,680 shares in the company, valued at approximately $5,382,896.40. This represents a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew Craig Miller sold 1,084,259 shares of the firm’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $28.90, for a total value of $31,335,085.10. Following the sale, the director now directly owns 12,559 shares in the company, valued at approximately $362,955.10. This trade represents a 98.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,069,108 shares of company stock valued at $116,165,158 over the last ninety days. 13.82% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CFLT has been the topic of a number of recent analyst reports. TD Cowen boosted their target price on shares of Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Barclays boosted their price objective on shares of Confluent from $32.00 to $35.00 and gave the stock an “overweight” rating in a research note on Friday. JPMorgan Chase & Co. raised their target price on shares of Confluent from $25.00 to $26.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Wolfe Research upgraded Confluent to a “strong-buy” rating in a report on Wednesday, September 18th. Finally, Citigroup upped their price objective on Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Confluent has a consensus rating of “Moderate Buy” and a consensus target price of $31.23.

Confluent Stock Performance

Shares of Confluent stock opened at $33.66 on Friday. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. The company has a market cap of $11.04 billion, a PE ratio of -30.32 and a beta of 0.88. The company has a 50 day moving average of $25.40 and a 200-day moving average of $24.70. Confluent, Inc. has a 1-year low of $17.79 and a 1-year high of $35.07.

Confluent (NASDAQ:CFLT) last released its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.03. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. The firm had revenue of $250.20 million during the quarter, compared to analysts’ expectations of $243.98 million. As a group, equities research analysts forecast that Confluent, Inc. will post -0.9 earnings per share for the current fiscal 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.