M&T Bank Corp Reduces Stock Holdings in Confluent, Inc. (NASDAQ:CFLT)

M&T Bank Corp lowered its stake in shares of Confluent, Inc. (NASDAQ:CFLT) by 60.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 19,173 shares of the company’s stock after selling 29,420 shares during the quarter. M&T Bank Corp’s holdings in Confluent were worth $390,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Diversified Trust Co raised its stake in shares of Confluent by 110.3% in the third quarter. Diversified Trust Co now owns 60,503 shares of the company’s stock valued at $1,233,000 after acquiring an additional 31,729 shares during the period. Sycomore Asset Management grew its holdings in Confluent by 308.3% during the 2nd quarter. Sycomore Asset Management now owns 333,083 shares of the company’s stock valued at $9,176,000 after purchasing an additional 251,507 shares during the last quarter. Quantbot Technologies LP raised its position in Confluent by 1,465.6% in the 3rd quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock worth $617,000 after purchasing an additional 28,360 shares during the period. Pathway Capital Management LP bought a new stake in Confluent in the third quarter worth about $918,000. Finally, Sei Investments Co. lifted its stake in Confluent by 29.1% in the second quarter. Sei Investments Co. now owns 305,537 shares of the company’s stock worth $9,022,000 after purchasing an additional 68,880 shares during the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Insider Buying and Selling at Confluent

In other news, Director Matthew Craig Miller sold 53,512 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $33.64, for a total transaction of $1,800,143.68. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CMO Stephanie Buscemi sold 164,123 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $26.24, for a total value of $4,306,587.52. Following the completion of the transaction, the chief marketing officer now owns 149,644 shares of the company’s stock, valued at $3,926,658.56. This trade represents a 52.31 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,580,955 shares of company stock worth $132,819,322. 13.82% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

CFLT has been the topic of several recent analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $31.00 price target on shares of Confluent in a report on Friday, November 15th. Barclays increased their target price on Confluent from $32.00 to $35.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. DA Davidson reaffirmed a “buy” rating and issued a $30.00 price target on shares of Confluent in a research note on Wednesday, September 18th. JMP Securities reiterated a “market outperform” rating and set a $40.00 price objective on shares of Confluent in a report on Tuesday, October 29th. Finally, Wolfe Research upgraded shares of Confluent to a “strong-buy” rating in a research note on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $32.23.

Confluent Price Performance

Shares of CFLT opened at $29.46 on Thursday. The company has a 50 day moving average of $27.49 and a two-hundred day moving average of $24.75. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17. Confluent, Inc. has a twelve month low of $17.79 and a twelve month high of $35.07. The company has a market cap of $9.66 billion, a price-to-earnings ratio of -26.54 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, beating 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 analyst estimates of $243.98 million. As a group, analysts predict that Confluent, Inc. will post -0.9 earnings per share for the current fiscal year.

About Confluent

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.