Confluent, Inc. (NASDAQ:CFLT) Shares Acquired by Lake Street Advisors Group LLC

Lake Street Advisors Group LLC raised its stake in shares of Confluent, Inc. (NASDAQ:CFLT) by 14.0% during the third quarter, HoldingsChannel reports. The fund owned 18,481 shares of the company’s stock after acquiring an additional 2,263 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Confluent were worth $377,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in CFLT. Daiwa Securities Group Inc. grew its stake in Confluent by 7.1% in the first quarter. Daiwa Securities Group Inc. now owns 12,100 shares of the company’s stock worth $369,000 after purchasing an additional 800 shares in the last quarter. DekaBank Deutsche Girozentrale grew its position in shares of Confluent by 8.7% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock worth $322,000 after acquiring an additional 857 shares in the last quarter. Advisors Asset Management Inc. grew its position in shares of Confluent by 40.3% in the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after acquiring an additional 859 shares in the last quarter. Hollencrest Capital Management bought a new stake in shares of Confluent in the 1st quarter valued at approximately $26,000. Finally, Resolute Advisors LLC raised its position in shares of Confluent by 11.1% during the 1st quarter. Resolute Advisors LLC now owns 8,693 shares of the company’s stock valued at $265,000 after acquiring an additional 869 shares in the last quarter. 78.09% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. TD Cowen decreased their price objective on shares of Confluent from $31.00 to $27.00 and set a “buy” rating for the company in a report on Friday, September 20th. JPMorgan Chase & Co. lifted their price target on shares of Confluent from $25.00 to $26.00 and gave the company an “overweight” rating in a report on Friday. Evercore ISI reduced their price objective on Confluent from $33.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, September 20th. Wolfe Research raised Confluent to a “strong-buy” rating in a research report on Wednesday, September 18th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of Confluent from $35.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Confluent presently has a consensus rating of “Moderate Buy” and an average target price of $29.79.

Insider Transactions at Confluent

In related news, Director Lara Caimi sold 9,375 shares of the stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $20.01, for a total value of $187,593.75. Following the completion of the sale, the director now directly owns 7,160 shares of the company’s stock, valued at approximately $143,271.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $21.13, for a total transaction of $4,912,725.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $9,561,071.44. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lara Caimi sold 9,375 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $20.01, for a total value of $187,593.75. Following the completion of the transaction, the director now owns 7,160 shares in the company, valued at $143,271.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 524,453 shares of company stock valued at $10,833,388 over the last quarter. Company insiders own 13.82% of the company’s stock.

Confluent Price Performance

NASDAQ CFLT opened at $22.53 on Friday. The company has a current ratio of 4.44, a quick ratio of 4.44 and a debt-to-equity ratio of 1.25. Confluent, Inc. has a 1 year low of $14.69 and a 1 year high of $35.07. The company has a market cap of $7.16 billion, a PE ratio of -18.02 and a beta of 0.88. The stock’s 50-day moving average price is $20.78 and its two-hundred day moving average price is $24.81.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings results on Wednesday, July 31st. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.04). Confluent had a negative net margin of 42.70% and a negative return on equity of 37.78%. The firm had revenue of $234.99 million during the quarter, compared to analysts’ expectations of $229.49 million. On average, analysts predict that Confluent, Inc. will post -0.95 EPS for the current 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.