Orion Portfolio Solutions LLC Makes New Investment in Confluent, Inc. (NASDAQ:CFLT)

Orion Portfolio Solutions LLC purchased a new position in Confluent, Inc. (NASDAQ:CFLT) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 29,696 shares of the company’s stock, valued at approximately $605,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CFLT. William Blair Investment Management LLC purchased a new stake in Confluent in the second quarter worth about $193,403,000. Champlain Investment Partners LLC grew its position in shares of Confluent by 72.2% during the third quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock worth $218,083,000 after purchasing an additional 4,486,841 shares in the last quarter. 1832 Asset Management L.P. grew its position in shares of Confluent by 28.4% during the second quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock worth $224,933,000 after purchasing an additional 1,684,100 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Confluent by 60.0% during the second quarter. Bank of New York Mellon Corp now owns 3,510,483 shares of the company’s stock worth $103,665,000 after purchasing an additional 1,316,804 shares in the last quarter. Finally, Fiera Capital Corp purchased a new stake in shares of Confluent during the third quarter worth about $21,127,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Confluent Price Performance

CFLT opened at $31.34 on Wednesday. The business has a fifty day moving average of $27.32 and a 200 day moving average of $24.72. Confluent, Inc. has a 52-week low of $17.79 and a 52-week high of $35.07. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17. The stock has a market cap of $10.28 billion, a P/E ratio of -28.23 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $250.20 million during the quarter, compared to analysts’ expectations of $243.98 million. As a group, sell-side analysts anticipate that Confluent, Inc. will post -0.9 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CFLT shares. Sanford C. Bernstein cut their target price on Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Baird R W upgraded Confluent to a “hold” rating in a research report on Wednesday, September 4th. Truist Financial increased their target price on Confluent from $32.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Evercore ISI cut their target price on Confluent from $33.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, September 20th. Finally, TD Cowen increased their target price on Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Confluent presently has an average rating of “Moderate Buy” and an average target price of $32.04.

Insider Activity at Confluent

In other Confluent news, CAO Kong Phan sold 12,460 shares of Confluent stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $31.30, for a total transaction of $389,998.00. Following the completion of the sale, the chief accounting officer now directly owns 183,886 shares of the company’s stock, valued at $5,755,631.80. The trade was a 6.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Erica Schultz sold 63,729 shares of Confluent stock in a transaction on Monday, November 18th. The shares were sold at an average price of $27.40, for a total value of $1,746,174.60. Following the sale, the insider now directly owns 687,483 shares of the company’s stock, valued at approximately $18,837,034.20. This trade represents a 8.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,580,955 shares of company stock worth $132,819,322 in the last quarter. 13.82% of the stock is owned by company insiders.

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.