Public Employees Retirement System of Ohio Sells 2,249 Shares of Confluent, Inc. (NASDAQ:CFLT)

Public Employees Retirement System of Ohio reduced its holdings in Confluent, Inc. (NASDAQ:CFLT) by 2.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 89,914 shares of the company’s stock after selling 2,249 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Confluent were worth $1,832,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. EP Wealth Advisors LLC raised its stake in shares of Confluent by 3.6% in the 3rd quarter. EP Wealth Advisors LLC now owns 14,371 shares of the company’s stock valued at $293,000 after purchasing an additional 503 shares during the period. Assenagon Asset Management S.A. raised its position in Confluent by 9.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 12,680 shares of the company’s stock valued at $374,000 after buying an additional 1,113 shares during the last quarter. Truist Financial Corp lifted its stake in Confluent by 5.3% in the 2nd quarter. Truist Financial Corp now owns 24,420 shares of the company’s stock valued at $721,000 after acquiring an additional 1,238 shares in the last quarter. Elo Mutual Pension Insurance Co boosted its position in Confluent by 8.4% during the 2nd quarter. Elo Mutual Pension Insurance Co now owns 18,643 shares of the company’s stock worth $551,000 after acquiring an additional 1,448 shares during the last quarter. Finally, Daiwa Securities Group Inc. grew its stake in shares of Confluent by 14.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 13,800 shares of the company’s stock worth $408,000 after acquiring an additional 1,700 shares in the last quarter. Institutional investors and hedge funds own 78.09% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on CFLT. Scotiabank boosted their price objective on shares of Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 31st. JMP Securities restated a “market outperform” rating and set a $40.00 price objective on shares of Confluent in a research note on Tuesday, October 29th. Mizuho lifted their target price on Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Citigroup increased their price target on Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. Finally, UBS Group raised their price target on Confluent from $23.00 to $26.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. One investment 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. According to data from MarketBeat, Confluent currently has an average rating of “Moderate Buy” and a consensus target price of $32.23.

Confluent Stock Performance

NASDAQ CFLT opened at $29.46 on Thursday. The firm has a 50-day moving average price of $27.49 and a two-hundred day moving average price of $24.75. Confluent, Inc. has a 12-month low of $17.79 and a 12-month high of $35.07. The company has a market capitalization of $9.66 billion, a P/E ratio of -26.54 and a beta of 0.88. 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 (NASDAQ:CFLT) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.03. The business had revenue of $250.20 million during the quarter, compared to analysts’ expectations of $243.98 million. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. Analysts anticipate that Confluent, Inc. will post -0.9 earnings per share for the current year.

Insider Activity

In other Confluent news, Director Lara Caimi sold 34,500 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $31.32, for a total transaction of $1,080,540.00. Following the completion of the transaction, the director now directly owns 7,160 shares in the company, valued at $224,251.20. The trade was a 82.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 completion of the sale, the director now directly owns 12,559 shares in the company, valued at approximately $362,955.10. This represents a 98.85 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 4,580,955 shares of company stock worth $132,819,322. 13.82% of the stock is currently owned by company insiders.

Confluent Company 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.