Sumitomo Mitsui Trust Holdings Inc. Purchases 19,054 Shares of Confluent, Inc. (NASDAQ:CFLT)

Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Confluent, Inc. (NASDAQ:CFLT) by 5.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 360,754 shares of the company’s stock after acquiring an additional 19,054 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.12% of Confluent worth $8,442,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Perigon Wealth Management LLC bought a new stake in Confluent during the 4th quarter worth $497,000. Tobam acquired a new position in Confluent during the 4th quarter worth about $4,195,000. LA Financiere DE L Echiquier lifted its holdings in Confluent by 40.7% during the 4th quarter. LA Financiere DE L Echiquier now owns 785,200 shares of the company’s stock worth $18,374,000 after buying an additional 227,200 shares during the period. Zweig DiMenna Associates LLC acquired a new position in Confluent during the 4th quarter worth about $2,340,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in Confluent during the 4th quarter worth about $2,296,000. Institutional investors own 78.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Stifel Nicolaus assumed coverage on Confluent in a report on Wednesday, February 21st. They set a “buy” rating and a $40.00 target price on the stock. Barclays boosted their price objective on Confluent from $26.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, February 8th. UBS Group boosted their price objective on Confluent from $21.00 to $26.00 and gave the company a “neutral” rating in a research note on Monday, February 5th. The Goldman Sachs Group boosted their price objective on Confluent from $24.00 to $27.00 and gave the company a “neutral” rating in a research note on Thursday, February 8th. Finally, Needham & Company LLC boosted their price objective on Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $30.64.

Confluent Stock Performance

Shares of CFLT opened at $28.53 on Wednesday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 4.62 and a current ratio of 4.62. The stock has a 50 day moving average price of $31.20 and a two-hundred day moving average price of $26.36. The firm has a market capitalization of $8.92 billion, a P/E ratio of -19.41 and a beta of 0.91. Confluent, Inc. has a 52 week low of $14.69 and a 52 week high of $41.22.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, February 7th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). The company had revenue of $213.18 million for the quarter, compared to the consensus estimate of $204.62 million. Confluent had a negative return on equity of 44.16% and a negative net margin of 56.99%. Equities analysts forecast that Confluent, Inc. will post -0.92 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Erica Schultz sold 63,729 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $33.91, for a total value of $2,161,050.39. Following the completion of the transaction, the insider now directly owns 706,715 shares of the company’s stock, valued at $23,964,705.65. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CTO Chad Verbowski sold 5,963 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total value of $191,710.45. Following the completion of the transaction, the chief technology officer now directly owns 404,412 shares of the company’s stock, valued at $13,001,845.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Erica Schultz sold 63,729 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $33.91, for a total value of $2,161,050.39. Following the completion of the transaction, the insider now directly owns 706,715 shares of the company’s stock, valued at $23,964,705.65. The disclosure for this sale can be found here. Insiders sold a total of 1,433,170 shares of company stock valued at $46,438,029 over the last three months. Corporate insiders own 22.08% of the company’s stock.

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.