Cerity Partners LLC Trims Stock Position in Confluent, Inc. (NASDAQ:CFLT)

Cerity Partners LLC cut its stake in shares of Confluent, Inc. (NASDAQ:CFLT) by 18.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 24,383 shares of the company’s stock after selling 5,660 shares during the period. Cerity Partners LLC’s holdings in Confluent were worth $571,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Confluent by 13.0% during the 3rd quarter. Vanguard Group Inc. now owns 18,424,394 shares of the company’s stock worth $545,546,000 after purchasing an additional 2,125,843 shares during the period. Invesco Ltd. increased its position in Confluent by 14.0% during the 3rd quarter. Invesco Ltd. now owns 3,824,055 shares of the company’s stock worth $113,230,000 after purchasing an additional 470,002 shares during the period. Charles Schwab Investment Management Inc. increased its position in Confluent by 82.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,826,876 shares of the company’s stock worth $54,094,000 after purchasing an additional 824,436 shares during the period. Bank of New York Mellon Corp increased its position in Confluent by 1.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,071,263 shares of the company’s stock worth $31,720,000 after purchasing an additional 15,944 shares during the period. Finally, Northern Trust Corp increased its position in Confluent by 45.7% during the 3rd quarter. Northern Trust Corp now owns 1,044,896 shares of the company’s stock worth $30,939,000 after purchasing an additional 327,940 shares during the period. 78.09% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Confluent

In other Confluent news, CTO Chad Verbowski sold 8,086 shares of the business’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $31.20, for a total transaction of $252,283.20. Following the transaction, the chief technology officer now owns 532,072 shares in the company, valued at $16,600,646.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Confluent news, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $31.75, for a total transaction of $2,023,395.75. Following the transaction, the insider now owns 479,537 shares in the company, valued at $15,225,299.75. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CTO Chad Verbowski sold 8,086 shares of the business’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $31.20, for a total value of $252,283.20. Following the transaction, the chief technology officer now owns 532,072 shares in the company, valued at approximately $16,600,646.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,433,170 shares of company stock worth $46,438,029. 22.08% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. The Goldman Sachs Group boosted their target price on Confluent from $24.00 to $27.00 and gave the stock a “neutral” rating in a research report on Thursday, February 8th. JMP Securities upped their price target on Confluent from $25.00 to $38.00 and gave the stock a “market outperform” rating in a report on Thursday, February 8th. DA Davidson restated a “buy” rating and issued a $37.00 price target on shares of Confluent in a report on Monday, April 1st. Needham & Company LLC upped their price target on Confluent from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Finally, Mizuho lowered their price target on Confluent from $38.00 to $36.00 and set a “buy” rating on the stock in a report on Monday, April 15th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, Confluent has an average rating of “Moderate Buy” and an average target price of $30.64.

Confluent Price Performance

Shares of Confluent stock opened at $28.88 on Thursday. Confluent, Inc. has a twelve month low of $14.69 and a twelve month high of $41.22. The stock has a market capitalization of $9.03 billion, a P/E ratio of -19.65 and a beta of 0.91. The company has a current ratio of 4.62, a quick ratio of 4.62 and a debt-to-equity ratio of 1.34. The business’s fifty day moving average price is $31.10 and its 200 day moving average price is $26.38.

Confluent (NASDAQ:CFLT) last issued its earnings results on Wednesday, February 7th. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). Confluent had a negative net margin of 56.99% and a negative return on equity of 44.16%. The firm had revenue of $213.18 million during the quarter, compared to analyst estimates of $204.62 million. As a group, research analysts anticipate that Confluent, Inc. will post -0.92 earnings per share 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.