Parallel Advisors LLC Sells 719 Shares of Confluent, Inc. (NASDAQ:CFLT)

Parallel Advisors LLC decreased its position in Confluent, Inc. (NASDAQ:CFLT) by 4.1% in the fourth quarter, Holdings Channel.com reports. The firm owned 16,655 shares of the company’s stock after selling 719 shares during the quarter. Parallel Advisors LLC’s holdings in Confluent were worth $466,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its stake in shares of Confluent by 2.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company’s stock worth $46,549,000 after acquiring an additional 64,926 shares in the last quarter. Champlain Investment Partners LLC grew its holdings in Confluent by 72.2% in 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 during the period. Cerity Partners LLC increased its stake in shares of Confluent by 28.1% during the third quarter. Cerity Partners LLC now owns 35,129 shares of the company’s stock valued at $716,000 after purchasing an additional 7,705 shares in the last quarter. Algert Global LLC purchased a new position in shares of Confluent during the third quarter valued at approximately $1,775,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Confluent in the 3rd quarter worth approximately $2,535,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Analysts Set New Price Targets

CFLT has been the subject of a number of recent research reports. Barclays lifted their price objective on Confluent from $35.00 to $37.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. UBS Group upgraded shares of Confluent from a “neutral” rating to a “buy” rating and increased their price target for the company from $34.00 to $38.00 in a report on Wednesday, February 26th. Bank of America raised their price target on shares of Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a research report on Wednesday, February 12th. Morgan Stanley increased their target price on Confluent from $30.00 to $32.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 12th. Finally, Mizuho lifted their target price on Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $35.33.

Insider Activity

In related news, CAO Kong Phan sold 6,346 shares of the firm’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $36.22, for a total value of $229,852.12. Following the completion of the transaction, the chief accounting officer now directly owns 179,593 shares of the company’s stock, valued at approximately $6,504,858.46. This trade represents a 3.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $32.33, for a total transaction of $7,516,725.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares in the company, valued at $14,628,937.04. This represents a 33.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,197,571 shares of company stock worth $38,419,870 over the last 90 days. Corporate insiders own 13.82% of the company’s stock.

Confluent Price Performance

Shares of Confluent stock opened at $26.50 on Friday. The company has a market capitalization of $8.85 billion, a price-to-earnings ratio of -24.54 and a beta of 0.90. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. The stock’s 50-day simple moving average is $29.46 and its 200-day simple moving average is $26.94. Confluent, Inc. has a 52 week low of $17.79 and a 52 week high of $37.90.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. As a group, analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Confluent 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.