Confluent, Inc. (NASDAQ:CFLT) Shares Sold by Avestar Capital LLC

Avestar Capital LLC decreased its holdings in Confluent, Inc. (NASDAQ:CFLT) by 7.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 11,916 shares of the company’s stock after selling 943 shares during the quarter. Avestar Capital LLC’s holdings in Confluent were worth $243,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in CFLT. Advisors Asset Management Inc. grew its position in Confluent by 40.3% in the first quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after buying an additional 859 shares during the last quarter. Lazard Asset Management LLC boosted its stake in Confluent by 25.5% in the 1st quarter. Lazard Asset Management LLC now owns 5,747 shares of the company’s stock worth $175,000 after purchasing an additional 1,167 shares during the period. Cetera Advisors LLC boosted its stake in Confluent by 209.6% in the 1st quarter. Cetera Advisors LLC now owns 31,971 shares of the company’s stock worth $976,000 after purchasing an additional 21,646 shares during the period. Hamilton Lane Advisors LLC acquired a new position in Confluent in the 1st quarter worth approximately $1,914,000. Finally, DekaBank Deutsche Girozentrale boosted its stake in Confluent by 8.7% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock worth $322,000 after purchasing an additional 857 shares during the period. Institutional investors and hedge funds own 78.09% of the company’s stock.

Wall Street Analyst Weigh In

CFLT has been the subject of a number of recent analyst reports. UBS Group raised their price objective on shares of Confluent from $23.00 to $26.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Mizuho raised their price objective on shares of Confluent from $29.00 to $31.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. DA Davidson reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Confluent in a research note on Wednesday, September 18th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Confluent from $35.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. Finally, Bank of America decreased their target price on shares of Confluent from $32.00 to $26.00 and set an “underperform” rating for the company in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Confluent currently has an average rating of “Moderate Buy” and an average target price of $30.88.

Insider Activity

In related news, CAO Kong Phan sold 2,096 shares of Confluent stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total value of $59,170.08. Following the completion of the sale, the chief accounting officer now directly owns 190,680 shares in the company, valued at $5,382,896.40. This trade represents a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total value of $4,647,675.00. Following the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $9,045,235.12. This represents a 33.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,237,879 shares of company stock worth $118,823,850. Corporate insiders own 13.82% of the company’s stock.

Confluent Stock Performance

NASDAQ:CFLT opened at $30.57 on Thursday. The firm’s 50-day moving average is $23.79 and its 200-day moving average is $24.59. Confluent, Inc. has a 52-week low of $17.79 and a 52-week high of $35.07. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24. The company has a market cap of $10.03 billion, a price-to-earnings ratio of -27.54 and a beta of 0.82.

Confluent (NASDAQ:CFLT) last issued its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.03. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. The business had revenue of $250.20 million for the quarter, compared to analyst estimates of $243.98 million. Equities research analysts anticipate that Confluent, Inc. will post -0.9 earnings per share for the current year.

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.