The Manufacturers Life Insurance Company Increases Holdings in Confluent, Inc. (NASDAQ:CFLT)

The Manufacturers Life Insurance Company grew its holdings in Confluent, Inc. (NASDAQ:CFLT) by 19.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 127,306 shares of the company’s stock after buying an additional 21,010 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Confluent were worth $3,559,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CFLT. Credit Industriel ET Commercial bought a new position in Confluent in the fourth quarter worth about $28,000. Blue Trust Inc. lifted its stake in shares of Confluent by 354.0% in the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock valued at $58,000 after purchasing an additional 1,607 shares during the period. SBI Securities Co. Ltd. bought a new stake in shares of Confluent during the fourth quarter valued at approximately $59,000. GAMMA Investing LLC grew its stake in Confluent by 85.3% in the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after purchasing an additional 1,136 shares during the period. Finally, AlphaQuest LLC raised its holdings in Confluent by 22,112.5% in the fourth quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock worth $99,000 after purchasing an additional 3,538 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors.

Confluent Stock Down 1.6 %

CFLT opened at $20.65 on Friday. The firm’s 50 day simple moving average is $23.40 and its two-hundred day simple moving average is $27.31. The company has a market capitalization of $6.90 billion, a PE ratio of -19.12 and a beta of 1.02. Confluent, Inc. has a 1-year low of $17.79 and a 1-year high of $37.90. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14.

Confluent (NASDAQ:CFLT) last released its earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.01. The company had revenue of $271.12 million for the quarter, compared to the consensus estimate of $264.45 million. Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. Confluent’s quarterly revenue was up 24.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.05 earnings per share. As a group, equities analysts forecast that Confluent, Inc. will post -0.83 EPS for the current year.

Insider Activity at Confluent

In other news, CFO Rohan Sivaram sold 68,350 shares of the company’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $36.23, for a total value of $2,476,320.50. Following the completion of the transaction, the chief financial officer now owns 520,273 shares of the company’s stock, valued at $18,849,490.79. This represents a 11.61 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Kong Phan sold 6,346 shares of the stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $36.22, for a total value of $229,852.12. Following the sale, the chief accounting officer now owns 179,593 shares of the company’s stock, valued at $6,504,858.46. This represents a 3.41 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,260,746 shares of company stock worth $39,702,750. 13.82% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on CFLT. Barclays reduced their target price on shares of Confluent from $29.00 to $27.00 and set an “overweight” rating on the stock in a research report on Thursday, May 1st. Needham & Company LLC decreased their target price on shares of Confluent from $40.00 to $26.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. Stifel Nicolaus dropped their price target on Confluent from $40.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Morgan Stanley reduced their price objective on Confluent from $32.00 to $25.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 16th. Finally, JMP Securities dropped their target price on Confluent from $40.00 to $36.00 and set a “market outperform” rating on the stock in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $30.11.

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.