Main Management ETF Advisors LLC Sells 2,816 Shares of Confluent, Inc. (NASDAQ:CFLT)

Main Management ETF Advisors LLC decreased its position in Confluent, Inc. (NASDAQ:CFLT) by 8.2% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 31,328 shares of the company’s stock after selling 2,816 shares during the quarter. Main Management ETF Advisors LLC’s holdings in Confluent were worth $876,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CFLT. Moody National Bank Trust Division purchased a new position in shares of Confluent during the fourth quarter worth approximately $203,000. Jackson Square Capital LLC bought a new position in shares of Confluent during the 4th quarter valued at $389,000. Inspire Investing LLC purchased a new position in Confluent in the 4th quarter worth $1,093,000. Zweig DiMenna Associates LLC bought a new stake in Confluent in the fourth quarter worth $1,146,000. Finally, Blue Trust Inc. boosted its position in Confluent by 354.0% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock valued at $58,000 after buying an additional 1,607 shares during the period. Institutional investors own 78.09% of the company’s stock.

Wall Street Analysts Forecast Growth

CFLT has been the topic of a number of recent research reports. Citigroup reduced their price objective on Confluent from $37.00 to $25.00 and set a “neutral” rating on the stock in a research note on Monday. Royal Bank of Canada raised their price target on Confluent from $36.00 to $41.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Barclays lowered their price objective on Confluent from $29.00 to $27.00 and set an “overweight” rating for the company in a research report on Thursday, May 1st. Loop Capital cut their target price on shares of Confluent from $30.00 to $22.00 and set a “hold” rating on the stock in a report on Wednesday, April 23rd. Finally, Raymond James assumed coverage on shares of Confluent in a report on Friday, April 11th. They set an “outperform” rating and a $30.00 price target for the company. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $30.11.

Insider Buying and Selling at Confluent

In related news, Director Neha Narkhede sold 60,000 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $19.96, for a total transaction of $1,197,600.00. Following the completion of the sale, the director now owns 20,247 shares of the company’s stock, valued at $404,130.12. This trade represents a 74.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Kong Phan sold 6,346 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $36.22, for a total transaction of $229,852.12. Following the completion of the transaction, the chief accounting officer now owns 179,593 shares of the company’s stock, valued at approximately $6,504,858.46. The trade was a 3.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,260,746 shares of company stock worth $39,702,750. 9.20% of the stock is owned by insiders.

Confluent Trading Up 3.5%

Shares of NASDAQ CFLT opened at $23.12 on Wednesday. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $37.90. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24. The firm has a 50-day moving average of $23.10 and a 200 day moving average of $27.36. The stock has a market cap of $7.87 billion, a P/E ratio of -21.41 and a beta of 1.02.

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