Cache Advisors LLC Purchases Shares of 47,273 Confluent, Inc. (NASDAQ:CFLT)

Cache Advisors LLC purchased a new position in Confluent, Inc. (NASDAQ:CFLT) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 47,273 shares of the company’s stock, valued at approximately $1,322,000.

Several other institutional investors have also recently made changes to their positions in CFLT. Credit Industriel ET Commercial purchased a new position in Confluent during the fourth quarter worth about $28,000. Blue Trust Inc. boosted its position in shares of Confluent by 354.0% during the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock valued at $58,000 after acquiring an additional 1,607 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Confluent during the 4th quarter valued at about $59,000. AlphaQuest LLC grew its holdings in shares of Confluent by 22,112.5% during 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. Finally, IFP Advisors Inc increased its position in shares of Confluent by 48.4% in the fourth quarter. IFP Advisors Inc now owns 4,945 shares of the company’s stock worth $138,000 after purchasing an additional 1,613 shares during the last quarter. Institutional investors own 78.09% of the company’s stock.

Insider Transactions at Confluent

In other Confluent news, insider Erica Schultz sold 113,729 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $30.29, for a total transaction of $3,444,851.41. Following the transaction, the insider now owns 502,424 shares in the company, valued at approximately $15,218,422.96. This represents a 18.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Edward Jay Kreps sold 37,707 shares of the company’s stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $21.84, for a total value of $823,520.88. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $9,882,337.92. The trade was a 7.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 736,028 shares of company stock valued at $19,977,382. Company insiders own 13.82% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Scotiabank dropped their target price on shares of Confluent from $35.00 to $24.00 and set a “sector perform” rating for the company in a research report on Thursday, April 24th. DA Davidson dropped their price objective on shares of Confluent from $42.00 to $28.00 and set a “buy” rating for the company in a report on Thursday, May 1st. Royal Bank of Canada upped their target price on shares of Confluent from $36.00 to $41.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Stifel Nicolaus reduced their target price on Confluent from $40.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, May 1st. Finally, Robert W. Baird dropped their price target on Confluent from $37.00 to $24.00 and set a “neutral” rating for the company in a research note on Thursday, May 1st. One 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 issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $30.11.

Confluent Trading Down 0.2%

NASDAQ CFLT opened at $21.84 on Friday. The stock has a market cap of $7.43 billion, a P/E ratio of -20.22 and a beta of 1.02. Confluent, Inc. has a fifty-two week low of $17.79 and a fifty-two week high of $37.90. The stock has a 50 day simple moving average of $22.47 and a two-hundred day simple moving average of $27.20. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. The company had revenue of $271.12 million during the quarter, compared to analyst estimates of $264.45 million. Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. The firm’s revenue was up 24.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.05 earnings per share. On average, analysts forecast that Confluent, Inc. will post -0.83 earnings per share for the current 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.