Zurcher Kantonalbank Zurich Cantonalbank Purchases 5,157 Shares of Confluent, Inc. (NASDAQ:CFLT)

Zurcher Kantonalbank Zurich Cantonalbank grew its position in Confluent, Inc. (NASDAQ:CFLT) by 8.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 67,801 shares of the company’s stock after purchasing an additional 5,157 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Confluent were worth $1,589,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Champlain Investment Partners LLC grew its position in shares of Confluent by 1.3% during the 4th quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company’s stock worth $302,940,000 after purchasing an additional 133,908 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Confluent by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company’s stock valued at $123,339,000 after buying an additional 84,163 shares during the period. Jericho Capital Asset Management L.P. grew its position in Confluent by 18.1% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,000,000 shares of the company’s stock worth $83,880,000 after buying an additional 459,000 shares in the last quarter. Fuller & Thaler Asset Management Inc. bought a new position in Confluent during the 4th quarter worth $64,658,000. Finally, Greenhouse Funds LLLP raised its holdings in Confluent by 102.2% in the 4th quarter. Greenhouse Funds LLLP now owns 1,820,446 shares of the company’s stock valued at $50,900,000 after acquiring an additional 919,997 shares in the last quarter. Institutional investors own 78.09% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on CFLT. Stephens began coverage on Confluent in a report on Friday, July 18th. They set an “overweight” rating and a $31.00 target price on the stock. Robert W. Baird reduced their price objective on shares of Confluent from $37.00 to $24.00 and set a “neutral” rating on the stock in a research note on Thursday, May 1st. Capital One Financial set a $21.00 target price on shares of Confluent in a report on Thursday. DA Davidson dropped their target price on shares of Confluent from $32.00 to $24.00 and set a “buy” rating for the company in a research report on Thursday. Finally, Stifel Nicolaus reiterated a “hold” rating and set a $21.00 price target (down previously from $30.00) on shares of Confluent in a research report on Thursday. One analyst has rated the stock with a sell rating, ten have given a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Confluent currently has an average rating of “Moderate Buy” and a consensus target price of $27.54.

Confluent Price Performance

CFLT stock opened at $17.20 on Monday. The company has a market capitalization of $5.85 billion, a P/E ratio of -18.30 and a beta of 0.96. Confluent, Inc. has a 52-week low of $16.56 and a 52-week high of $37.90. The company has a fifty day moving average price of $24.34 and a 200-day moving average price of $25.35. The company has a debt-to-equity ratio of 1.03, a quick ratio of 3.98 and a current ratio of 3.98.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. The company had revenue of $282.29 million during the quarter, compared to the consensus estimate of $278.32 million. Confluent had a negative return on equity of 27.34% and a negative net margin of 29.27%. The firm’s revenue was up 20.1% compared to the same quarter last year. During the same period last year, the company earned $0.06 earnings per share. As a group, equities analysts expect that Confluent, Inc. will post -0.83 EPS for the current year.

Insider Buying and Selling at Confluent

In other news, Director Neha Narkhede sold 20,000 shares of the business’s stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $22.82, for a total value of $456,400.00. Following the transaction, the director directly owned 20,247 shares of the company’s stock, valued at $462,036.54. The trade was a 49.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $24.50, for a total value of $5,696,250.00. Following the completion of the sale, the chief executive officer owned 452,488 shares of the company’s stock, valued at approximately $11,085,956. The trade was a 33.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 486,669 shares of company stock valued at $11,439,593 over the last three months. 13.82% of the stock is currently owned by corporate insiders.

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.