Avestar Capital LLC Decreases Holdings in Confluent, Inc. (NASDAQ:CFLT)

Avestar Capital LLC decreased its position in shares of Confluent, Inc. (NASDAQ:CFLT) by 7.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of CFLT. DekaBank Deutsche Girozentrale lifted its stake in Confluent by 8.7% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock valued at $322,000 after buying an additional 857 shares in the last quarter. Advisors Asset Management Inc. lifted its stake in shares of Confluent by 40.3% during the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after purchasing an additional 859 shares during the period. Fulton Bank N.A. lifted its stake in shares of Confluent by 15.0% during the 2nd quarter. Fulton Bank N.A. now owns 8,145 shares of the company’s stock worth $241,000 after purchasing an additional 1,064 shares during the period. Assenagon Asset Management S.A. lifted its stake in shares of Confluent by 9.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 12,680 shares of the company’s stock worth $374,000 after purchasing an additional 1,113 shares during the period. Finally, Lazard Asset Management LLC lifted its stake in shares of Confluent by 25.5% during 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. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Insider Buying and Selling at Confluent

In other Confluent news, CTO Chad Verbowski sold 13,414 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $378,677.22. Following the sale, the chief technology officer now owns 483,393 shares in the company, valued at approximately $13,646,184.39. This trade represents a 2.70 % 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 this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the transaction, the chief executive officer now owns 452,488 shares in the company, valued at $9,045,235.12. This represents a 33.94 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 4,237,879 shares of company stock worth $118,823,850. 13.82% of the stock is owned by company insiders.

Confluent Stock Performance

Shares of NASDAQ CFLT opened at $30.57 on Thursday. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17. The firm’s 50-day moving average price is $23.79 and its two-hundred day moving average price is $24.59. Confluent, Inc. has a 52-week low of $17.79 and a 52-week high of $35.07. The stock has a market capitalization of $10.03 billion, a P/E 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 (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $250.20 million for the quarter, compared to analysts’ expectations of $243.98 million. As a group, sell-side analysts forecast that Confluent, Inc. will post -0.9 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Needham & Company LLC reissued a “buy” rating and set a $31.00 price target on shares of Confluent in a research note on Friday, November 15th. Royal Bank of Canada increased their price target on Confluent from $26.00 to $33.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Piper Sandler dropped their price objective on Confluent from $37.00 to $32.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. JPMorgan Chase & Co. upped their price objective on Confluent from $25.00 to $26.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Finally, JMP Securities restated a “market outperform” rating and set a $40.00 price objective on shares of Confluent in a report on Tuesday, October 29th. 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $30.88.

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.