Parallel Advisors LLC Sells 719 Shares of Confluent, Inc. (NASDAQ:CFLT)

Parallel Advisors LLC lowered its holdings in Confluent, Inc. (NASDAQ:CFLT) by 4.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,655 shares of the company’s stock after selling 719 shares during the period. Parallel Advisors LLC’s holdings in Confluent were worth $466,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. LBP AM SA raised its holdings in Confluent by 17.5% during the 4th quarter. LBP AM SA now owns 1,176,200 shares of the company’s stock valued at $32,887,000 after acquiring an additional 175,000 shares during the period. Commonwealth Equity Services LLC lifted its holdings in Confluent by 4.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company’s stock worth $323,000 after purchasing an additional 458 shares in the last quarter. Madison Investment Advisors LLC bought a new position in Confluent in the 4th quarter worth about $5,116,000. Swiss National Bank grew its holdings in Confluent by 2.5% during the 4th quarter. Swiss National Bank now owns 467,300 shares of the company’s stock valued at $13,066,000 after buying an additional 11,400 shares in the last quarter. Finally, Rakuten Securities Inc. increased its position in shares of Confluent by 77.7% during the fourth quarter. Rakuten Securities Inc. now owns 7,286 shares of the company’s stock valued at $204,000 after buying an additional 3,186 shares during the period. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Confluent

In related news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $29.36, for a total transaction of $6,826,200.00. Following the completion of the transaction, the chief executive officer now owns 452,488 shares in the company, valued at $13,285,047.68. This represents a 33.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Rohan Sivaram sold 68,350 shares of the firm’s stock in a transaction on 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 sale, the chief financial officer now directly owns 520,273 shares of the company’s stock, valued at $18,849,490.79. The trade was a 11.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,197,571 shares of company stock valued at $38,419,870 in the last 90 days. Insiders own 13.82% of the company’s stock.

Analyst Ratings Changes

CFLT has been the subject of several recent analyst reports. Evercore ISI boosted their price objective on shares of Confluent from $32.00 to $40.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Bank of America upped their price target on shares of Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a report on Wednesday, February 12th. Piper Sandler lifted their price objective on Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Morgan Stanley upped their target price on Confluent from $30.00 to $32.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 12th. Finally, Guggenheim lifted their price target on Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $35.33.

Confluent Stock Down 0.5 %

Shares of Confluent stock opened at $26.50 on Friday. 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, Inc. has a 52-week low of $17.79 and a 52-week high of $37.90. The company’s 50 day moving average price is $29.46 and its 200-day moving average price is $26.94. The stock has a market capitalization of $8.85 billion, a price-to-earnings ratio of -24.54 and a beta of 0.90.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. Equities research analysts forecast that Confluent, Inc. will post -0.83 EPS for the current 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.