Confluent, Inc. (NASDAQ:CFLT) Position Lessened by Franklin Resources Inc.

Franklin Resources Inc. lowered its position in Confluent, Inc. (NASDAQ:CFLT) by 10.4% during the fourth quarter, HoldingsChannel.com reports. The firm owned 7,864,986 shares of the company’s stock after selling 915,629 shares during the quarter. Franklin Resources Inc.’s holdings in Confluent were worth $219,905,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Blue Trust Inc. grew its stake in shares of Confluent by 354.0% in the 4th 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 in the last quarter. SBI Securities Co. Ltd. bought a new stake in Confluent in the fourth quarter worth approximately $59,000. GAMMA Investing LLC increased its stake in shares of Confluent by 85.3% during the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after purchasing an additional 1,136 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in shares of Confluent during the 3rd quarter valued at $68,000. Finally, AlphaQuest LLC lifted its stake in shares of Confluent by 22,112.5% in the 4th quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock valued at $99,000 after purchasing an additional 3,538 shares during the last quarter. 78.09% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Canaccord Genuity Group raised their target price on Confluent from $34.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Royal Bank of Canada raised their price objective on Confluent from $36.00 to $41.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Guggenheim upped their target price on Confluent from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Scotiabank lifted their price target on shares of Confluent from $27.00 to $35.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 12th. Finally, Stifel Nicolaus upped their price objective on shares of Confluent from $37.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $35.15.

Confluent Stock Performance

NASDAQ CFLT opened at $23.56 on Wednesday. The stock has a market cap of $7.87 billion, a P/E ratio of -21.81 and a beta of 0.90. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. Confluent, Inc. has a twelve month low of $17.79 and a twelve month high of $37.90. The company’s 50-day simple moving average is $29.21 and its 200 day simple moving average is $27.31.

Confluent (NASDAQ:CFLT) last issued its 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%. As a group, research analysts forecast that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Insider Buying and Selling at Confluent

In other news, CAO Kong Phan sold 6,346 shares of Confluent stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $36.22, for a total value of $229,852.12. Following the completion of the transaction, the chief accounting officer now owns 179,593 shares in the company, valued at approximately $6,504,858.46. The trade was a 3.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Rohan Sivaram sold 68,350 shares of the stock in a transaction that occurred 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 sale, the chief financial officer now owns 520,273 shares in the company, valued at approximately $18,849,490.79. This trade represents a 11.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,200,746 shares of company stock valued at $38,505,150. 13.82% of the stock is currently owned by company insiders.

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.