Geode Capital Management LLC Grows Position in Confluent, Inc. (NASDAQ:CFLT)

Geode Capital Management LLC grew its stake in Confluent, Inc. (NASDAQ:CFLT) by 2.5% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 4,325,709 shares of the company’s stock after buying an additional 107,510 shares during the period. Geode Capital Management LLC’s holdings in Confluent were worth $88,180,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in CFLT. William Blair Investment Management LLC purchased a new stake in Confluent in the 2nd quarter worth approximately $193,403,000. Champlain Investment Partners LLC boosted its stake in shares of Confluent by 72.2% in the third quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock worth $218,083,000 after acquiring an additional 4,486,841 shares during the period. 1832 Asset Management L.P. lifted its holdings in Confluent by 28.4% in the 2nd quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock worth $224,933,000 after purchasing an additional 1,684,100 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Confluent by 60.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,510,483 shares of the company’s stock worth $103,665,000 after purchasing an additional 1,316,804 shares during the period. Finally, Fiera Capital Corp purchased a new stake in Confluent during the 3rd quarter valued at approximately $21,127,000. Institutional investors own 78.09% of the company’s stock.

Confluent Trading Down 3.3 %

Shares of Confluent stock opened at $28.49 on Friday. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $35.07. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The stock has a market cap of $9.34 billion, a PE ratio of -25.67 and a beta of 0.88. The firm has a fifty day moving average price of $27.61 and a 200 day moving average price of $24.77.

Confluent (NASDAQ:CFLT) last issued its earnings results on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03. The firm had revenue of $250.20 million for the quarter, compared to the consensus estimate of $243.98 million. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. Equities research analysts predict that Confluent, Inc. will post -0.9 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on CFLT. Truist Financial boosted their price target on shares of Confluent from $32.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Stifel Nicolaus raised their price target on Confluent from $34.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday. JMP Securities reaffirmed a “market outperform” rating and issued a $40.00 price objective on shares of Confluent in a research note on Tuesday, October 29th. Robert W. Baird increased their target price on Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Finally, Evercore ISI reduced their price target on shares of Confluent from $33.00 to $28.00 and set an “outperform” rating on the stock in a research report on Friday, September 20th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $32.23.

Insider Activity at Confluent

In related news, Director Michelangelo Volpi sold 50,000 shares of Confluent stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $25.92, for a total value of $1,296,000.00. Following the sale, the director now directly owns 280,200 shares in the company, valued at approximately $7,262,784. The trade was a 15.14 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Kong Phan sold 2,096 shares of the 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 $59,170.08. Following the transaction, the chief accounting officer now directly owns 190,680 shares of the company’s stock, valued at $5,382,896.40. The trade was a 1.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,580,765 shares of company stock worth $132,815,499 in the last 90 days. Corporate insiders own 13.82% of the company’s stock.

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.