Price T Rowe Associates Inc. MD Buys 2,587,169 Shares of Confluent, Inc. (NASDAQ:CFLT)

Price T Rowe Associates Inc. MD raised its stake in shares of Confluent, Inc. (NASDAQ:CFLT) by 17.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 17,581,914 shares of the company’s stock after purchasing an additional 2,587,169 shares during the quarter. Price T Rowe Associates Inc. MD owned 0.06% of Confluent worth $536,601,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in CFLT. Panagora Asset Management Inc. acquired a new stake in shares of Confluent during the 4th quarter valued at about $745,000. Norges Bank acquired a new stake in shares of Confluent during the 4th quarter valued at about $37,046,000. Victory Capital Management Inc. boosted its position in shares of Confluent by 20.2% during the 4th quarter. Victory Capital Management Inc. now owns 561,497 shares of the company’s stock valued at $13,139,000 after acquiring an additional 94,405 shares in the last quarter. AGF Management Ltd. acquired a new stake in shares of Confluent during the 4th quarter valued at about $3,537,000. Finally, Highland Capital Management LLC acquired a new stake in shares of Confluent during the 1st quarter valued at about $1,181,000. Institutional investors own 78.09% of the company’s stock.

Insider Activity

In other news, CAO Ying Christina Liu sold 68,000 shares of Confluent stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $31.06, for a total value of $2,112,080.00. Following the completion of the transaction, the chief accounting officer now owns 168,338 shares of the company’s stock, valued at approximately $5,228,578.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CTO Chad Verbowski sold 8,312 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $26.76, for a total transaction of $222,429.12. Following the completion of the sale, the chief technology officer now owns 510,347 shares in the company, valued at approximately $13,656,885.72. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Ying Christina Liu sold 68,000 shares of Confluent stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $31.06, for a total transaction of $2,112,080.00. Following the completion of the sale, the chief accounting officer now owns 168,338 shares of the company’s stock, valued at approximately $5,228,578.28. The disclosure for this sale can be found here. Insiders sold a total of 632,725 shares of company stock valued at $18,138,428 in the last quarter. Company insiders own 13.82% of the company’s stock.

Confluent Stock Down 1.6 %

Confluent stock traded down $0.41 during mid-day trading on Monday, reaching $24.65. The company’s stock had a trading volume of 485,174 shares, compared to its average volume of 4,382,096. The company has a market capitalization of $7.83 billion, a price-to-earnings ratio of -20.06 and a beta of 0.91. Confluent, Inc. has a 12 month low of $14.69 and a 12 month high of $38.19. The business’s 50 day simple moving average is $27.50 and its 200 day simple moving average is $28.53. The company has a debt-to-equity ratio of 1.29, a quick ratio of 5.07 and a current ratio of 5.07.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). Confluent had a negative net margin of 46.73% and a negative return on equity of 40.55%. The firm had revenue of $217.24 million during the quarter, compared to the consensus estimate of $211.57 million. As a group, research analysts anticipate that Confluent, Inc. will post -0.94 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently weighed in on CFLT. Truist Financial reiterated a “buy” rating and set a $36.00 target price (up from $33.00) on shares of Confluent in a research report on Wednesday, May 8th. DA Davidson restated a “buy” rating and issued a $37.00 price target on shares of Confluent in a research report on Monday, April 1st. Mizuho reduced their price target on shares of Confluent from $36.00 to $34.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 16th. Needham & Company LLC restated a “buy” rating and issued a $38.00 price target on shares of Confluent in a research report on Tuesday, June 11th. Finally, Guggenheim restated a “buy” rating and issued a $37.00 price target on shares of Confluent in a research report on Tuesday, June 25th. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat, Confluent presently has a consensus rating of “Moderate Buy” and an average price target of $32.93.

About Confluent

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.