CIBC Asset Management Inc Makes New Investment in Confluent, Inc. (NASDAQ:CFLT)

CIBC Asset Management Inc bought a new position in shares of Confluent, Inc. (NASDAQ:CFLT) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 277,319 shares of the company’s stock, valued at approximately $7,754,000. CIBC Asset Management Inc owned 0.08% of Confluent at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of CFLT. EP Wealth Advisors LLC grew its holdings in Confluent by 3.6% during the third quarter. EP Wealth Advisors LLC now owns 14,371 shares of the company’s stock valued at $293,000 after purchasing an additional 503 shares during the period. GAMMA Investing LLC grew its holdings in shares of Confluent by 85.3% in the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after buying an additional 1,136 shares during the period. Blue Trust Inc. increased its position 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. Pacer Advisors Inc. raised its stake in Confluent by 36.4% during the 4th quarter. Pacer Advisors Inc. now owns 6,068 shares of the company’s stock worth $170,000 after buying an additional 1,619 shares during the period. Finally, GSA Capital Partners LLP lifted its holdings in Confluent by 6.8% during the third quarter. GSA Capital Partners LLP now owns 30,461 shares of the company’s stock worth $621,000 after acquiring an additional 1,938 shares in the last quarter. 78.09% of the stock is owned by institutional investors.

Insider Buying and Selling at Confluent

In related news, CFO Rohan Sivaram sold 68,350 shares of the business’s stock in a transaction dated 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 transaction, the chief financial officer now owns 520,273 shares of the company’s stock, valued at $18,849,490.79. The trade was a 11.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Kong Phan sold 12,460 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $31.30, for a total transaction of $389,998.00. Following the sale, the chief accounting officer now directly owns 183,886 shares of the company’s stock, valued at approximately $5,755,631.80. This trade represents a 6.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,163,520 shares of company stock valued at $38,727,870 in the last ninety days. 13.82% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. JMP Securities reiterated a “market outperform” rating and issued a $40.00 price objective on shares of Confluent in a research report on Tuesday, October 29th. Canaccord Genuity Group upped their price objective on Confluent from $34.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Needham & Company LLC lifted their target price on Confluent from $31.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Wells Fargo & Company raised their price target on shares of Confluent from $40.00 to $42.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Finally, Piper Sandler boosted their price objective on shares of Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $35.00.

Confluent Stock Performance

Shares of CFLT stock opened at $33.23 on Thursday. Confluent, Inc. has a 52 week low of $17.79 and a 52 week high of $37.90. The company has a market capitalization of $10.90 billion, a price-to-earnings ratio of -30.77 and a beta of 0.92. The company has a 50-day simple moving average of $29.83 and a 200 day simple moving average of $25.79. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data 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 35.45% and a negative net margin of 35.81%. On average, sell-side analysts predict that Confluent, Inc. will post -0.83 earnings per share 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.