Price T Rowe Associates Inc. MD Increases Holdings in Confluent, Inc. (NASDAQ:CFLT)

Price T Rowe Associates Inc. MD grew its holdings in shares of Confluent, Inc. (NASDAQ:CFLT) by 17.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,581,914 shares of the company’s stock after buying an additional 2,587,169 shares during the period. Price T Rowe Associates Inc. MD owned 5.62% of Confluent worth $536,601,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in CFLT. 1832 Asset Management L.P. acquired a new stake in shares of Confluent during the first quarter worth about $181,075,000. Coatue Management LLC acquired a new stake in shares of Confluent during the fourth quarter worth about $134,132,000. Champlain Investment Partners LLC acquired a new stake in shares of Confluent during the first quarter worth about $144,563,000. Norges Bank acquired a new stake in shares of Confluent during the fourth quarter worth about $37,046,000. Finally, Trivest Advisors Ltd acquired a new stake in shares of Confluent during the fourth quarter worth about $31,145,000. Institutional investors and hedge funds own 78.09% of the company’s stock.

Insiders Place Their Bets

In other Confluent news, insider Erica Schultz sold 63,729 shares of the stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $31.00, for a total transaction of $1,975,599.00. Following the transaction, the insider now owns 706,715 shares of the company’s stock, valued at approximately $21,908,165. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $26.17, for a total transaction of $6,084,525.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $11,841,610.96. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Erica Schultz sold 63,729 shares of the stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $31.00, for a total value of $1,975,599.00. Following the completion of the sale, the insider now owns 706,715 shares of the company’s stock, valued at $21,908,165. The disclosure for this sale can be found here. Insiders have sold a total of 632,725 shares of company stock valued at $18,138,428 in the last quarter. 13.82% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. 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. JMP Securities boosted their price target on Confluent from $38.00 to $40.00 and gave the company a “market outperform” rating in a research report on Wednesday, May 8th. Royal Bank of Canada restated an “outperform” rating and issued a $40.00 price target on shares of Confluent in a research report on Tuesday, June 4th. Truist Financial restated a “buy” rating and issued a $36.00 price target (up previously from $33.00) on shares of Confluent in a research report on Wednesday, May 8th. Finally, Barclays boosted their price target on Confluent from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat, Confluent presently has an average rating of “Moderate Buy” and an average price target of $32.93.

Confluent Price Performance

CFLT stock traded down $0.41 on Monday, reaching $24.65. The company had a trading volume of 485,174 shares, compared to its average volume of 4,382,096. Confluent, Inc. has a 1 year low of $14.69 and a 1 year high of $38.19. The company has a market cap of $7.83 billion, a P/E ratio of -20.06 and a beta of 0.91. The company’s fifty day moving average is $27.50 and its 200 day 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 issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). Confluent had a negative return on equity of 40.55% and a negative net margin of 46.73%. The business had revenue of $217.24 million for the quarter, compared to analysts’ expectations of $211.57 million. On average, research analysts forecast that Confluent, Inc. will post -0.94 earnings per share for the current year.

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.