277,319 Shares in Confluent, Inc. (NASDAQ:CFLT) Bought by CIBC Asset Management Inc

CIBC Asset Management Inc bought a new stake in Confluent, Inc. (NASDAQ:CFLT) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 277,319 shares of the company’s stock, valued at approximately $7,754,000.

Other institutional investors have also recently bought and sold shares of the company. Blue Trust Inc. grew its holdings in shares of Confluent by 354.0% during the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock valued at $58,000 after purchasing an additional 1,607 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in Confluent in the 3rd quarter valued at approximately $68,000. GAMMA Investing LLC boosted its position in Confluent by 85.3% in the fourth 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 in the last quarter. Pacer Advisors Inc. grew its stake in shares of Confluent by 36.4% during the fourth 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 last quarter. Finally, DMC Group LLC acquired a new position in shares of Confluent during the fourth quarter worth $201,000. Institutional investors and hedge funds own 78.09% of the company’s stock.

Insider Activity at Confluent

In other news, CMO Stephanie Buscemi sold 22,906 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $31.00, for a total value of $710,086.00. Following the completion of the sale, the chief marketing officer now owns 144,373 shares in the company, valued at $4,475,563. This represents a 13.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 transaction of $2,476,320.50. Following the transaction, 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. In the last three months, insiders sold 1,163,520 shares of company stock valued at $38,727,870. 13.82% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Piper Sandler boosted their price objective on Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. TD Cowen lifted their target price on Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Mizuho increased their price target on Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. JPMorgan Chase & Co. upped their target price on Confluent from $35.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, December 11th. Finally, Sanford C. Bernstein lowered their price target on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $35.00.

Confluent Stock Down 4.9 %

Confluent stock opened at $33.23 on Thursday. The firm has a market capitalization of $10.90 billion, a price-to-earnings ratio of -30.77 and a beta of 0.92. The firm’s fifty day moving average price is $29.83 and its two-hundred day moving average price is $25.79. Confluent, Inc. has a 1-year low of $17.79 and a 1-year high of $37.90. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) 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, equities research analysts predict that Confluent, Inc. will post -0.83 earnings per share for the current fiscal 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.