Teacher Retirement System of Texas Acquires Shares of 72,515 Confluent, Inc. (NASDAQ:CFLT)

Teacher Retirement System of Texas bought a new position in Confluent, Inc. (NASDAQ:CFLT) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 72,515 shares of the company’s stock, valued at approximately $2,028,000.

A number of other hedge funds also recently made changes to their positions in CFLT. Trivest Advisors Ltd purchased a new stake in shares of Confluent during the 4th quarter worth approximately $11,989,000. West Tower Group LLC purchased a new stake in Confluent during the fourth quarter valued at $224,000. Xponance Inc. raised its stake in Confluent by 6.3% during the fourth quarter. Xponance Inc. now owns 33,144 shares of the company’s stock valued at $927,000 after purchasing an additional 1,962 shares in the last quarter. LBP AM SA lifted its position in Confluent by 17.5% during the fourth quarter. LBP AM SA now owns 1,176,200 shares of the company’s stock valued at $32,887,000 after purchasing an additional 175,000 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its stake in shares of Confluent by 4.1% in the 4th quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company’s stock worth $323,000 after buying an additional 458 shares in the last quarter. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Confluent Trading Down 1.5 %

NASDAQ:CFLT opened at $25.57 on Friday. The firm has a 50-day simple moving average of $29.40 and a 200-day simple moving average of $27.11. Confluent, Inc. has a one year low of $17.79 and a one year high of $37.90. The firm has a market cap of $8.54 billion, a P/E ratio of -23.68 and a beta of 0.90. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99.

Confluent (NASDAQ:CFLT) last posted its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. Equities analysts anticipate that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CFLT. Evercore ISI increased their price target on shares of Confluent from $32.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Royal Bank of Canada raised their price objective on Confluent from $36.00 to $41.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. William Blair reissued an “outperform” rating on shares of Confluent in a research report on Monday, March 17th. Barclays raised their price target on Confluent from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Finally, Wells Fargo & Company boosted their price objective on shares of Confluent from $40.00 to $42.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $35.33.

Insider Activity at Confluent

In other Confluent news, CAO Kong Phan sold 2,178 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $31.58, for a total value of $68,781.24. Following the completion of the sale, the chief accounting officer now directly owns 177,415 shares in the company, valued at $5,602,765.70. This trade represents a 1.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Erica Schultz sold 150,000 shares of the company’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $35.82, for a total value of $5,373,000.00. Following the transaction, the insider now directly owns 678,016 shares in the company, valued at approximately $24,286,533.12. The trade was a 18.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,200,746 shares of company stock valued at $38,505,150 over the last quarter. 13.82% of the stock is owned by corporate insiders.

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.