Capital Investment Counsel Inc Buys New Stake in Confluent, Inc. (NASDAQ:CFLT)

Capital Investment Counsel Inc bought a new stake in shares of Confluent, Inc. (NASDAQ:CFLT) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 8,300 shares of the company’s stock, valued at approximately $232,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Ieq Capital LLC increased its stake in Confluent by 155.4% during the 4th quarter. Ieq Capital LLC now owns 80,889 shares of the company’s stock valued at $2,262,000 after purchasing an additional 49,214 shares in the last quarter. Alberta Investment Management Corp acquired a new position in Confluent during the 4th quarter valued at approximately $3,293,000. Truist Financial Corp increased its stake in Confluent by 2.5% during the 4th quarter. Truist Financial Corp now owns 21,081 shares of the company’s stock valued at $589,000 after purchasing an additional 514 shares in the last quarter. CIBC Asset Management Inc acquired a new position in Confluent during the 4th quarter valued at approximately $7,754,000. Finally, Sanctuary Advisors LLC increased its stake in Confluent by 37.6% during the 4th quarter. Sanctuary Advisors LLC now owns 25,910 shares of the company’s stock valued at $764,000 after purchasing an additional 7,085 shares in the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Insider Transactions at Confluent

In related news, CAO Kong Phan sold 3,947 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $28.74, for a total transaction of $113,436.78. Following the completion of the sale, the chief accounting officer now directly owns 179,939 shares in the company, valued at approximately $5,171,446.86. This trade represents a 2.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $34.75, for a total transaction of $2,214,582.75. Following the sale, the insider now owns 678,016 shares of the company’s stock, valued at approximately $23,561,056. The trade was a 8.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,140,614 shares of company stock valued at $38,017,784. Corporate insiders own 13.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Robert W. Baird upped their price target on shares of Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Bank of America increased their price objective on shares of Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a research note on Wednesday, February 12th. Piper Sandler increased their price objective on shares of Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Canaccord Genuity Group increased their price objective on shares of Confluent from $34.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Finally, Barclays increased their price objective on shares of Confluent from $35.00 to $37.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $35.00.

Confluent Stock Performance

NASDAQ:CFLT opened at $31.01 on Friday. The company’s 50-day moving average price is $29.86 and its 200-day moving average price is $25.92. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14. The company has a market cap of $10.17 billion, a P/E ratio of -28.71 and a beta of 0.92. Confluent, Inc. has a twelve month low of $17.79 and a twelve month high of $37.90.

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