Rakuten Securities Inc. Invests $31,000 in Confluent, Inc. (NASDAQ:CFLT)

Rakuten Securities Inc. purchased a new position in shares of Confluent, Inc. (NASDAQ:CFLT) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 1,306 shares of the company’s stock, valued at approximately $31,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Strategic Vision Investment Ltd bought a new stake in Confluent during the 4th quarter valued at approximately $1,861,000. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Confluent by 5.6% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 360,754 shares of the company’s stock valued at $8,442,000 after purchasing an additional 19,054 shares during the period. Perigon Wealth Management LLC bought a new stake in Confluent during the 4th quarter valued at approximately $497,000. Tobam bought a new stake in Confluent during the 4th quarter valued at approximately $4,195,000. Finally, LA Financiere DE L Echiquier boosted its stake in Confluent by 40.7% during the 4th quarter. LA Financiere DE L Echiquier now owns 785,200 shares of the company’s stock valued at $18,374,000 after purchasing an additional 227,200 shares during the period. Institutional investors own 78.09% of the company’s stock.

Insider Activity

In other news, CTO Chad Verbowski sold 5,963 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total value of $191,710.45. Following the sale, the chief technology officer now directly owns 404,412 shares in the company, valued at $13,001,845.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Lara Caimi sold 46,875 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $31.90, for a total value of $1,495,312.50. Following the sale, the director now directly owns 5,399 shares in the company, valued at $172,228.10. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Chad Verbowski sold 5,963 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total value of $191,710.45. Following the completion of the sale, the chief technology officer now owns 404,412 shares in the company, valued at $13,001,845.80. The disclosure for this sale can be found here. Insiders have sold a total of 1,433,170 shares of company stock worth $46,438,029 over the last three months. Corporate insiders own 22.08% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on CFLT. Scotiabank increased their target price on Confluent from $22.00 to $28.00 and gave the company a “sector perform” rating in a research note on Thursday, February 8th. Wells Fargo & Company upped their price target on Confluent from $30.00 to $36.00 and gave the company an “overweight” rating in a report on Thursday, February 8th. Loop Capital started coverage on Confluent in a report on Tuesday, January 30th. They issued a “hold” rating and a $23.00 price target for the company. JPMorgan Chase & Co. upped their price target on Confluent from $23.00 to $27.00 and gave the company a “neutral” rating in a report on Thursday, February 8th. Finally, Stifel Nicolaus started coverage on Confluent in a report on Wednesday, February 21st. They issued a “buy” rating and a $40.00 price target for the company. One research analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $30.64.

Confluent Price Performance

CFLT stock opened at $27.41 on Friday. Confluent, Inc. has a fifty-two week low of $14.69 and a fifty-two week high of $41.22. The company has a quick ratio of 4.62, a current ratio of 4.62 and a debt-to-equity ratio of 1.34. The business has a fifty day moving average price of $31.45 and a 200 day moving average price of $26.43.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, February 7th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.01). Confluent had a negative return on equity of 44.16% and a negative net margin of 56.99%. The business had revenue of $213.18 million for the quarter, compared to analyst estimates of $204.62 million. On average, analysts anticipate that Confluent, Inc. will post -0.92 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.