Peregrine Capital Management LLC Trims Holdings in Confluent, Inc. (NASDAQ:CFLT)

Peregrine Capital Management LLC decreased its holdings in Confluent, Inc. (NASDAQ:CFLT) by 8.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 310,312 shares of the company’s stock after selling 27,985 shares during the quarter. Peregrine Capital Management LLC owned about 0.09% of Confluent worth $8,676,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Truist Financial Corp raised its position in Confluent by 2.5% in 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 during the last quarter. CIBC Asset Management Inc purchased a new stake in Confluent in the 4th quarter valued at $7,754,000. Sanctuary Advisors LLC increased its stake in Confluent by 37.6% in the 4th quarter. Sanctuary Advisors LLC now owns 25,910 shares of the company’s stock valued at $764,000 after buying an additional 7,085 shares during the period. Principal Financial Group Inc. increased its stake in Confluent by 1,617.4% in the 4th quarter. Principal Financial Group Inc. now owns 358,595 shares of the company’s stock valued at $10,026,000 after buying an additional 337,715 shares during the period. Finally, J.W. Cole Advisors Inc. acquired a new position in Confluent in the 4th quarter valued at $281,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Analyst Upgrades and Downgrades

CFLT has been the topic of several recent research reports. JPMorgan Chase & Co. boosted their price objective on shares of Confluent from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. Robert W. Baird boosted their price objective 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. Evercore ISI boosted their price objective on shares of Confluent from $32.00 to $40.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Mizuho boosted their price objective on shares of Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Finally, Truist Financial boosted their price objective on shares of Confluent from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $35.00.

Insider Buying and Selling at Confluent

In other news, CAO Kong Phan sold 3,947 shares of the 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 transaction, the chief accounting officer now directly owns 179,939 shares in the company, valued at $5,171,446.86. This represents a 2.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Matthew Craig Miller sold 53,512 shares of the stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $33.64, for a total transaction of $1,800,143.68. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,444,907 shares of company stock worth $45,452,624. Corporate insiders own 13.82% of the company’s stock.

Confluent Price Performance

NASDAQ:CFLT opened at $34.85 on Tuesday. The firm has a market cap of $11.43 billion, a price-to-earnings ratio of -31.40 and a beta of 0.92. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. The company’s 50-day moving average is $29.71 and its two-hundred day moving average is $25.63. Confluent, Inc. has a 12-month low of $17.79 and a 12-month high of $37.90.

Confluent (NASDAQ:CFLT) last released its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. Research analysts expect that Confluent, Inc. will post -0.9 EPS 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.