Pictet Asset Management Holding SA Raises Stock Holdings in Confluent, Inc. (NASDAQ:CFLT)

Pictet Asset Management Holding SA grew its stake in shares of Confluent, Inc. (NASDAQ:CFLT) by 7,342.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,351,516 shares of the company’s stock after buying an additional 2,319,919 shares during the period. Pictet Asset Management Holding SA owned 0.72% of Confluent worth $65,748,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in Confluent by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company’s stock valued at $694,207,000 after purchasing an additional 599,582 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Confluent by 2.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company’s stock valued at $88,180,000 after buying an additional 107,510 shares in the last quarter. Norges Bank bought a new position in Confluent in the 4th quarter worth $81,092,000. Atreides Management LP increased its stake in Confluent by 7.3% in the 3rd quarter. Atreides Management LP now owns 2,706,910 shares of the company’s stock worth $55,167,000 after buying an additional 184,865 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its holdings in Confluent by 46.9% during the third quarter. Jacobs Levy Equity Management Inc. now owns 2,513,426 shares of the company’s stock valued at $51,224,000 after acquiring an additional 802,353 shares during the period. 78.09% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CFLT has been the subject of several research analyst reports. JPMorgan Chase & Co. increased their target price on Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. William Blair reaffirmed an “outperform” rating on shares of Confluent in a report on Monday, March 17th. Needham & Company LLC reissued a “buy” rating and issued a $40.00 target price on shares of Confluent in a report on Friday, March 7th. Barclays upped their target price on shares of Confluent from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Finally, Morgan Stanley lifted their price target on shares of Confluent from $30.00 to $32.00 and gave the company an “equal weight” rating in a report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $35.33.

Insider Transactions at Confluent

In other news, Director Michelangelo Volpi sold 25,000 shares of the firm’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $36.22, for a total value of $905,500.00. Following the completion of the transaction, the director now directly owns 292,079 shares in the company, valued at $10,579,101.38. This trade represents a 7.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $32.33, for a total value of $7,516,725.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares in the company, valued at approximately $14,628,937.04. This represents a 33.94 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,200,746 shares of company stock worth $38,505,150. Company insiders own 13.82% of the company’s stock.

Confluent Trading Down 4.8 %

Confluent stock opened at $24.33 on Friday. Confluent, Inc. has a one year low of $17.79 and a one year high of $37.90. The stock has a market cap of $8.13 billion, a PE ratio of -22.53 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. The stock has a 50-day moving average of $29.36 and a two-hundred day moving average of $27.20.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. On average, research analysts anticipate that Confluent, Inc. will post -0.83 EPS 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.