Geode Capital Management LLC Buys 84,163 Shares of Confluent, Inc. (NASDAQ:CFLT)

Geode Capital Management LLC increased its stake in shares of Confluent, Inc. (NASDAQ:CFLT) by 1.9% during the fourth quarter, HoldingsChannel.com reports. The firm owned 4,409,872 shares of the company’s stock after buying an additional 84,163 shares during the period. Geode Capital Management LLC’s holdings in Confluent were worth $123,339,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. Commonwealth Equity Services LLC lifted its holdings in shares of Confluent by 4.1% in the fourth 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. EP Wealth Advisors LLC lifted its stake in Confluent by 3.6% in the 3rd quarter. EP Wealth Advisors LLC now owns 14,371 shares of the company’s stock worth $293,000 after purchasing an additional 503 shares in the last quarter. Truist Financial Corp boosted its holdings 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 period. GAMMA Investing LLC grew its position in shares of Confluent by 85.3% during the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after purchasing an additional 1,136 shares in the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich increased its holdings in shares of Confluent by 8.0% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 15,281 shares of the company’s stock worth $472,000 after purchasing an additional 1,137 shares during the period. Institutional investors own 78.09% of the company’s stock.

Insider Activity

In other Confluent news, Director Michelangelo Volpi sold 25,000 shares of the firm’s stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $36.22, for a total value of $905,500.00. Following the completion of the sale, 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 filing with the SEC, which is available at this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $32.33, for a total value of $7,516,725.00. Following the transaction, the chief executive officer now owns 452,488 shares in the company, valued at $14,628,937.04. This trade represents a 33.94 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,200,746 shares of company stock valued at $38,505,150. Corporate insiders own 13.82% of the company’s stock.

Wall Street Analyst Weigh In

CFLT has been the subject of several research analyst reports. Mizuho lifted their price objective on Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Barclays lifted their price target on Confluent from $35.00 to $37.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. William Blair restated an “outperform” rating on shares of Confluent in a research report on Monday, March 17th. Needham & Company LLC reiterated a “buy” rating and set a $40.00 target price on shares of Confluent in a research report on Friday, March 7th. Finally, Piper Sandler boosted their price target 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. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $35.15.

Confluent Trading Down 3.5 %

NASDAQ CFLT opened at $19.68 on Wednesday. The stock has a market cap of $6.57 billion, a P/E ratio of -18.22 and a beta of 1.03. Confluent, Inc. has a fifty-two week low of $17.79 and a fifty-two week high of $37.90. The stock has a 50 day simple moving average of $28.21 and a two-hundred day simple moving average of $27.27. 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 announced its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) EPS 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%. On average, analysts forecast that Confluent, Inc. will post -0.83 earnings per share 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.