Cedar Wealth Management LLC Has $334,000 Position in Confluent, Inc. (NASDAQ:CFLT)

Cedar Wealth Management LLC decreased its position in shares of Confluent, Inc. (NASDAQ:CFLT) by 4.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 16,367 shares of the company’s stock after selling 814 shares during the quarter. Cedar Wealth Management LLC’s holdings in Confluent were worth $334,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of CFLT. Vanguard Group Inc. lifted its stake in shares of Confluent by 3.5% during the first quarter. Vanguard Group Inc. now owns 19,741,320 shares of the company’s stock valued at $602,505,000 after acquiring an additional 669,675 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Confluent by 17.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock valued at $536,601,000 after purchasing an additional 2,587,169 shares during the period. 1832 Asset Management L.P. boosted its stake in shares of Confluent by 28.4% in the 2nd quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock valued at $224,933,000 after purchasing an additional 1,684,100 shares during the last quarter. William Blair Investment Management LLC acquired a new stake in shares of Confluent during the 2nd quarter worth approximately $193,403,000. Finally, Bank of New York Mellon Corp raised its stake in shares of Confluent by 60.0% during the second quarter. Bank of New York Mellon Corp now owns 3,510,483 shares of the company’s stock worth $103,665,000 after buying an additional 1,316,804 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Confluent news, Director Michelangelo Volpi sold 50,000 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $25.92, for a total value of $1,296,000.00. Following the sale, the director now owns 280,200 shares of the company’s stock, valued at approximately $7,262,784. This trade represents a 15.14 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Matthew Craig Miller sold 1,084,259 shares of Confluent stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $28.90, for a total value of $31,335,085.10. The disclosure for this sale can be found here. Insiders have sold 3,308,766 shares of company stock worth $90,381,635 over the last ninety days. Corporate insiders own 13.82% of the company’s stock.

Confluent Stock Performance

NASDAQ CFLT opened at $28.29 on Wednesday. The firm has a 50-day moving average price of $22.72 and a two-hundred day moving average price of $24.55. Confluent, Inc. has a 12-month low of $17.79 and a 12-month high of $35.07. The company has a market capitalization of $9.28 billion, a P/E ratio of -25.49 and a beta of 0.82. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03. The firm had revenue of $250.20 million for the quarter, compared to analyst estimates of $243.98 million. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. Analysts anticipate that Confluent, Inc. will post -0.9 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CFLT. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Confluent from $35.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. UBS Group upped their target price on shares of Confluent from $23.00 to $26.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Royal Bank of Canada lifted their price target on shares of Confluent from $26.00 to $33.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Bank of America lowered their price objective on shares of Confluent from $32.00 to $26.00 and set an “underperform” rating for the company in a research report on Thursday, August 1st. Finally, Stifel Nicolaus reduced their target price on Confluent from $40.00 to $32.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $30.88.

Confluent 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.