EP Wealth Advisors LLC Grows Stock Holdings in Confluent, Inc. (NASDAQ:CFLT)

EP Wealth Advisors LLC lifted its position in Confluent, Inc. (NASDAQ:CFLT) by 3.6% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 14,371 shares of the company’s stock after buying an additional 503 shares during the quarter. EP Wealth Advisors LLC’s holdings in Confluent were worth $293,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. William Blair Investment Management LLC acquired a new position in Confluent in the 2nd quarter valued at about $193,403,000. Champlain Investment Partners LLC boosted its stake in shares of Confluent by 72.2% in the third quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock valued at $218,083,000 after purchasing an additional 4,486,841 shares during the period. 1832 Asset Management L.P. grew its holdings in shares of Confluent by 28.4% in the second 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 in the last quarter. Bank of New York Mellon Corp increased its stake in Confluent by 60.0% during the 2nd 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 period. Finally, Fiera Capital Corp acquired a new stake in Confluent during the 3rd quarter worth approximately $21,127,000. Institutional investors and hedge funds own 78.09% of the company’s stock.

Insider Buying and Selling at Confluent

In related news, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $27.40, for a total transaction of $1,746,174.60. Following the transaction, the insider now owns 687,483 shares of the company’s stock, valued at $18,837,034.20. This trade represents a 8.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Matthew Craig Miller sold 53,512 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $33.64, for a total value of $1,800,143.68. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,533,995 shares of company stock worth $131,348,784. 13.82% of the stock is owned by company insiders.

Confluent Trading Down 2.7 %

CFLT opened at $30.49 on Friday. 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, Inc. has a 52 week low of $17.79 and a 52 week high of $35.07. The business’s 50 day moving average is $26.86 and its two-hundred day moving average is $24.73. The firm has a market cap of $10.00 billion, a price-to-earnings ratio of -27.47 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last announced its earnings results on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.03. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. The business had revenue of $250.20 million for the quarter, compared to analysts’ expectations of $243.98 million. On average, research analysts predict that Confluent, Inc. will post -0.9 EPS for the current year.

Analyst Ratings Changes

CFLT has been the subject of several research reports. Royal Bank of Canada boosted their price target on shares of Confluent from $26.00 to $33.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Evercore ISI cut their price target on Confluent from $33.00 to $28.00 and set an “outperform” rating on the stock in a report on Friday, September 20th. Robert W. Baird lifted their price objective on Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Baird R W raised Confluent to a “hold” rating in a research report on Wednesday, September 4th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $31.00 target price on shares of Confluent in a report on Friday, November 15th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $32.04.

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.