Amundi Sells 767,012 Shares of Confluent, Inc. (NASDAQ:CFLT)

Amundi reduced its position in shares of Confluent, Inc. (NASDAQ:CFLT) by 27.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 2,002,045 shares of the company’s stock after selling 767,012 shares during the quarter. Amundi owned about 0.61% of Confluent worth $57,379,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Blue Trust Inc. lifted its position in Confluent by 354.0% in the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after buying an additional 1,607 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in Confluent in the fourth quarter worth $59,000. Point72 Hong Kong Ltd bought a new stake in Confluent in the third quarter worth $68,000. GAMMA Investing LLC lifted its position in Confluent by 85.3% in the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after buying an additional 1,136 shares during the last quarter. Finally, IFP Advisors Inc lifted its position in Confluent by 48.4% in the fourth quarter. IFP Advisors Inc now owns 4,945 shares of the company’s stock worth $138,000 after buying an additional 1,613 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors.

Confluent Price Performance

Shares of CFLT stock opened at $25.50 on Wednesday. Confluent, Inc. has a 1-year low of $17.79 and a 1-year high of $37.90. The stock’s 50-day moving average is $29.80 and its 200 day moving average is $26.71. The company has a market cap of $8.52 billion, a P/E ratio of -23.61 and a beta of 0.89. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. Research analysts predict that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on CFLT shares. Evercore ISI raised their price target on Confluent from $32.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Truist Financial raised their price target on Confluent from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Morgan Stanley raised their price target on Confluent from $30.00 to $32.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 12th. William Blair reiterated an “outperform” rating on shares of Confluent in a research note on Friday, March 7th. Finally, 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 note on Wednesday, December 11th. One investment 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 assigned a strong buy rating to the stock. According to MarketBeat, Confluent presently has an average rating of “Moderate Buy” and an average target price of $35.33.

Insiders Place Their Bets

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at approximately $14,628,937.04. This trade represents a 33.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Kong Phan sold 12,460 shares of the firm’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $31.30, for a total value of $389,998.00. Following the completion of the sale, the chief accounting officer now directly owns 183,886 shares of the company’s stock, valued at approximately $5,755,631.80. This represents a 6.35 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,248,478 shares of company stock valued at $40,003,844. 13.82% of the stock is currently owned by corporate insiders.

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.