Lake Street Advisors Group LLC Increases Position in Confluent, Inc. (NASDAQ:CFLT)

Lake Street Advisors Group LLC boosted its stake in Confluent, Inc. (NASDAQ:CFLT) by 14.0% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 18,481 shares of the company’s stock after acquiring an additional 2,263 shares during the period. Lake Street Advisors Group LLC’s holdings in Confluent were worth $377,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. SWS Partners acquired a new position in shares of Confluent in the third quarter valued at approximately $802,000. Creative Planning grew its position in Confluent by 109.9% in the 3rd quarter. Creative Planning now owns 94,939 shares of the company’s stock valued at $1,935,000 after buying an additional 49,699 shares during the last quarter. Diversified Trust Co increased its stake in Confluent by 110.3% in the 3rd quarter. Diversified Trust Co now owns 60,503 shares of the company’s stock valued at $1,233,000 after buying an additional 31,729 shares during the period. Handelsbanken Fonder AB raised its position in Confluent by 48.1% during the 3rd quarter. Handelsbanken Fonder AB now owns 67,692 shares of the company’s stock worth $1,380,000 after buying an additional 22,000 shares during the last quarter. Finally, SG Americas Securities LLC lifted its stake in shares of Confluent by 85.0% in the 3rd quarter. SG Americas Securities LLC now owns 85,799 shares of the company’s stock worth $1,749,000 after acquiring an additional 39,427 shares during the period. Institutional investors and hedge funds own 78.09% of the company’s stock.

Insider Activity at Confluent

In related news, CMO Stephanie Buscemi sold 3,866 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $83,814.88. Following the completion of the sale, the chief marketing officer now directly owns 161,673 shares in the company, valued at approximately $3,505,070.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CMO Stephanie Buscemi sold 3,866 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $83,814.88. Following the transaction, the chief marketing officer now directly owns 161,673 shares of the company’s stock, valued at approximately $3,505,070.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Lara Caimi sold 9,375 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $20.01, for a total transaction of $187,593.75. Following the completion of the sale, the director now directly owns 7,160 shares of the company’s stock, valued at $143,271.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 524,453 shares of company stock worth $10,833,388. 13.82% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Mizuho cut their price target on shares of Confluent from $31.00 to $29.00 and set an “outperform” rating for the company in a report on Thursday, October 17th. Bank of America reduced their price target on Confluent from $32.00 to $26.00 and set an “underperform” rating for the company in a report on Thursday, August 1st. Baird R W raised Confluent to a “hold” rating in a report on Wednesday, September 4th. Sanford C. Bernstein reduced their target price on Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a report on Friday. Finally, Citigroup lowered their price target on shares of Confluent from $32.00 to $28.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $29.79.

Confluent Price Performance

Shares of Confluent stock opened at $22.53 on Friday. The stock has a market capitalization of $7.16 billion, a P/E ratio of -18.02 and a beta of 0.88. The company has a current ratio of 4.44, a quick ratio of 4.44 and a debt-to-equity ratio of 1.25. The business’s fifty day moving average price is $20.78 and its 200 day moving average price is $24.81. Confluent, Inc. has a twelve month low of $14.69 and a twelve month high of $35.07.

Confluent (NASDAQ:CFLT) last posted its earnings results on Wednesday, July 31st. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. The business had revenue of $234.99 million for the quarter, compared to analyst estimates of $229.49 million. As a group, research analysts anticipate that Confluent, Inc. will post -0.95 earnings per share for the current 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.