Handelsbanken Fonder AB Has $1.67 Million Stock Holdings in Confluent, Inc. (NASDAQ:CFLT)

Handelsbanken Fonder AB reduced its holdings in shares of Confluent, Inc. (NASDAQ:CFLT) by 11.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 59,792 shares of the company’s stock after selling 7,900 shares during the quarter. Handelsbanken Fonder AB’s holdings in Confluent were worth $1,672,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CFLT. Champlain Investment Partners LLC boosted its holdings in Confluent by 72.2% during the third quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock worth $218,083,000 after purchasing an additional 4,486,841 shares during the last quarter. Fiera Capital Corp bought a new stake in shares of Confluent in the third quarter valued at approximately $21,127,000. Jacobs Levy Equity Management Inc. raised its position in shares of Confluent by 46.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 2,513,426 shares of the company’s stock valued at $51,224,000 after purchasing an additional 802,353 shares during the period. Savant Capital LLC bought a new stake in shares of Confluent in the fourth quarter valued at approximately $10,607,000. Finally, Oddo BHF Asset Management Sas bought a new stake in shares of Confluent in the third quarter valued at approximately $7,646,000. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Confluent Price Performance

Shares of CFLT stock opened at $30.44 on Wednesday. The stock’s 50-day simple moving average is $29.84 and its 200-day simple moving average is $26.17. The firm has a market capitalization of $9.98 billion, a price-to-earnings ratio of -28.19 and a beta of 0.92. Confluent, Inc. has a fifty-two week low of $17.79 and a fifty-two week high of $37.90. 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 posted its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. As a group, equities analysts forecast that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CFLT has been the subject of several recent analyst reports. Canaccord Genuity Group boosted their price objective on shares of Confluent from $34.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Stifel Nicolaus boosted their price target on shares of Confluent from $37.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Wells Fargo & Company boosted their price target on shares of Confluent from $40.00 to $42.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. TD Cowen upped their price objective on shares of Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Finally, Robert W. Baird upped their price target on shares of Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.00.

Insiders Place Their Bets

In related news, Director Matthew Craig Miller sold 347,646 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $32.69, for a total transaction of $11,364,547.74. Following the completion of the sale, the director now owns 22,688 shares of the company’s stock, valued at approximately $741,670.72. This represents a 93.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Kong Phan sold 12,460 shares of the stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $31.30, for a total transaction 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 trade represents a 6.35 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,394,730 shares of company stock worth $45,827,255. Company insiders own 13.82% of the company’s stock.

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.