AGF Management Ltd. Grows Stock Holdings in Confluent, Inc. (NASDAQ:CFLT)

AGF Management Ltd. raised its stake in Confluent, Inc. (NASDAQ:CFLT) by 17.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 413,595 shares of the company’s stock after purchasing an additional 61,707 shares during the quarter. AGF Management Ltd. owned 0.13% of Confluent worth $11,564,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Blue Trust Inc. increased its stake in Confluent by 354.0% in the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock valued at $58,000 after buying an additional 1,607 shares during the period. SBI Securities Co. Ltd. purchased a new stake in Confluent in the 4th quarter valued at approximately $59,000. Point72 Hong Kong Ltd acquired a new position in Confluent during the 3rd quarter worth approximately $68,000. GAMMA Investing LLC raised its stake in shares of Confluent by 85.3% during the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after buying an additional 1,136 shares in the last quarter. Finally, AlphaQuest LLC boosted its stake in shares of Confluent by 22,112.5% in the fourth quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock valued at $99,000 after buying an additional 3,538 shares in the last quarter. Institutional investors and hedge funds own 78.09% of the company’s stock.

Insider Transactions at Confluent

In other news, insider Erica Schultz sold 63,729 shares of the company’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $29.47, for a total transaction of $1,878,093.63. Following the completion of the sale, the insider now directly owns 502,424 shares of the company’s stock, valued at $14,806,435.28. This represents a 11.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of Confluent 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 transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at $14,628,937.04. This represents a 33.94 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,248,478 shares of company stock valued at $40,003,844. Corporate insiders own 13.82% of the company’s stock.

Confluent Price Performance

Shares of NASDAQ CFLT opened at $25.50 on Wednesday. The firm’s 50-day simple moving average is $29.80 and its 200 day simple moving average is $26.71. The stock 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 quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. Confluent, Inc. has a fifty-two week low of $17.79 and a fifty-two week high of $37.90.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share (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%. Equities analysts expect that Confluent, Inc. will post -0.83 EPS for the current year.

Analysts Set New Price Targets

CFLT has been the subject of a number of recent analyst reports. Royal Bank of Canada raised their target price on Confluent from $36.00 to $41.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Mizuho upped their target price on Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, December 13th. JPMorgan Chase & Co. lifted their price target on Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 11th. UBS Group raised shares of Confluent from a “neutral” rating to a “buy” rating and increased their price objective for the company from $34.00 to $38.00 in a research note on Wednesday, February 26th. Finally, Wells Fargo & Company lifted their target price on shares of Confluent from $40.00 to $42.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $35.33.

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.