Confluent, Inc. (NASDAQ:CFLT) Shares Purchased by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA raised its stake in Confluent, Inc. (NASDAQ:CFLT) by 7,342.2% in the fourth quarter, HoldingsChannel reports. The fund owned 2,351,516 shares of the company’s stock after purchasing an additional 2,319,919 shares during the period. Pictet Asset Management Holding SA’s holdings in Confluent were worth $65,748,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of Confluent by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company’s stock valued at $694,207,000 after purchasing an additional 599,582 shares in the last quarter. Geode Capital Management LLC increased its holdings in Confluent by 2.5% in the third quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company’s stock valued at $88,180,000 after buying an additional 107,510 shares in the last quarter. Norges Bank acquired a new position in shares of Confluent in the fourth quarter worth about $81,092,000. Atreides Management LP boosted its stake in shares of Confluent by 7.3% during the 3rd quarter. Atreides Management LP now owns 2,706,910 shares of the company’s stock worth $55,167,000 after acquiring an additional 184,865 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its position in shares of Confluent by 46.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,513,426 shares of the company’s stock valued at $51,224,000 after acquiring an additional 802,353 shares during the period. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Confluent Trading Down 4.8 %

NASDAQ CFLT opened at $24.33 on Friday. The firm’s fifty day moving average is $29.36 and its two-hundred day moving average is $27.20. Confluent, Inc. has a one year low of $17.79 and a one year 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. The firm has a market cap of $8.13 billion, a PE ratio of -22.53 and a beta of 0.90.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data 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%. Analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current year.

Analyst Upgrades and Downgrades

CFLT has been the topic of a number of recent analyst reports. Wells Fargo & Company increased their price target on Confluent from $40.00 to $42.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Mizuho lifted their price target on shares of Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Bank of America upped their price objective on shares of Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a research report on Wednesday, February 12th. Truist Financial lifted their target price on shares of Confluent from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $40.00 price target on shares of Confluent in a research note on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $35.33.

Insiders Place Their Bets

In other Confluent news, CAO Kong Phan sold 3,175 shares of the company’s stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $26.86, for a total value of $85,280.50. Following the sale, the chief accounting officer now owns 246,516 shares of the company’s stock, valued at $6,621,419.76. This represents a 1.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Rohan Sivaram sold 68,350 shares of the firm’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $36.23, for a total transaction of $2,476,320.50. Following the transaction, the chief financial officer now directly owns 520,273 shares of the company’s stock, valued at approximately $18,849,490.79. This trade represents a 11.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,200,746 shares of company stock worth $38,505,150. 13.82% of the stock is owned by corporate insiders.

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.