Sit Investment Associates Inc. Has $3.48 Million Stake in Confluent, Inc. (NASDAQ:CFLT)

Sit Investment Associates Inc. raised its position in shares of Confluent, Inc. (NASDAQ:CFLT) by 0.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 124,623 shares of the company’s stock after buying an additional 680 shares during the quarter. Sit Investment Associates Inc.’s holdings in Confluent were worth $3,484,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Blue Trust Inc. lifted its position in shares of Confluent by 354.0% during the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock valued at $58,000 after acquiring an additional 1,607 shares during the period. SBI Securities Co. Ltd. acquired a new position in shares of Confluent during the fourth quarter valued at about $59,000. GAMMA Investing LLC boosted its position 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 purchasing an additional 1,136 shares in the last quarter. AlphaQuest LLC grew its stake in shares of Confluent by 22,112.5% in the 4th quarter. AlphaQuest LLC now owns 3,554 shares of the company’s stock valued at $99,000 after buying an additional 3,538 shares during the period. Finally, IFP Advisors Inc increased its position in Confluent by 48.4% in the 4th quarter. IFP Advisors Inc now owns 4,945 shares of the company’s stock valued at $138,000 after buying an additional 1,613 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Bank of America raised their price objective on Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a research note on Wednesday, February 12th. Truist Financial reduced their price target on shares of Confluent from $40.00 to $35.00 and set a “buy” rating for the company in a research report on Monday, March 31st. William Blair restated an “outperform” rating on shares of Confluent in a report on Monday, March 17th. UBS Group upgraded shares of Confluent from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $34.00 to $38.00 in a report on Wednesday, February 26th. Finally, Evercore ISI upped their target price on shares of Confluent from $32.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. 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.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $35.15.

Confluent Stock Performance

Shares of Confluent stock opened at $20.17 on Monday. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14. The stock’s fifty day moving average price is $28.82 and its 200-day moving average price is $27.33. The firm has a market cap of $6.74 billion, a P/E ratio of -18.68 and a beta of 1.03. Confluent, Inc. has a 12 month low of $17.79 and a 12 month high of $37.90.

Confluent (NASDAQ:CFLT) last posted its earnings results 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 return on equity of 34.70% and a negative net margin of 35.81%. On average, equities research analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Insider Transactions at Confluent

In other Confluent news, insider Erica Schultz sold 150,000 shares of Confluent stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $35.82, for a total transaction of $5,373,000.00. Following the completion of the sale, the insider now owns 678,016 shares of the company’s stock, valued at approximately $24,286,533.12. The trade was a 18.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $14,628,937.04. This trade represents a 33.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,200,746 shares of company stock valued at $38,505,150 in the last quarter. 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.