Texas Capital Bank Wealth Management Services Inc Has $367,000 Stock Position in Confluent, Inc. (NASDAQ:CFLT)

Texas Capital Bank Wealth Management Services Inc boosted its position in Confluent, Inc. (NASDAQ:CFLT) by 125.0% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 18,000 shares of the company’s stock after purchasing an additional 10,000 shares during the period. Texas Capital Bank Wealth Management Services Inc’s holdings in Confluent were worth $367,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of CFLT. William Blair Investment Management LLC acquired a new stake in Confluent during the second quarter worth approximately $193,403,000. Champlain Investment Partners LLC lifted its position 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 acquiring an additional 4,486,841 shares during the last quarter. 1832 Asset Management L.P. lifted its position in Confluent by 28.4% during the second quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock worth $224,933,000 after acquiring an additional 1,684,100 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Confluent by 60.0% during the second quarter. Bank of New York Mellon Corp now owns 3,510,483 shares of the company’s stock worth $103,665,000 after acquiring an additional 1,316,804 shares during the last quarter. Finally, Fiera Capital Corp acquired a new stake in Confluent during the third quarter worth approximately $21,127,000. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CAO Kong Phan sold 2,096 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $59,170.08. Following the transaction, the chief accounting officer now owns 190,680 shares in the company, valued at $5,382,896.40. The trade was a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CMO Stephanie Buscemi sold 5,271 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $148,800.33. Following the completion of the transaction, the chief marketing officer now owns 144,373 shares in the company, valued at approximately $4,075,649.79. The trade was a 3.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,069,108 shares of company stock valued at $116,165,158 over the last 90 days. 13.82% of the stock is owned by insiders.

Analyst Ratings Changes

CFLT has been the subject of a number of analyst reports. Royal Bank of Canada lifted their price target on shares of Confluent from $26.00 to $33.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Evercore ISI dropped their price target on shares of Confluent from $33.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, September 20th. JMP Securities reiterated a “market outperform” rating and issued a $40.00 price target on shares of Confluent in a research report on Tuesday, October 29th. Baird R W upgraded shares of Confluent to a “hold” rating in a research report on Wednesday, September 4th. Finally, TD Cowen lifted 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. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.23.

Confluent Stock Performance

Shares of Confluent stock opened at $33.66 on Friday. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17. Confluent, Inc. has a twelve month low of $17.79 and a twelve month high of $35.07. The stock has a market cap of $11.04 billion, a price-to-earnings ratio of -30.32 and a beta of 0.88. The company’s fifty day moving average is $25.40 and its 200 day moving average is $24.70.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.03. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. The company had revenue of $250.20 million for the quarter, compared to analysts’ expectations of $243.98 million. Sell-side analysts forecast that Confluent, Inc. will post -0.9 EPS for the current year.

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.