Rakuten Securities Inc. Reduces Position in Confluent, Inc. (NASDAQ:CFLT)

Rakuten Securities Inc. lowered its stake in Confluent, Inc. (NASDAQ:CFLT) by 16.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,100 shares of the company’s stock after selling 812 shares during the period. Rakuten Securities Inc.’s holdings in Confluent were worth $84,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Oppenheimer & Co. Inc. increased its position in shares of Confluent by 86.0% in the 1st quarter. Oppenheimer & Co. Inc. now owns 23,670 shares of the company’s stock valued at $722,000 after acquiring an additional 10,944 shares during the period. Russell Investments Group Ltd. increased its holdings in shares of Confluent by 0.7% in the first quarter. Russell Investments Group Ltd. now owns 260,808 shares of the company’s stock valued at $7,960,000 after purchasing an additional 1,707 shares during the period. ProShare Advisors LLC increased its holdings in shares of Confluent by 19.6% in the first quarter. ProShare Advisors LLC now owns 11,719 shares of the company’s stock valued at $358,000 after purchasing an additional 1,922 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in shares of Confluent by 19.6% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 15,501 shares of the company’s stock worth $473,000 after purchasing an additional 2,542 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Confluent by 20.3% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 154,939 shares of the company’s stock worth $4,729,000 after purchasing an additional 26,100 shares during the period. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Confluent Stock Performance

NASDAQ CFLT opened at $27.70 on Wednesday. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The stock’s 50 day simple moving average is $21.74 and its 200-day simple moving average is $24.58. The company has a market cap of $9.09 billion, a PE ratio of -24.95 and a beta of 0.82. Confluent, Inc. has a 1-year low of $17.26 and a 1-year high of $35.07.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.03. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. The company had revenue of $250.20 million for the quarter, compared to analyst estimates of $243.98 million. As a group, equities research analysts anticipate that Confluent, Inc. will post -0.9 EPS for the current fiscal year.

Analyst Ratings Changes

CFLT has been the subject of a number of recent research reports. Royal Bank of Canada raised their price target on shares of Confluent from $26.00 to $33.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Wells Fargo & Company decreased their target price on shares of Confluent from $38.00 to $34.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. Loop Capital cut their price target on Confluent from $30.00 to $25.00 and set a “hold” rating on the stock in a research report on Friday, July 19th. JMP Securities reiterated a “market outperform” rating and set a $40.00 price objective on shares of Confluent in a research note on Tuesday, October 29th. Finally, JPMorgan Chase & Co. upped their target price on Confluent from $25.00 to $26.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $30.88.

Insider Transactions at Confluent

In related news, Director Matthew Craig Miller sold 1,067,242 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $27.51, for a total transaction of $29,359,827.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CMO Stephanie Buscemi sold 3,866 shares of Confluent stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $83,814.88. Following the transaction, the chief marketing officer now owns 161,673 shares in the company, valued at $3,505,070.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew Craig Miller sold 1,067,242 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $27.51, for a total transaction of $29,359,827.42. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,041,895 shares of company stock valued at $53,318,197. Corporate insiders own 13.82% of the company’s stock.

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.