The Manufacturers Life Insurance Company Increases Stock Position in Confluent, Inc. (NASDAQ:CFLT)

The Manufacturers Life Insurance Company grew its position in shares of Confluent, Inc. (NASDAQ:CFLT) by 19.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 127,306 shares of the company’s stock after purchasing an additional 21,010 shares during the period. The Manufacturers Life Insurance Company’s holdings in Confluent were worth $3,559,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in CFLT. Vanguard Group Inc. lifted its position in Confluent by 2.5% during the fourth 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 during the last quarter. Champlain Investment Partners LLC lifted its holdings in shares of Confluent by 1.3% in the 4th quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company’s stock valued at $302,940,000 after acquiring an additional 133,908 shares during the last quarter. Geode Capital Management LLC grew its position in Confluent by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company’s stock worth $123,339,000 after acquiring an additional 84,163 shares in the last quarter. Norges Bank purchased a new position in Confluent in the fourth quarter worth about $81,092,000. Finally, Charles Schwab Investment Management Inc. increased its stake in Confluent by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,355,491 shares of the company’s stock worth $65,860,000 after acquiring an additional 71,454 shares during the last quarter. 78.09% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Michelangelo Volpi sold 25,000 shares of the business’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $36.22, for a total transaction of $905,500.00. Following the transaction, the director now directly owns 292,079 shares in the company, valued at $10,579,101.38. The trade was a 7.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Erica Schultz sold 150,000 shares of the stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $35.82, for a total value 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. This trade represents a 18.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,260,746 shares of company stock worth $39,702,750 in the last 90 days. 13.82% of the stock is owned by corporate insiders.

Confluent Stock Down 1.6 %

Shares of NASDAQ CFLT opened at $20.65 on Friday. The stock has a market capitalization of $6.90 billion, a PE ratio of -19.12 and a beta of 1.02. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14. Confluent, Inc. has a 12-month low of $17.79 and a 12-month high of $37.90. The stock’s fifty day simple moving average is $23.40 and its two-hundred day simple moving average is $27.31.

Confluent (NASDAQ:CFLT) last posted its earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.01. The company had revenue of $271.12 million for the quarter, compared to analyst estimates of $264.45 million. Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. The firm’s quarterly revenue was up 24.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.05 earnings per share. As a group, analysts expect that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CFLT. Morgan Stanley dropped their target price on Confluent from $32.00 to $25.00 and set an “equal weight” rating for the company in a report on Wednesday, April 16th. Evercore ISI dropped their price objective on shares of Confluent from $29.00 to $28.00 and set an “outperform” rating for the company in a research note on Thursday, May 1st. Wells Fargo & Company reduced their target price on shares of Confluent from $32.00 to $30.00 and set an “overweight” rating on the stock in a research note on Thursday, May 1st. UBS Group dropped their price target on shares of Confluent from $38.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. Finally, Raymond James started coverage on shares of Confluent in a research report on Friday, April 11th. They issued an “outperform” rating and a $30.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, six have given a hold rating, twenty-one have given a buy rating and one has given 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 $30.11.

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.