Regents of The University of California Makes New Investment in Confluent, Inc. (NASDAQ:CFLT)

Regents of The University of California purchased a new position in shares of Confluent, Inc. (NASDAQ:CFLT) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 27,600 shares of the company’s stock, valued at approximately $842,000. Confluent accounts for about 0.2% of Regents of The University of California’s holdings, making the stock its 18th largest position.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Coatue Management LLC bought a new stake in Confluent in the fourth quarter valued at about $134,132,000. Vanguard Group Inc. raised its position in shares of Confluent by 13.0% during the 3rd quarter. Vanguard Group Inc. now owns 18,424,394 shares of the company’s stock valued at $545,546,000 after acquiring an additional 2,125,843 shares in the last quarter. Norges Bank acquired a new stake in shares of Confluent during the 4th quarter valued at approximately $37,046,000. Trivest Advisors Ltd bought a new position in Confluent during the fourth quarter worth $31,145,000. Finally, CloudAlpha Capital Management Limited Hong Kong acquired a new position in Confluent in the fourth quarter worth $29,833,000. 78.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CFLT has been the topic of a number of recent research reports. Guggenheim restated a “buy” rating and issued a $37.00 price target on shares of Confluent in a research report on Tuesday, June 25th. The Goldman Sachs Group lifted their target price on Confluent from $27.00 to $30.00 and gave the company a “neutral” rating in a research note on Thursday, May 9th. JMP Securities boosted their price objective on Confluent from $38.00 to $40.00 and gave the company a “market outperform” rating in a research report on Wednesday, May 8th. Mizuho dropped their target price on Confluent from $38.00 to $36.00 and set a “buy” rating on the stock in a research report on Monday, April 15th. Finally, Wells Fargo & Company lifted their price target on Confluent from $36.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat, Confluent has an average rating of “Moderate Buy” and an average price target of $32.93.

Confluent Stock Up 4.4 %

NASDAQ:CFLT traded up $1.10 during trading hours on Friday, hitting $26.14. 5,772,517 shares of the stock traded hands, compared to its average volume of 4,459,390. The firm has a market cap of $8.31 billion, a price-to-earnings ratio of -20.91 and a beta of 0.91. The firm has a 50 day moving average price of $28.54 and a 200 day moving average price of $28.29. The company has a current ratio of 5.07, a quick ratio of 5.07 and a debt-to-equity ratio of 1.29. Confluent, Inc. has a fifty-two week low of $14.69 and a fifty-two week high of $41.22.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.04). The business had revenue of $217.24 million during the quarter, compared to analysts’ expectations of $211.57 million. Confluent had a negative return on equity of 40.55% and a negative net margin of 46.73%. Equities research analysts anticipate that Confluent, Inc. will post -0.94 earnings per share for the current year.

Insiders Place Their Bets

In other Confluent news, CTO Chad Verbowski sold 8,312 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $26.76, for a total transaction of $222,429.12. Following the transaction, the chief technology officer now directly owns 510,347 shares in the company, valued at $13,656,885.72. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Confluent news, Director Lara Caimi sold 5,399 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $25.88, for a total transaction of $139,726.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Chad Verbowski sold 8,312 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $26.76, for a total value of $222,429.12. Following the transaction, the chief technology officer now owns 510,347 shares in the company, valued at approximately $13,656,885.72. The disclosure for this sale can be found here. Insiders sold 632,725 shares of company stock valued at $18,138,428 over the last ninety days. Corporate insiders own 13.82% of the company’s stock.

About Confluent

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.