Lake Street Advisors Group LLC Buys Shares of 16,218 Confluent, Inc. (NASDAQ:CFLT)

Lake Street Advisors Group LLC purchased a new stake in Confluent, Inc. (NASDAQ:CFLT) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 16,218 shares of the company’s stock, valued at approximately $495,000.

Other hedge funds also recently made changes to their positions in the company. Nordea Investment Management AB raised its stake in Confluent by 43.2% during the 4th quarter. Nordea Investment Management AB now owns 11,143 shares of the company’s stock valued at $265,000 after acquiring an additional 3,361 shares in the last quarter. Gulf International Bank UK Ltd lifted its holdings in Confluent by 404.8% in the fourth quarter. Gulf International Bank UK Ltd now owns 20,206 shares of the company’s stock worth $472,000 after purchasing an additional 16,203 shares during the period. Assenagon Asset Management S.A. acquired a new position in Confluent during the 4th quarter valued at about $348,000. Fifth Third Bancorp raised its position in shares of Confluent by 5.0% during the 4th quarter. Fifth Third Bancorp now owns 11,703 shares of the company’s stock worth $274,000 after buying an additional 556 shares in the last quarter. Finally, Arizona State Retirement System lifted its stake in shares of Confluent by 11.5% in the 4th quarter. Arizona State Retirement System now owns 49,772 shares of the company’s stock worth $1,165,000 after acquiring an additional 5,123 shares during the period. Institutional investors own 78.09% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on CFLT shares. Canaccord Genuity Group raised Confluent from a “hold” rating to a “buy” rating and set a $35.00 target price on the stock in a report on Wednesday, May 8th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $40.00 target price on shares of Confluent in a research note on Tuesday, June 4th. Canaccord Genuity Group upgraded shares of Confluent from a “hold” rating to a “buy” rating and boosted their price target for the stock from $28.00 to $35.00 in a research report on Wednesday, May 8th. Evercore ISI began coverage on shares of Confluent in a research report on Tuesday, June 11th. They set an “outperform” rating and a $35.00 price objective for the company. Finally, Wells Fargo & Company boosted their target price on shares of Confluent from $36.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $32.93.

Insider Buying and Selling at Confluent

In other news, Director Lara Caimi sold 5,399 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $25.88, for a total transaction of $139,726.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Ying Christina Liu sold 7,261 shares of the company’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $31.96, for a total value of $232,061.56. Following the completion of the sale, the chief accounting officer now directly owns 161,077 shares in the company, valued at $5,148,020.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lara Caimi sold 5,399 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $25.88, for a total value of $139,726.12. The disclosure for this sale can be found here. Insiders have sold 632,725 shares of company stock worth $18,138,428 over the last 90 days. 13.82% of the stock is currently owned by corporate insiders.

Confluent Stock Down 4.0 %

CFLT traded down $1.01 on Wednesday, reaching $24.37. 2,981,009 shares of the company traded hands, compared to its average volume of 4,421,063. The company has a market cap of $7.75 billion, a price-to-earnings ratio of -19.50 and a beta of 0.91. The company has a debt-to-equity ratio of 1.29, a current ratio of 5.07 and a quick ratio of 5.07. The stock’s 50 day moving average price is $27.77 and its 200-day moving average price is $28.46. Confluent, Inc. has a 52-week low of $14.69 and a 52-week high of $38.19.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.04). Confluent had a negative net margin of 46.73% and a negative return on equity of 40.55%. The company had revenue of $217.24 million for the quarter, compared to analysts’ expectations of $211.57 million. On average, sell-side analysts expect that Confluent, Inc. will post -0.94 EPS for the current fiscal year.

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.