Advisory Resource Group Takes Position in Confluent, Inc. (NASDAQ:CFLT)

Advisory Resource Group acquired a new stake in Confluent, Inc. (NASDAQ:CFLT) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 6,863 shares of the company’s stock, valued at approximately $242,000.

Several other hedge funds also recently modified their holdings of the stock. Advisors Asset Management Inc. bought a new position in shares of Confluent in the first quarter valued at $30,000. Geneos Wealth Management Inc. bought a new position in shares of Confluent in the first quarter valued at $43,000. Sands Capital Ventures LLC bought a new position in shares of Confluent in the fourth quarter valued at $30,000. FNY Investment Advisers LLC bought a new position in Confluent during the second quarter worth about $58,000. Finally, Kayne Anderson Rudnick Investment Management LLC acquired a new position in Confluent during the first quarter worth approximately $42,000. Institutional investors own 59.30% of the company’s stock.

Analysts Set New Price Targets

CFLT has been the subject of several research analyst reports. JPMorgan Chase & Co. lifted their target price on Confluent from $20.00 to $31.00 in a research note on Wednesday, June 14th. Citigroup upped their price objective on shares of Confluent from $36.00 to $37.00 and gave the company a “neutral” rating in a report on Wednesday, August 2nd. Truist Financial raised their target price on shares of Confluent from $30.00 to $42.00 in a research note on Wednesday, June 14th. Canaccord Genuity Group assumed coverage on shares of Confluent in a research note on Friday, September 1st. They issued a “buy” rating and a $40.00 price target on the stock. Finally, Canaccord Genuity Group started coverage on shares of Confluent in a research report on Friday, September 1st. They set a “buy” rating and a $40.00 price objective for the company. Six equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, Confluent currently has an average rating of “Moderate Buy” and an average price target of $36.90.

Confluent Stock Up 1.6 %

CFLT stock opened at $32.68 on Tuesday. Confluent, Inc. has a 52 week low of $16.60 and a 52 week high of $41.22. The business has a 50-day simple moving average of $34.12 and a 200 day simple moving average of $29.66. The company has a quick ratio of 5.05, a current ratio of 5.05 and a debt-to-equity ratio of 1.43. The company has a market cap of $9.88 billion, a PE ratio of -19.81 and a beta of 0.99.

Confluent (NASDAQ:CFLT) last released its earnings results on Wednesday, August 2nd. The company reported ($0.32) EPS for the quarter, beating the consensus estimate of ($0.33) by $0.01. Confluent had a negative net margin of 69.87% and a negative return on equity of 54.53%. The firm had revenue of $189.29 million for the quarter, compared to analyst estimates of $182.18 million. Sell-side analysts anticipate that Confluent, Inc. will post -1.09 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Jonathan Chadwick sold 16,625 shares of the company’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $33.79, for a total transaction of $561,758.75. Following the completion of the sale, the director now directly owns 14,203 shares in the company, valued at approximately $479,919.37. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CAO Ying Christina Liu sold 3,597 shares of Confluent stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $32.14, for a total transaction of $115,607.58. Following the sale, the chief accounting officer now directly owns 131,921 shares of the company’s stock, valued at approximately $4,239,940.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jonathan Chadwick sold 16,625 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $33.79, for a total transaction of $561,758.75. Following the transaction, the director now owns 14,203 shares of the company’s stock, valued at $479,919.37. The disclosure for this sale can be found here. Insiders sold 509,841 shares of company stock worth $16,983,860 over the last three months. Insiders own 22.08% of the company’s stock.

Confluent Profile

Confluent, Inc operates a data streaming platform in the United States and internationally. The company offers Confluent Cloud, a managed cloud-native service for connecting and processing real-time data; and Confluent Platform, an enterprise-grade self-managed software that connects and processes data.