Great Lakes Advisors LLC Trims Stake in Confluent, Inc. $CFLT

Great Lakes Advisors LLC lessened its position in Confluent, Inc. (NASDAQ:CFLT) by 50.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 167,418 shares of the company’s stock after selling 171,148 shares during the quarter. Great Lakes Advisors LLC’s holdings in Confluent were worth $3,315,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Bank of Montreal Can grew its stake in shares of Confluent by 28.5% in the second quarter. Bank of Montreal Can now owns 261,007 shares of the company’s stock worth $6,507,000 after acquiring an additional 57,928 shares during the last quarter. Hsbc Holdings PLC boosted its stake in Confluent by 655.7% in the 2nd quarter. Hsbc Holdings PLC now owns 243,596 shares of the company’s stock worth $6,013,000 after purchasing an additional 211,360 shares in the last quarter. Blair William & Co. IL grew its position in Confluent by 8.6% during the 2nd quarter. Blair William & Co. IL now owns 160,575 shares of the company’s stock valued at $4,003,000 after purchasing an additional 12,654 shares during the last quarter. Coronation Fund Managers Ltd. purchased a new stake in Confluent during the 2nd quarter valued at about $10,250,000. Finally, Persistent Asset Partners Ltd bought a new stake in Confluent during the 2nd quarter valued at about $499,000. 78.09% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Confluent news, Director Lara Caimi sold 1,074 shares of the stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $30.00, for a total transaction of $32,220.00. Following the completion of the sale, the director directly owned 11,524 shares of the company’s stock, valued at $345,720. This trade represents a 8.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CRO Ban Ryan Norris Mac sold 3,053 shares of the business’s stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $29.96, for a total transaction of $91,467.88. Following the completion of the sale, the executive owned 332,679 shares in the company, valued at approximately $9,967,062.84. The trade was a 0.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,387,664 shares of company stock worth $39,022,546 in the last three months. 9.20% of the stock is owned by company insiders.

Confluent Price Performance

NASDAQ CFLT opened at $30.54 on Friday. The business’s fifty day moving average is $28.67 and its 200 day moving average is $23.78. Confluent, Inc. has a fifty-two week low of $15.64 and a fifty-two week high of $37.90. The company has a debt-to-equity ratio of 0.98, a quick ratio of 4.01 and a current ratio of 4.01. The company has a market capitalization of $10.68 billion, a PE ratio of -33.93 and a beta of 0.95.

Analyst Upgrades and Downgrades

CFLT has been the topic of a number of recent analyst reports. DA Davidson reiterated a “neutral” rating and set a $31.00 price target (up previously from $29.00) on shares of Confluent in a report on Monday, December 8th. Truist Financial set a $31.00 target price on Confluent in a research note on Monday, December 8th. Stifel Nicolaus boosted their price target on Confluent from $21.00 to $25.00 and gave the stock a “hold” rating in a research note on Tuesday, October 28th. Piper Sandler cut Confluent from an “overweight” rating to a “hold” rating and set a $31.00 price objective on the stock. in a research report on Monday, December 8th. Finally, Stephens boosted their target price on Confluent from $25.00 to $29.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, twenty-eight have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $28.78.

Confluent Profile

Confluent, Inc (NASDAQ: CFLT) is a leading provider of an event streaming platform built on Apache Kafka. The company’s flagship offerings include Confluent Platform—a self-managed software solution—and Confluent Cloud, a fully managed service designed to simplify real-time data processing across hybrid and multi-cloud environments. These products enable enterprises to collect, process and distribute high volumes of data in real time, supporting use cases such as fraud detection, supply chain optimization and personalized customer experiences.

Founded in 2014 by Apache Kafka co-creators Jay Kreps, Neha Narkhede and Jun Rao, Confluent has driven the commercialization of Kafka technologies and extended the platform with tools for data integration, stream processing and enterprise-grade security.