Confluent, Inc. (NASDAQ:CFLT) Shares Bought by Clearbridge Investments LLC

Clearbridge Investments LLC grew its position in shares of Confluent, Inc. (NASDAQ:CFLT) by 103.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 888,502 shares of the company’s stock after purchasing an additional 451,023 shares during the period. Clearbridge Investments LLC owned 0.29% of Confluent worth $20,791,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Confluent by 13.0% in the third quarter. Vanguard Group Inc. now owns 18,424,394 shares of the company’s stock worth $545,546,000 after acquiring an additional 2,125,843 shares during the last quarter. Invesco Ltd. boosted its position in shares of Confluent by 14.0% in the third quarter. Invesco Ltd. now owns 3,824,055 shares of the company’s stock worth $113,230,000 after acquiring an additional 470,002 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Confluent by 5.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,931,677 shares of the company’s stock valued at $45,201,000 after buying an additional 104,801 shares in the last quarter. Norges Bank acquired a new position in Confluent during the fourth quarter valued at approximately $37,046,000. Finally, Trivest Advisors Ltd acquired a new position in Confluent during the fourth quarter valued at approximately $31,145,000. 78.09% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CFLT has been the topic of a number of recent research reports. Mizuho reduced their price target on shares of Confluent from $38.00 to $36.00 and set a “buy” rating on the stock in a research report on Monday, April 15th. TD Cowen lifted their price target on shares of Confluent from $34.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Oppenheimer initiated coverage on shares of Confluent in a research report on Friday, May 17th. They set an “outperform” rating and a $37.00 price target on the stock. Wells Fargo & Company lifted their price target on shares of Confluent from $36.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $38.00 price objective on shares of Confluent in a research note on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $33.04.

Insider Buying and Selling at Confluent

In other news, Director Eric Vishria sold 61,905 shares of the business’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $31.41, for a total transaction of $1,944,436.05. Following the completion of the transaction, the director now owns 1,371,068 shares of the company’s stock, valued at $43,065,245.88. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Eric Vishria sold 61,905 shares of the business’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $31.41, for a total transaction of $1,944,436.05. Following the completion of the transaction, the director now owns 1,371,068 shares of the company’s stock, valued at $43,065,245.88. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Ying Christina Liu sold 68,000 shares of the business’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $31.06, for a total transaction of $2,112,080.00. Following the transaction, the chief accounting officer now directly owns 168,338 shares of the company’s stock, valued at approximately $5,228,578.28. The disclosure for this sale can be found here. Insiders sold a total of 737,841 shares of company stock worth $24,089,786 over the last 90 days. Insiders own 13.82% of the company’s stock.

Confluent Stock Performance

CFLT stock opened at $31.00 on Friday. 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 1-year low of $14.69 and a 1-year high of $41.22. The firm has a fifty day moving average price of $29.84 and a two-hundred day moving average price of $26.70.

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.