Baillie Gifford & Co. Boosts Stock Position in Confluent, Inc. (NASDAQ:CFLT)

Baillie Gifford & Co. boosted its position in shares of Confluent, Inc. (NASDAQ:CFLT) by 1.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 447,958 shares of the company’s stock after acquiring an additional 4,283 shares during the quarter. Baillie Gifford & Co.’s holdings in Confluent were worth $13,228,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Panagora Asset Management Inc. purchased a new stake in Confluent during the 4th quarter worth approximately $745,000. Norges Bank acquired a new position in shares of Confluent in the fourth quarter worth $37,046,000. Victory Capital Management Inc. increased its position in shares of Confluent by 20.2% during the fourth quarter. Victory Capital Management Inc. now owns 561,497 shares of the company’s stock worth $13,139,000 after acquiring an additional 94,405 shares during the period. AGF Management Ltd. purchased a new position in Confluent in the fourth quarter valued at $3,537,000. Finally, Highland Capital Management LLC acquired a new position in Confluent during the 1st quarter worth $1,181,000. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CFLT shares. Needham & Company LLC reaffirmed a “buy” rating and set a $38.00 price objective on shares of Confluent in a research report on Tuesday, July 30th. Citigroup lowered their price objective on Confluent from $32.00 to $28.00 and set a “neutral” rating for the company in a research report on Tuesday, July 30th. Barclays boosted their target price on Confluent from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. Canaccord Genuity Group upgraded shares of Confluent from a “hold” rating to a “buy” rating and set a $35.00 price target on the stock in a research note on Wednesday, May 8th. Finally, Loop Capital reduced their price objective on shares of Confluent from $30.00 to $25.00 and set a “hold” rating for the company in a research report on Friday, July 19th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $30.96.

Confluent Price Performance

Shares of Confluent stock traded up $0.09 during trading on Friday, hitting $21.36. 2,735,103 shares of the company were exchanged, compared to its average volume of 4,519,432. The company has a quick ratio of 5.07, a current ratio of 5.07 and a debt-to-equity ratio of 1.29. The firm has a 50 day moving average price of $24.69 and a 200 day moving average price of $28.30. The stock has a market capitalization of $6.79 billion, a price-to-earnings ratio of -17.09 and a beta of 0.91. Confluent, Inc. has a fifty-two week low of $14.69 and a fifty-two week high of $35.22.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Wednesday, July 31st. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.04). Confluent had a negative net margin of 42.70% and a negative return on equity of 38.46%. The company had revenue of $234.99 million during the quarter, compared to analyst estimates of $229.49 million. On average, equities analysts expect that Confluent, Inc. will post -0.94 earnings per share for the current fiscal year.

Insider Transactions at Confluent

In other news, CMO Stephanie Buscemi sold 3,866 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $83,814.88. Following the completion of the sale, the chief marketing officer now directly owns 161,673 shares of the company’s stock, valued at $3,505,070.64. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CMO Stephanie Buscemi sold 3,866 shares of the stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $83,814.88. Following the transaction, the chief marketing officer now owns 161,673 shares of the company’s stock, valued at approximately $3,505,070.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Erica Schultz sold 63,729 shares of the stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $30.20, for a total value of $1,924,615.80. Following the completion of the sale, the insider now directly owns 697,039 shares of the company’s stock, valued at $21,050,577.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 666,290 shares of company stock worth $16,233,738. 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.