Empirical Financial Services LLC d.b.a. Empirical Wealth Management Sells 5,020 Shares of Confluent, Inc. (NASDAQ:CFLT)

Empirical Financial Services LLC d.b.a. Empirical Wealth Management trimmed its holdings in shares of Confluent, Inc. (NASDAQ:CFLT) by 10.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 45,176 shares of the company’s stock after selling 5,020 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in Confluent were worth $1,263,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Zweig DiMenna Associates LLC purchased a new stake in shares of Confluent during the 4th quarter valued at about $1,146,000. Inspire Investing LLC purchased a new stake in shares of Confluent during the 4th quarter valued at about $1,093,000. Jackson Square Capital LLC purchased a new stake in shares of Confluent during the 4th quarter valued at about $389,000. Friedenthal Financial purchased a new stake in shares of Confluent during the 4th quarter valued at about $758,000. Finally, Moody National Bank Trust Division purchased a new stake in shares of Confluent during the 4th quarter valued at about $203,000. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Confluent Trading Up 7.7 %

NASDAQ CFLT opened at $31.16 on Wednesday. The company has a fifty day simple moving average of $29.70 and a two-hundred day simple moving average of $24.96. The stock has a market cap of $10.22 billion, a P/E ratio of -28.07 and a beta of 0.91. Confluent, Inc. has a 12-month low of $17.79 and a 12-month high of $35.07. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03. The business had revenue of $250.20 million during the quarter, compared to analysts’ expectations of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. On average, analysts forecast that Confluent, Inc. will post -0.9 earnings per share for the current year.

Insiders Place Their Bets

In related news, CMO Stephanie Buscemi sold 164,123 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $26.24, for a total transaction of $4,306,587.52. Following the completion of the transaction, the chief marketing officer now owns 149,644 shares of the company’s stock, valued at $3,926,658.56. This trade represents a 52.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Kong Phan sold 3,947 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $28.74, for a total transaction of $113,436.78. Following the transaction, the chief accounting officer now directly owns 179,939 shares of the company’s stock, valued at approximately $5,171,446.86. This trade represents a 2.15 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,584,712 shares of company stock valued at $132,928,936. Insiders own 13.82% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Scotiabank upped their target price on shares of Confluent from $25.00 to $27.00 and gave the company a “sector perform” rating in a research report on Thursday, October 31st. JMP Securities reissued a “market outperform” rating and issued a $40.00 price objective on shares of Confluent in a research report on Tuesday, October 29th. TD Cowen increased their price objective on shares of Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Stifel Nicolaus upped their target price on shares of Confluent from $34.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. Finally, Needham & Company LLC restated a “buy” rating and issued a $31.00 target price on shares of Confluent in a research note on Friday, November 15th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Confluent has an average rating of “Moderate Buy” and a consensus price target of $32.37.

Confluent Company Profile

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.