Clearbridge Investments LLC Has $20.79 Million Stake in Confluent, Inc. (NASDAQ:CFLT)

Clearbridge Investments LLC lifted its position in Confluent, Inc. (NASDAQ:CFLT) by 103.1% in the fourth quarter, HoldingsChannel.com reports. The firm owned 888,502 shares of the company’s stock after acquiring an additional 451,023 shares during the period. Clearbridge Investments LLC’s holdings in Confluent were worth $20,791,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the company. Invesco Ltd. raised its stake in Confluent by 14.0% during 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 in the last quarter. KADENSA CAPITAL Ltd acquired a new position in Confluent during the third quarter worth $11,512,000. Victory Capital Management Inc. raised its stake in 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 in the last quarter. Tower Research Capital LLC TRC raised its stake in Confluent by 18,649.2% during the third quarter. Tower Research Capital LLC TRC now owns 12,187 shares of the company’s stock worth $361,000 after acquiring an additional 12,122 shares in the last quarter. Finally, Northern Trust Corp raised its stake in Confluent by 45.7% during the third quarter. Northern Trust Corp now owns 1,044,896 shares of the company’s stock worth $30,939,000 after acquiring an additional 327,940 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Confluent

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

Wall Street Analysts Forecast Growth

CFLT has been the topic of several research analyst reports. JMP Securities increased their target price on Confluent from $38.00 to $40.00 and gave the stock a “market outperform” rating in a report on Wednesday, May 8th. Barclays increased their target price on Confluent from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. Wells Fargo & Company increased their target price on Confluent from $36.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. Guggenheim increased their target price on Confluent from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Finally, Canaccord Genuity Group upgraded Confluent from a “hold” rating to a “buy” rating and increased their target price for the stock from $28.00 to $35.00 in a report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, Confluent presently has a consensus rating of “Moderate Buy” and an average price target of $33.04.

Confluent Trading Down 3.0 %

Shares of CFLT opened at $31.00 on Friday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 5.07 and a current ratio of 5.07. Confluent, Inc. has a 1 year low of $14.69 and a 1 year high of $41.22. The stock’s 50-day moving average price is $29.84 and its two-hundred day moving average price is $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.