Principal Financial Group Inc. Purchases 175,853 Shares of Confluent, Inc. (NASDAQ:CFLT)

Principal Financial Group Inc. raised its position in Confluent, Inc. (NASDAQ:CFLT) by 920.4% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 194,960 shares of the company’s stock after buying an additional 175,853 shares during the period. Principal Financial Group Inc. owned about 0.06% of Confluent worth $5,950,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of CFLT. Rakuten Securities Inc. bought a new position in shares of Confluent in the 4th quarter worth $31,000. Quest Partners LLC acquired a new stake in shares of Confluent in the 4th quarter valued at about $31,000. GAMMA Investing LLC acquired a new stake in shares of Confluent in the fourth quarter valued at about $35,000. PNC Financial Services Group Inc. increased its position in shares of Confluent by 32.4% in the third quarter. PNC Financial Services Group Inc. now owns 3,533 shares of the company’s stock valued at $105,000 after acquiring an additional 864 shares during the last quarter. Finally, CWM LLC increased its position in shares of Confluent by 35.4% in the fourth quarter. CWM LLC now owns 8,694 shares of the company’s stock valued at $203,000 after acquiring an additional 2,271 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors.

Insider Activity at Confluent

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $26.17, for a total transaction of $6,084,525.00. Following the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $11,841,610.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $26.17, for a total transaction of $6,084,525.00. Following the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $11,841,610.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Erica Schultz sold 63,729 shares of the stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $31.00, for a total transaction of $1,975,599.00. Following the transaction, the insider now directly owns 706,715 shares in the company, valued at approximately $21,908,165. The disclosure for this sale can be found here. Insiders sold 632,725 shares of company stock worth $18,138,428 over the last three months. Company insiders own 13.82% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on CFLT. Oppenheimer began coverage on Confluent in a research report on Friday, May 17th. They issued an “outperform” rating and a $37.00 target price on the stock. Mizuho reduced their price objective on Confluent from $38.00 to $36.00 and set a “buy” rating for the company in a report on Monday, April 15th. TD Cowen boosted their price objective on Confluent from $34.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Wells Fargo & Company boosted their price objective on Confluent from $36.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. Finally, Canaccord Genuity Group upgraded Confluent from a “hold” rating to a “buy” rating and set a $35.00 price objective for the company in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $32.93.

Confluent Price Performance

NASDAQ CFLT traded up $0.70 on Friday, reaching $29.28. The company had a trading volume of 578,805 shares, compared to its average volume of 4,420,026. Confluent, Inc. has a fifty-two week low of $14.69 and a fifty-two week high of $41.22. The business has a 50 day moving average of $28.70 and a two-hundred day moving average of $28.17. 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 (NASDAQ:CFLT) last posted its quarterly earnings data on Tuesday, May 7th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). The company had revenue of $217.24 million during the quarter, compared to analyst estimates of $211.57 million. Confluent had a negative net margin of 46.73% and a negative return on equity of 40.55%. On average, sell-side analysts anticipate that Confluent, Inc. will post -0.94 earnings per share for the current year.

Confluent 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.