Insider Selling: Confluent, Inc. (NASDAQ:CFLT) CEO Sells 232,500 Shares of Stock

Confluent, Inc. (NASDAQ:CFLT) CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $32.33, for a total value of $7,516,725.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares in the company, valued at approximately $14,628,937.04. This trade represents a 33.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Confluent Price Performance

Shares of NASDAQ:CFLT opened at $30.44 on Wednesday. The firm has a market cap of $9.98 billion, a price-to-earnings ratio of -28.19 and a beta of 0.92. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99. The business has a 50-day simple moving average of $29.84 and a two-hundred day simple moving average of $26.17. Confluent, Inc. has a fifty-two week low of $17.79 and a fifty-two week high of $37.90.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. On average, analysts expect that Confluent, Inc. will post -0.83 earnings per share for the current year.

Institutional Investors Weigh In On Confluent

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CFLT. Vanguard Group Inc. boosted its position in Confluent by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company’s stock worth $694,207,000 after acquiring an additional 599,582 shares during the last quarter. Champlain Investment Partners LLC grew its stake in shares of Confluent by 1.3% during the fourth quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company’s stock worth $302,940,000 after purchasing an additional 133,908 shares in the last quarter. Geode Capital Management LLC raised its stake in Confluent by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company’s stock worth $123,339,000 after acquiring an additional 84,163 shares in the last quarter. Jericho Capital Asset Management L.P. increased its holdings in shares of Confluent by 18.1% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,000,000 shares of the company’s stock valued at $83,880,000 after acquiring an additional 459,000 shares during the period. Finally, Norges Bank acquired a new stake in shares of Confluent during the fourth quarter worth $81,092,000. 78.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CFLT. Needham & Company LLC upped their price target on shares of Confluent from $31.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Guggenheim increased their price objective on Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. JMP Securities restated a “market outperform” rating and issued a $40.00 target price on shares of Confluent in a research note on Tuesday, October 29th. JPMorgan Chase & Co. boosted their price objective on Confluent from $35.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday, December 11th. Finally, Piper Sandler raised their price objective on Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $35.00.

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.