Confluent, Inc. (NASDAQ:CFLT) Director Sells $1,227,200.00 in Stock

Confluent, Inc. (NASDAQ:CFLT) Director Neha Narkhede sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $30.68, for a total value of $1,227,200.00. Following the completion of the sale, the director now owns 20,247 shares in the company, valued at approximately $621,177.96. This represents a 66.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Confluent Stock Down 11.0 %

Shares of CFLT opened at $28.65 on Friday. Confluent, Inc. has a 52-week low of $17.79 and a 52-week high of $37.90. The company has a market capitalization of $9.57 billion, a PE ratio of -26.53 and a beta of 0.92. The stock has a fifty day simple moving average of $29.97 and a two-hundred day simple moving average of $26.56. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14.

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

Analyst Upgrades and Downgrades

Several research firms have commented on CFLT. Mizuho upped their price objective on Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Piper Sandler upped their price objective on Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Bank of America upped their price objective on Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a research report on Wednesday, February 12th. UBS Group upgraded Confluent from a “neutral” rating to a “buy” rating and increased their target price for the company from $34.00 to $38.00 in a research report on Wednesday, February 26th. Finally, Evercore ISI increased their target price on Confluent from $32.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Confluent currently has an average rating of “Moderate Buy” and an average target price of $35.15.

Institutional Trading of Confluent

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quantbot Technologies LP increased its stake in shares of Confluent by 1,465.6% in the 3rd quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock worth $617,000 after acquiring an additional 28,360 shares during the last quarter. Pathway Capital Management LP acquired a new stake in shares of Confluent during the 3rd quarter worth about $918,000. Charles Schwab Investment Management Inc. increased its position in shares of Confluent by 2.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company’s stock worth $46,549,000 after purchasing an additional 64,926 shares during the last quarter. Oppenheimer & Co. Inc. increased its position in shares of Confluent by 152.4% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 68,613 shares of the company’s stock worth $1,398,000 after purchasing an additional 41,431 shares during the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of Confluent during the 3rd quarter worth about $868,000. 78.09% of the stock is owned by institutional investors and hedge funds.

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.