Investors Purchase Large Volume of Call Options on Confluent (NASDAQ:CFLT)

Confluent, Inc. (NASDAQ:CFLT) was the recipient of unusually large options trading activity on Tuesday. Stock investors bought 29,019 call options on the company. This is an increase of approximately 214% compared to the typical daily volume of 9,236 call options.

Insiders Place Their Bets

In other Confluent news, CAO Kong Phan sold 2,178 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $31.58, for a total transaction of $68,781.24. Following the transaction, the chief accounting officer now owns 177,415 shares of the company’s stock, valued at approximately $5,602,765.70. This represents a 1.21 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Rohan Sivaram sold 68,350 shares of Confluent stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $36.23, for a total value of $2,476,320.50. Following the completion of the sale, the chief financial officer now directly owns 520,273 shares of the company’s stock, valued at $18,849,490.79. This trade represents a 11.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,200,746 shares of company stock valued at $38,505,150 in the last 90 days. 13.82% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Confluent

Several hedge funds have recently modified their holdings of the stock. ProShare Advisors LLC raised its holdings in Confluent by 3.1% during the fourth quarter. ProShare Advisors LLC now owns 10,774 shares of the company’s stock worth $301,000 after acquiring an additional 328 shares in the last quarter. Commonwealth Equity Services LLC raised its stake in shares of Confluent by 4.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company’s stock worth $323,000 after purchasing an additional 458 shares in the last quarter. EP Wealth Advisors LLC boosted its holdings in shares of Confluent by 3.6% in the 3rd quarter. EP Wealth Advisors LLC now owns 14,371 shares of the company’s stock valued at $293,000 after buying an additional 503 shares during the last quarter. Truist Financial Corp boosted its holdings in shares of Confluent by 2.5% in the 4th quarter. Truist Financial Corp now owns 21,081 shares of the company’s stock valued at $589,000 after buying an additional 514 shares during the last quarter. Finally, Jasper Ridge Partners L.P. grew its stake in shares of Confluent by 4.8% in the fourth quarter. Jasper Ridge Partners L.P. now owns 14,409 shares of the company’s stock valued at $403,000 after buying an additional 664 shares in the last quarter. Institutional investors own 78.09% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Royal Bank of Canada lifted their price target on shares of Confluent from $36.00 to $41.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Loop Capital reduced their price objective on shares of Confluent from $34.00 to $30.00 and set a “hold” rating on the stock in a research note on Monday, March 10th. Needham & Company LLC reiterated a “buy” rating and set a $40.00 target price on shares of Confluent in a research report on Friday, March 7th. Truist Financial reduced their price target on Confluent from $40.00 to $35.00 and set a “buy” rating on the stock in a research report on Monday. Finally, Mizuho upped their price objective on Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $35.15.

Confluent Stock Down 0.3 %

Confluent stock traded down $0.06 during midday trading on Tuesday, reaching $23.38. The stock had a trading volume of 2,010,113 shares, compared to its average volume of 4,358,257. Confluent has a 1-year low of $17.79 and a 1-year high of $37.90. 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 firm’s fifty day simple moving average is $29.29 and its 200-day simple moving average is $27.28. The stock has a market capitalization of $7.81 billion, a P/E ratio of -21.58 and a beta of 0.90.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) 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, analysts expect that Confluent will post -0.83 EPS for the current fiscal year.

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.