Confluent, Inc. (NASDAQ:CFLT) Director Sells $1,296,000.00 in Stock

Confluent, Inc. (NASDAQ:CFLT) Director Michelangelo Volpi sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $25.92, for a total value of $1,296,000.00. Following the completion of the sale, the director now owns 280,200 shares of the company’s stock, valued at $7,262,784. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Confluent Trading Down 0.8 %

Shares of CFLT stock traded down $0.20 during trading hours on Tuesday, hitting $26.43. 3,201,434 shares of the company’s stock traded hands, compared to its average volume of 4,348,270. The stock’s 50 day simple moving average is $21.14 and its 200 day simple moving average is $24.62. The stock has a market cap of $8.53 billion, a PE ratio of -23.81 and a beta of 0.82. Confluent, Inc. has a 12 month low of $16.69 and a 12 month high of $35.07. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.03. The firm had revenue of $250.20 million during the quarter, compared to the consensus estimate of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. On average, sell-side analysts anticipate that Confluent, Inc. will post -0.94 EPS for the current year.

Hedge Funds Weigh In On Confluent

Large investors have recently modified their holdings of the business. Daiwa Securities Group Inc. raised its stake in Confluent by 7.1% during the first quarter. Daiwa Securities Group Inc. now owns 12,100 shares of the company’s stock worth $369,000 after buying an additional 800 shares during the last quarter. DekaBank Deutsche Girozentrale raised its stake in Confluent by 8.7% during the first quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock worth $322,000 after buying an additional 857 shares during the last quarter. Advisors Asset Management Inc. raised its stake in Confluent by 40.3% during the first quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after buying an additional 859 shares during the last quarter. Resolute Advisors LLC increased its stake in Confluent by 11.1% in the first quarter. Resolute Advisors LLC now owns 8,693 shares of the company’s stock valued at $265,000 after purchasing an additional 869 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Confluent by 4.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 26,352 shares of the company’s stock valued at $804,000 after purchasing an additional 1,062 shares in the last quarter. Institutional investors own 78.09% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on CFLT. Sanford C. Bernstein cut their target price on Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Barclays increased their target price on Confluent from $29.00 to $32.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Bank of America reduced their target price on Confluent from $32.00 to $26.00 and set an “underperform” rating for the company in a report on Thursday, August 1st. Canaccord Genuity Group reduced their target price on Confluent from $35.00 to $34.00 and set a “buy” rating for the company in a report on Thursday, August 1st. Finally, Loop Capital reduced their target price on Confluent from $30.00 to $25.00 and set a “hold” rating for the company in a report on Friday, July 19th. 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. Based on data from MarketBeat.com, Confluent currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.74.

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.