Edward Jay Kreps Sells 232,500 Shares of Confluent, Inc. (NASDAQ:CFLT) Stock

Confluent, Inc. (NASDAQ:CFLT) CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $29.36, for a total transaction of $6,826,200.00. Following the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at $13,285,047.68. This trade represents a 33.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Edward Jay Kreps also recently made the following trade(s):

• On Thursday, February 20th, Edward Jay Kreps sold 232,500 shares of Confluent stock. The stock was sold at an average price of $32.33, for a total value of $7,516,725.00.

Confluent Price Performance

NASDAQ CFLT traded down $2.21 during trading hours on Monday, hitting $24.40. 8,783,480 shares of the company’s stock traded hands, compared to its average volume of 4,234,922. The company has a market capitalization of $8.15 billion, a PE ratio of -22.59 and a beta of 0.90. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24. Confluent, Inc. has a 52-week low of $17.79 and a 52-week high of $37.90. The firm’s 50-day moving average is $29.85 and its 200-day moving average is $26.68.

Confluent (NASDAQ:CFLT) last posted its quarterly 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 net margin of 35.81% and a negative return on equity of 34.70%. Equities analysts forecast that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Institutional Investors Weigh In On Confluent

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

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Stifel Nicolaus increased their price objective on Confluent from $37.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Canaccord Genuity Group increased their price target on shares of Confluent from $34.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. William Blair reissued an “outperform” rating on shares of Confluent in a research report on Friday. Barclays upped their price objective on shares of Confluent from $35.00 to $37.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Finally, Truist Financial raised their target price on shares of Confluent from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Confluent currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.33.

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.