Confluent, Inc. (NASDAQ:CFLT) Director Sells $456,400.00 in Stock

Confluent, Inc. (NASDAQ:CFLT) Director Neha Narkhede sold 20,000 shares of the firm’s stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $22.82, for a total value of $456,400.00. Following the transaction, the director now directly owns 20,247 shares of the company’s stock, valued at approximately $462,036.54. This represents a 49.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Neha Narkhede also recently made the following trade(s):

• On Friday, May 2nd, Neha Narkhede sold 60,000 shares of Confluent stock. The shares were sold at an average price of $19.96, for a total value of $1,197,600.00.

Confluent Stock Performance

Shares of CFLT stock opened at $24.36 on Friday. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14. The firm has a fifty day simple moving average of $21.97 and a two-hundred day simple moving average of $26.89. Confluent, Inc. has a 12 month low of $17.79 and a 12 month high of $37.90. The firm has a market capitalization of $8.29 billion, a PE ratio of -22.56 and a beta of 0.98.

Confluent (NASDAQ:CFLT) last posted its earnings results on Wednesday, April 30th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.07 by $0.01. Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. The company had revenue of $271.12 million during the quarter, compared to the consensus estimate of $264.45 million. During the same period in the previous year, the firm posted $0.05 earnings per share. The firm’s revenue for the quarter was up 24.8% on a year-over-year basis. Analysts forecast that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Institutional Trading of Confluent

Several institutional investors and hedge funds have recently modified their holdings of CFLT. Cloud Capital Management LLC purchased a new position in shares of Confluent during the first quarter valued at approximately $26,000. Credit Industriel ET Commercial purchased a new position in Confluent during the 4th quarter worth $28,000. Versant Capital Management Inc raised its holdings in shares of Confluent by 2,458.2% in the first quarter. Versant Capital Management Inc now owns 1,714 shares of the company’s stock valued at $40,000 after purchasing an additional 1,647 shares during the last quarter. Banque Transatlantique SA bought a new position in shares of Confluent during the first quarter valued at about $43,000. Finally, SVB Wealth LLC purchased a new position in Confluent during the first quarter worth about $54,000. 78.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CFLT has been the topic of several analyst reports. Royal Bank of Canada upped their target price on Confluent from $36.00 to $41.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Evercore ISI reduced their price objective on shares of Confluent from $29.00 to $28.00 and set an “outperform” rating on the stock in a research note on Thursday, May 1st. Needham & Company LLC lowered their target price on shares of Confluent from $40.00 to $26.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. UBS Group cut their price target on shares of Confluent from $38.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Finally, Barclays decreased their price target on Confluent from $29.00 to $27.00 and set an “overweight” rating for the company in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.11.

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.