Insider Selling: Confluent, Inc. (NASDAQ:CFLT) Director Sells 25,000 Shares of Stock

Confluent, Inc. (NASDAQ:CFLT) Director Michelangelo Volpi sold 25,000 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $25.00, for a total transaction of $625,000.00. Following the sale, the director now owns 267,079 shares of the company’s stock, valued at $6,676,975. This trade represents a 8.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Confluent Stock Performance

NASDAQ CFLT opened at $24.39 on Tuesday. The business has a 50 day moving average price of $21.97 and a 200 day moving average price of $26.80. The company has a market capitalization of $8.30 billion, a P/E ratio of -22.58 and a beta of 0.98. Confluent, Inc. 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 current ratio of 3.99 and a quick ratio of 4.24.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. The business had revenue of $271.12 million during the quarter, compared to analysts’ expectations of $264.45 million. During the same quarter last year, the business posted $0.05 earnings per share. The business’s revenue for the quarter was up 24.8% on a year-over-year basis. Sell-side analysts expect that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Hedge Funds Weigh In On Confluent

Several hedge funds have recently added to or reduced their stakes in CFLT. ProShare Advisors LLC grew its position in shares of Confluent by 3.1% in the fourth quarter. ProShare Advisors LLC now owns 10,774 shares of the company’s stock valued at $301,000 after purchasing an additional 328 shares during the last quarter. Commonwealth Equity Services LLC raised its position 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 during the last quarter. Truist Financial Corp lifted its stake in 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 in the last quarter. Amalgamated Bank grew its holdings in Confluent by 3.4% during the 1st quarter. Amalgamated Bank now owns 16,995 shares of the company’s stock valued at $398,000 after buying an additional 566 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in Confluent by 26.8% during the first quarter. GAMMA Investing LLC now owns 3,128 shares of the company’s stock worth $73,000 after buying an additional 661 shares in the last quarter. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on CFLT. Royal Bank of Canada upped their price objective on Confluent from $36.00 to $41.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Robert W. Baird dropped their target price on Confluent from $37.00 to $24.00 and set a “neutral” rating on the stock in a report on Thursday, May 1st. Piper Sandler decreased their price target on Confluent from $40.00 to $32.00 and set an “overweight” rating for the company in a report on Thursday, May 1st. Scotiabank lowered their price objective on shares of Confluent from $35.00 to $24.00 and set a “sector perform” rating on the stock in a research report on Thursday, April 24th. Finally, Loop Capital dropped their price objective on shares of Confluent from $30.00 to $22.00 and set a “hold” rating on the stock in a research note on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.11.

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.