Confluent (NASDAQ:CFLT) CEO Edward Jay Kreps Sells 270,207 Shares

Confluent, Inc. (NASDAQ:CFLT) CEO Edward Jay Kreps sold 270,207 shares of the stock in a transaction on Friday, February 20th. The shares were sold at an average price of $30.70, for a total value of $8,295,354.90. Following the completion of the transaction, the chief executive officer directly owned 301,660 shares of the company’s stock, valued at approximately $9,260,962. This represents a 47.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

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

• On Monday, December 15th, Edward Jay Kreps sold 232,500 shares of Confluent stock. The shares were sold at an average price of $30.10, for a total transaction of $6,998,250.00.
• On Friday, December 12th, Edward Jay Kreps sold 506,000 shares of Confluent stock. The stock was sold at an average price of $30.04, for a total transaction of $15,200,240.00.

Confluent Price Performance

CFLT traded down $0.06 during trading on Tuesday, reaching $30.63. The company’s stock had a trading volume of 10,891,518 shares, compared to its average volume of 19,063,820. The company has a market cap of $10.95 billion, a price-to-earnings ratio of -35.62 and a beta of 0.95. The firm has a fifty day simple moving average of $30.39 and a two-hundred day simple moving average of $24.73. Confluent, Inc. has a 1 year low of $15.64 and a 1 year high of $33.00. The company has a quick ratio of 3.83, a current ratio of 3.83 and a debt-to-equity ratio of 0.94.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.02. Confluent had a negative net margin of 25.31% and a negative return on equity of 22.66%. The firm had revenue of $314.82 million for the quarter, compared to analysts’ expectations of $308.03 million. During the same quarter in the previous year, the company posted $0.09 EPS. The company’s revenue was up 20.5% compared to the same quarter last year. As a group, analysts anticipate that Confluent, Inc. will post -0.83 EPS for the current year.

Hedge Funds Weigh In On Confluent

A number of hedge funds and other institutional investors have recently bought and sold shares of CFLT. Bank of Montreal Can lifted its position in shares of Confluent by 28.5% during the 2nd quarter. Bank of Montreal Can now owns 261,007 shares of the company’s stock worth $6,507,000 after purchasing an additional 57,928 shares during the last quarter. Hsbc Holdings PLC raised its stake in Confluent by 655.7% in the second quarter. Hsbc Holdings PLC now owns 243,596 shares of the company’s stock valued at $6,013,000 after buying an additional 211,360 shares in the last quarter. Persistent Asset Partners Ltd purchased a new stake in Confluent during the 2nd quarter worth about $499,000. Neuberger Berman Group LLC purchased a new stake in Confluent during the 2nd quarter worth about $305,000. Finally, First Trust Advisors LP boosted its position in shares of Confluent by 15.7% during the 2nd quarter. First Trust Advisors LP now owns 4,555,913 shares of the company’s stock worth $113,579,000 after acquiring an additional 616,822 shares in the last quarter. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CFLT has been the topic of a number of recent analyst reports. Truist Financial set a $31.00 price objective on Confluent in a report on Monday, December 8th. Evercore set a $31.00 target price on Confluent in a research report on Monday, December 8th. Morgan Stanley upped their price target on Confluent from $25.00 to $27.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 28th. Royal Bank Of Canada downgraded Confluent from an “outperform” rating to a “sector perform” rating and raised their price objective for the stock from $30.00 to $31.00 in a research report on Tuesday, December 9th. Finally, Citigroup boosted their price objective on shares of Confluent from $26.00 to $31.00 and gave the company a “neutral” rating in a report on Tuesday, December 9th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, twenty-eight have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Confluent has a consensus rating of “Hold” and an average target price of $28.71.

Confluent Company Profile

Confluent, Inc (NASDAQ: CFLT) is a leading provider of an event streaming platform built on Apache Kafka. The company’s flagship offerings include Confluent Platform—a self-managed software solution—and Confluent Cloud, a fully managed service designed to simplify real-time data processing across hybrid and multi-cloud environments. These products enable enterprises to collect, process and distribute high volumes of data in real time, supporting use cases such as fraud detection, supply chain optimization and personalized customer experiences.

Founded in 2014 by Apache Kafka co-creators Jay Kreps, Neha Narkhede and Jun Rao, Confluent has driven the commercialization of Kafka technologies and extended the platform with tools for data integration, stream processing and enterprise-grade security.