Insider Selling: Confluent (NASDAQ:CFLT) CAO Sells 2,277 Shares of Stock

Confluent, Inc. (NASDAQ:CFLT) CAO Kong Phan sold 2,277 shares of the business’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $30.70, for a total value of $69,903.90. Following the completion of the transaction, the chief accounting officer owned 218,228 shares of the company’s stock, valued at $6,699,599.60. This represents a 1.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Kong Phan also recently made the following trade(s):

• On Monday, December 22nd, Kong Phan sold 4,545 shares of Confluent stock. The shares were sold at an average price of $29.96, for a total value of $136,168.20.
• On Monday, December 8th, Kong Phan sold 3,841 shares of Confluent stock. The stock was sold at an average price of $29.84, for a total value of $114,615.44.

Confluent Stock Performance

NASDAQ:CFLT traded down $0.06 during mid-day 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 current ratio of 3.83, a quick ratio of 3.83 and a debt-to-equity ratio of 0.94. The stock has a market cap of $10.95 billion, a P/E ratio of -35.62 and a beta of 0.95. The firm’s fifty day moving average price is $30.39 and its two-hundred day moving average price is $24.73. Confluent, Inc. has a 12-month low of $15.64 and a 12-month high of $33.00.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $308.03 million. During the same quarter last year, the firm posted $0.09 EPS. The business’s quarterly revenue was up 20.5% compared to the same quarter last year. On average, equities analysts forecast that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. New Street Research set a $29.00 target price on shares of Confluent in a research note on Thursday, October 30th. Raymond James Financial lowered Confluent from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 9th. UBS Group downgraded Confluent from a “buy” rating to a “neutral” rating and increased their target price for the company from $29.00 to $31.00 in a report on Tuesday, December 9th. Wolfe Research cut Confluent from an “outperform” rating to a “hold” rating in a research report on Monday, December 8th. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and set a $31.00 price target on shares of Confluent in a research report on Monday, December 8th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, twenty-eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $28.71.

Institutional Trading of Confluent

A number of hedge funds and other institutional investors have recently bought and sold shares of CFLT. HBK Investments L P bought a new position in shares of Confluent in the fourth quarter worth about $453,600,000. Norges Bank bought a new stake in Confluent during the 4th quarter worth approximately $265,669,000. Jericho Capital Asset Management L.P. bought a new stake in Confluent during the 3rd quarter worth approximately $163,667,000. AQR Capital Management LLC lifted its holdings in Confluent by 3,646.4% during the third quarter. AQR Capital Management LLC now owns 4,904,459 shares of the company’s stock valued at $97,108,000 after purchasing an additional 4,773,548 shares in the last quarter. Finally, KRYGER CAPITAL Ltd bought a new position in shares of Confluent in the fourth quarter worth approximately $113,400,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

About Confluent

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.