Confluent, Inc. (NASDAQ:CFLT) CEO Sells $7,516,725.00 in Stock

Confluent, Inc. (NASDAQ:CFLT) CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $32.33, for a total transaction of $7,516,725.00. Following the transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at $14,628,937.04. This trade represents a 33.94 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Confluent Trading Up 1.1 %

Shares of CFLT stock opened at $30.79 on Thursday. The company has a 50 day moving average of $29.86 and a 200-day moving average of $26.21. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. Confluent, Inc. has a 12-month low of $17.79 and a 12-month high of $37.90. The firm has a market cap of $10.10 billion, a P/E ratio of -28.51 and a beta of 0.92.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. Sell-side analysts anticipate that Confluent, Inc. will post -0.83 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CFLT. Stifel Nicolaus increased their price objective on shares of Confluent from $37.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Robert W. Baird upped their target price on shares of Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Evercore ISI upped their target price on shares of Confluent from $32.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. UBS Group upgraded shares of Confluent from a “neutral” rating to a “buy” rating and upped their target price for the stock from $34.00 to $38.00 in a report on Wednesday. Finally, JPMorgan Chase & Co. upped their target price on shares of Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $35.15.

Institutional Investors Weigh In On Confluent

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Confluent by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company’s stock worth $694,207,000 after buying an additional 599,582 shares during the period. Champlain Investment Partners LLC boosted its holdings in Confluent by 1.3% in the 4th quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company’s stock worth $302,940,000 after buying an additional 133,908 shares during the period. Geode Capital Management LLC boosted its holdings in Confluent by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company’s stock worth $123,339,000 after buying an additional 84,163 shares during the period. Jericho Capital Asset Management L.P. boosted its holdings in Confluent by 18.1% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,000,000 shares of the company’s stock worth $83,880,000 after buying an additional 459,000 shares during the period. Finally, Norges Bank bought a new position in Confluent in the 4th quarter worth approximately $81,092,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

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.