Confluent (NASDAQ:CFLT) Stock Price Down 5.6% After Insider Selling

Confluent, Inc. (NASDAQ:CFLT)’s stock price was down 5.6% on Thursday following insider selling activity. The company traded as low as $30.28 and last traded at $30.41. Approximately 506,595 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 4,190,749 shares. The stock had previously closed at $32.20.

Specifically, Director Neha Narkhede sold 40,000 shares of Confluent stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $30.68, for a total value of $1,227,200.00. Following the sale, the director now owns 20,247 shares of the company’s stock, valued at $621,177.96. The trade was a 66.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Rohan Sivaram sold 11,000 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $31.14, for a total value of $342,540.00. Following the completion of the sale, the chief financial officer now directly owns 701,403 shares of the company’s stock, valued at $21,841,689.42. This represents a 1.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Ratings Changes

CFLT has been the subject of several research analyst reports. Mizuho increased their price objective on Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Guggenheim increased their price target on shares of Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Wells Fargo & Company boosted their price objective on shares of Confluent from $40.00 to $42.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Morgan Stanley increased their target price on shares of Confluent from $30.00 to $32.00 and gave the company an “equal weight” rating in a report on Wednesday, February 12th. Finally, Bank of America boosted their price target on Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $35.15.

Confluent Trading Down 5.8 %

The stock has a market capitalization of $10.13 billion, a price-to-earnings ratio of -28.09 and a beta of 0.92. 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 company has a fifty day moving average of $30.00 and a two-hundred day moving average of $26.55.

Confluent (NASDAQ:CFLT) last announced its earnings results on Tuesday, February 11th. The company reported ($0.23) 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%. On average, research analysts expect that Confluent, Inc. will post -0.83 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. US Bancorp DE increased its position in Confluent by 307.7% during the third quarter. US Bancorp DE now owns 16,702 shares of the company’s stock worth $340,000 after acquiring an additional 12,605 shares during the period. Fiera Capital Corp acquired a new position in shares of Confluent during the third quarter valued at about $21,127,000. SpiderRock Advisors LLC lifted its stake in shares of Confluent by 323.7% in the third quarter. SpiderRock Advisors LLC now owns 264,038 shares of the company’s stock valued at $5,381,000 after buying an additional 201,721 shares during the period. Assetmark Inc. grew its position in Confluent by 75,257.1% during the third quarter. Assetmark Inc. now owns 36,925 shares of the company’s stock worth $753,000 after buying an additional 36,876 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D grew its position in Confluent by 16.0% during the third quarter. State of New Jersey Common Pension Fund D now owns 92,518 shares of the company’s stock worth $1,886,000 after buying an additional 12,779 shares in the last quarter. 78.09% of the stock is owned by institutional investors.

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.