Confluent, Inc. (NASDAQ:CFLT) CEO Sells $532,745.00 in Stock

Confluent, Inc. (NASDAQ:CFLT) CEO Edward Jay Kreps sold 23,500 shares of the stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $22.67, for a total value of $532,745.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at approximately $10,257,902.96. This represents a 4.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

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

• On Thursday, March 6th, Edward Jay Kreps sold 232,500 shares of Confluent stock. The shares were sold at an average price of $29.36, for a total transaction of $6,826,200.00.
• On Thursday, February 20th, Edward Jay Kreps sold 232,500 shares of Confluent stock. The shares were sold at an average price of $32.33, for a total transaction of $7,516,725.00.

Confluent Stock Performance

Confluent stock traded down $0.65 during mid-day trading on Monday, reaching $21.89. The company had a trading volume of 5,531,116 shares, compared to its average volume of 4,763,483. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. The company has a 50 day moving average of $22.94 and a 200-day moving average of $27.37. Confluent, Inc. has a 52 week low of $17.79 and a 52 week high of $37.90. The firm has a market cap of $7.45 billion, a price-to-earnings ratio of -20.27 and a beta of 1.02.

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

Hedge Funds Weigh In On Confluent

A number of hedge funds and other institutional investors have recently bought and sold shares of CFLT. Vanguard Group Inc. raised its holdings in Confluent by 7.2% in the first quarter. Vanguard Group Inc. now owns 26,620,150 shares of the company’s stock worth $623,976,000 after purchasing an additional 1,791,588 shares during the period. Altimeter Capital Management LP lifted its holdings in Confluent by 11.0% during the first quarter. Altimeter Capital Management LP now owns 13,042,080 shares of the company’s stock worth $305,706,000 after acquiring an additional 1,295,710 shares in the last quarter. Champlain Investment Partners LLC grew its stake in Confluent by 0.3% in the first quarter. Champlain Investment Partners LLC now owns 10,862,083 shares of the company’s stock valued at $254,607,000 after acquiring an additional 27,329 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Confluent by 13.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,510,743 shares of the company’s stock worth $129,173,000 after acquiring an additional 654,827 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Confluent by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company’s stock valued at $123,339,000 after purchasing an additional 84,163 shares in the last quarter. 78.09% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CFLT has been the subject of several research reports. Wells Fargo & Company decreased their price target on shares of Confluent from $32.00 to $30.00 and set an “overweight” rating for the company in a report on Thursday, May 1st. Bank of America upped their target price on Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a report on Wednesday, February 12th. TD Securities cut their price target on Confluent from $34.00 to $32.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. Guggenheim lowered their price objective on Confluent from $38.00 to $31.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. Finally, Royal Bank of Canada raised their target price on Confluent from $36.00 to $41.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target 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.