Confluent, Inc. (NASDAQ:CFLT) CEO Sells $5,696,250.00 in Stock

Confluent, Inc. (NASDAQ:CFLT) CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $24.50, for a total value of $5,696,250.00. Following the transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at $11,085,956. This trade represents a 33.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

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

• On Tuesday, May 20th, Edward Jay Kreps sold 37,707 shares of Confluent stock. The stock was sold at an average price of $21.84, for a total value of $823,520.88.
• On Thursday, May 15th, Edward Jay Kreps sold 23,500 shares of Confluent stock. The shares were sold at an average price of $22.67, for a total value of $532,745.00.

Confluent Stock Up 0.1%

Shares of Confluent stock traded up $0.03 during midday trading on Monday, hitting $24.39. The company had a trading volume of 3,921,639 shares, compared to its average volume of 4,888,341. Confluent, Inc. has a 52-week low of $17.79 and a 52-week high of $37.90. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99. The stock has a market capitalization of $8.30 billion, a P/E ratio of -22.58 and a beta of 0.98. The company has a 50 day moving average of $21.97 and a 200 day moving average of $26.85.

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

Institutional Trading of Confluent

Several institutional investors have recently bought and sold shares of CFLT. Cloud Capital Management LLC bought a new stake in shares of Confluent during the first quarter valued at approximately $26,000. Credit Industriel ET Commercial bought a new position in shares of Confluent during the fourth quarter valued at $28,000. Versant Capital Management Inc boosted its position in shares of Confluent by 2,458.2% during the first quarter. Versant Capital Management Inc now owns 1,714 shares of the company’s stock valued at $40,000 after buying an additional 1,647 shares during the last quarter. Banque Transatlantique SA purchased a new stake in shares of Confluent during the first quarter valued at $43,000. Finally, SVB Wealth LLC bought a new stake in Confluent in the 1st quarter worth about $54,000. 78.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CFLT. Piper Sandler lowered their price target on shares of Confluent from $40.00 to $32.00 and set an “overweight” rating for the company in a report on Thursday, May 1st. UBS Group decreased their price objective on shares of Confluent from $38.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Bank of America increased their target price on shares of Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a report on Wednesday, February 12th. Truist Financial reduced their price target on Confluent from $35.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. Finally, Evercore ISI lowered their price target on Confluent from $29.00 to $28.00 and set an “outperform” rating for the company in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Confluent currently has a consensus rating of “Moderate Buy” and an average target price 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.