Insider Selling: Confluent, Inc. (NASDAQ:CFLT) CAO Sells 2,178 Shares of Stock

Confluent, Inc. (NASDAQ:CFLT) CAO Kong Phan sold 2,178 shares of Confluent stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $31.58, for a total value of $68,781.24. Following the completion of the transaction, the chief accounting officer now directly owns 177,415 shares of the company’s stock, valued at approximately $5,602,765.70. This represents a 1.21 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

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

• On Monday, February 24th, Kong Phan sold 3,040 shares of Confluent stock. The stock was sold at an average price of $30.75, for a total transaction of $93,480.00.
• On Thursday, February 13th, Kong Phan sold 6,346 shares of Confluent stock. The shares were sold at an average price of $36.22, for a total value of $229,852.12.
• On Friday, December 20th, Kong Phan sold 3,947 shares of Confluent stock. The stock was sold at an average price of $28.74, for a total value of $113,436.78.
• On Thursday, December 12th, Kong Phan sold 12,460 shares of Confluent stock. The shares were sold at an average price of $31.30, for a total value of $389,998.00.

Confluent Price Performance

Confluent stock traded down $0.65 during mid-day trading on Tuesday, reaching $30.44. 5,460,988 shares of the company’s stock traded hands, compared to its average volume of 5,662,908. Confluent, Inc. has a 12-month low of $17.79 and a 12-month high of $37.90. The company has a market cap of $9.98 billion, a price-to-earnings ratio of -28.19 and a beta of 0.92. The stock has a 50 day moving average of $29.86 and a two-hundred day moving average of $26.10. 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 (NASDAQ:CFLT) last announced its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. Equities analysts forecast that Confluent, Inc. will post -0.83 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on CFLT shares. Truist Financial upped their target price on shares of Confluent from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Stifel Nicolaus increased their price objective on shares of Confluent from $37.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Royal Bank of Canada lifted their target price on shares of Confluent from $36.00 to $41.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Bank of America increased their price target on Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a report on Wednesday, February 12th. Finally, Robert W. Baird lifted their price objective on Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Confluent currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.00.

Institutional Trading of Confluent

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Quantbot Technologies LP increased its position in Confluent by 1,465.6% during the third quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock valued at $617,000 after acquiring an additional 28,360 shares during the last quarter. Pathway Capital Management LP bought a new position in Confluent during the 3rd quarter valued at about $918,000. Charles Schwab Investment Management Inc. raised its position in Confluent by 2.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company’s stock worth $46,549,000 after purchasing an additional 64,926 shares during the period. Creative Planning lifted its stake in Confluent by 109.9% in the third quarter. Creative Planning now owns 94,939 shares of the company’s stock worth $1,935,000 after purchasing an additional 49,699 shares during the last quarter. Finally, Oppenheimer & Co. Inc. boosted its position in shares of Confluent by 152.4% during the third quarter. Oppenheimer & Co. Inc. now owns 68,613 shares of the company’s stock valued at $1,398,000 after buying an additional 41,431 shares during the period. Hedge funds and other institutional investors own 78.09% of the company’s stock.

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.