Erica Schultz Sells 63,729 Shares of Confluent, Inc. (NASDAQ:CFLT) Stock

Confluent, Inc. (NASDAQ:CFLT) insider Erica Schultz sold 63,729 shares of Confluent stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $27.40, for a total transaction of $1,746,174.60. Following the completion of the transaction, the insider now directly owns 687,483 shares of the company’s stock, valued at $18,837,034.20. This trade represents a 8.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Confluent Price Performance

NASDAQ CFLT opened at $30.58 on Friday. The stock has a market cap of $10.03 billion, a price-to-earnings ratio of -27.55 and a beta of 0.82. Confluent, Inc. has a 12 month low of $17.79 and a 12 month high of $35.07. The company’s 50 day moving average is $23.12 and its two-hundred day moving average is $24.62. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17.

Confluent (NASDAQ:CFLT) last released its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.03. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. The company had revenue of $250.20 million for the quarter, compared to analysts’ expectations of $243.98 million. As a group, research analysts anticipate that Confluent, Inc. will post -0.9 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CFLT. JPMorgan Chase & Co. boosted their price objective on shares of Confluent from $25.00 to $26.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Truist Financial reaffirmed a “buy” rating and set a $30.00 price target (down from $36.00) on shares of Confluent in a report on Thursday, August 1st. Mizuho boosted their target price on Confluent from $29.00 to $31.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Robert W. Baird raised their price target on shares of Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Finally, Barclays boosted their price objective on shares of Confluent from $29.00 to $32.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Confluent presently has an average rating of “Moderate Buy” and a consensus target price of $30.88.

Institutional Trading of Confluent

Institutional investors have recently made changes to their positions in the business. Westside Investment Management Inc. boosted its stake in Confluent by 11,796.1% in the 3rd quarter. Westside Investment Management Inc. now owns 12,253 shares of the company’s stock worth $250,000 after purchasing an additional 12,150 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Confluent by 2.5% in the third quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company’s stock worth $88,180,000 after buying an additional 107,510 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Confluent during the third quarter worth $634,000. Main Management ETF Advisors LLC purchased a new position in Confluent during the third quarter valued at $696,000. Finally, Orion Portfolio Solutions LLC bought a new stake in Confluent in the 3rd quarter valued at $605,000. 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.