Confluent, Inc. (NASDAQ:CFLT) CAO Kong Phan Sells 12,460 Shares

Confluent, Inc. (NASDAQ:CFLT) CAO Kong Phan sold 12,460 shares of the stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $31.30, for a total value of $389,998.00. Following the completion of the sale, the chief accounting officer now owns 183,886 shares of the company’s stock, valued at $5,755,631.80. The trade was a 6.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

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

• On Wednesday, November 20th, Kong Phan sold 2,096 shares of Confluent stock. The shares were sold at an average price of $28.23, for a total value of $59,170.08.
• On Friday, September 20th, Kong Phan sold 190 shares of Confluent stock. The stock was sold at an average price of $20.12, for a total value of $3,822.80.

Confluent Stock Down 6.0 %

Shares of NASDAQ CFLT opened at $29.46 on Thursday. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The company has a 50-day moving average price of $27.49 and a 200-day moving average price of $24.75. The stock has a market capitalization of $9.66 billion, a P/E ratio of -26.54 and a beta of 0.88. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $35.07.

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CFLT. William Blair Investment Management LLC bought a new position in Confluent during the 2nd quarter valued at $193,403,000. Champlain Investment Partners LLC grew its stake in shares of Confluent by 72.2% in the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock worth $218,083,000 after acquiring an additional 4,486,841 shares in the last quarter. 1832 Asset Management L.P. raised its holdings in shares of Confluent by 28.4% in the second quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock valued at $224,933,000 after purchasing an additional 1,684,100 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Confluent by 60.0% during the second quarter. Bank of New York Mellon Corp now owns 3,510,483 shares of the company’s stock valued at $103,665,000 after purchasing an additional 1,316,804 shares in the last quarter. Finally, Fiera Capital Corp purchased a new position in Confluent during the third quarter worth about $21,127,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Evercore ISI decreased their target price on shares of Confluent from $33.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, September 20th. JPMorgan Chase & Co. increased their price objective on shares of Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. Sanford C. Bernstein dropped their target price on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Mizuho increased their price target on Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Finally, Royal Bank of Canada boosted their price objective on Confluent from $26.00 to $33.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Confluent has a consensus rating of “Moderate Buy” and an average price target of $32.23.

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.