Confluent (NASDAQ:CFLT) Shares Gap Down – Here’s What Happened

Shares of Confluent, Inc. (NASDAQ:CFLT) gapped down before the market opened on Thursday . The stock had previously closed at $27.81, but opened at $27.19. Confluent shares last traded at $26.48, with a volume of 1,302,601 shares traded.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Mizuho increased their target price on shares of Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Barclays increased their target price on shares of Confluent from $32.00 to $35.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. JMP Securities reaffirmed a “market outperform” rating and set a $40.00 target price on shares of Confluent in a research note on Tuesday, October 29th. Sanford C. Bernstein lowered their price objective on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Finally, Wells Fargo & Company raised their price objective on shares of Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, eight have assigned 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, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.37.

Confluent Stock Down 0.1 %

The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24. The firm’s 50-day moving average is $29.62 and its 200 day moving average is $24.96. The firm has a market capitalization of $8.76 billion, a PE ratio of -24.05 and a beta of 0.91.

Confluent (NASDAQ:CFLT) last announced its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $250.20 million during the quarter, compared to the consensus estimate of $243.98 million. As a group, research analysts forecast that Confluent, Inc. will post -0.9 earnings per share for the current fiscal year.

Insider Activity at Confluent

In other news, Director Michelangelo Volpi sold 50,000 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $25.92, for a total transaction of $1,296,000.00. Following the completion of the transaction, the director now owns 280,200 shares of the company’s stock, valued at $7,262,784. This represents a 15.14 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Kong Phan sold 2,096 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $59,170.08. Following the transaction, the chief accounting officer now directly owns 190,680 shares of the company’s stock, valued at approximately $5,382,896.40. This represents a 1.09 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,584,712 shares of company stock valued at $132,928,936. 13.82% of the stock is owned by insiders.

Institutional Trading of Confluent

A number of institutional investors have recently modified their holdings of CFLT. Point72 Hong Kong Ltd purchased a new stake in shares of Confluent during the 3rd quarter worth about $68,000. GAMMA Investing LLC grew its holdings in shares of Confluent by 85.3% during the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after purchasing an additional 1,136 shares during the period. Acadian Asset Management LLC purchased a new stake in shares of Confluent during the 2nd quarter worth about $175,000. Moody National Bank Trust Division purchased a new stake in shares of Confluent during the 4th quarter worth about $203,000. Finally, Oppenheimer Asset Management Inc. purchased a new stake in shares of Confluent during the 3rd quarter worth about $214,000. 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.