Confluent, Inc. (NASDAQ:CFLT) CEO Edward Jay Kreps Sells 232,500 Shares

Confluent, Inc. (NASDAQ:CFLT) CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $32.33, for a total transaction of $7,516,725.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at approximately $14,628,937.04. This represents a 33.94 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Confluent Stock Performance

NASDAQ CFLT traded up $0.08 on Monday, hitting $31.09. 6,814,071 shares of the company’s stock traded hands, compared to its average volume of 5,668,658. The firm has a market capitalization of $10.20 billion, a PE ratio of -28.79 and a beta of 0.92. Confluent, Inc. has a 1-year low of $17.79 and a 1-year high of $37.90. The firm’s 50-day moving average price is $29.86 and its two-hundred day moving average price is $26.02. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14.

Confluent (NASDAQ:CFLT) last released its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share 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%. As a group, analysts expect that Confluent, Inc. will post -0.83 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently commented on CFLT. UBS Group boosted their price objective on shares of Confluent from $26.00 to $34.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 12th. Bank of America boosted their price target on Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a research report on Wednesday, February 12th. Needham & Company LLC raised their price objective on Confluent from $31.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Piper Sandler lifted their target price on Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Finally, Barclays increased their price target on shares of Confluent from $35.00 to $37.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Confluent currently has an average rating of “Moderate Buy” and a consensus price target of $35.00.

Hedge Funds Weigh In On Confluent

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Confluent by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company’s stock valued at $694,207,000 after buying an additional 599,582 shares in the last quarter. Champlain Investment Partners LLC increased its stake in shares of Confluent by 1.3% in the 4th quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company’s stock valued at $302,940,000 after purchasing an additional 133,908 shares in the last quarter. Geode Capital Management LLC raised its holdings in Confluent by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company’s stock worth $123,339,000 after purchasing an additional 84,163 shares during the period. Jericho Capital Asset Management L.P. grew its holdings in Confluent by 18.1% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,000,000 shares of the company’s stock valued at $83,880,000 after purchasing an additional 459,000 shares during the period. Finally, Norges Bank purchased a new stake in shares of Confluent in the fourth quarter valued at approximately $81,092,000. 78.09% of the stock is owned by hedge funds and other institutional investors.

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.