Insider Selling: Confluent, Inc. (NASDAQ:CFLT) CAO Sells 760 Shares of Stock

Confluent, Inc. (NASDAQ:CFLT) CAO Kong Phan sold 760 shares of Confluent stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $32.00, for a total transaction of $24,320.00. Following the completion of the transaction, the chief accounting officer now owns 249,691 shares in the company, valued at approximately $7,990,112. This trade represents a 0.30 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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 value of $93,480.00.
• On Friday, February 21st, Kong Phan sold 2,178 shares of Confluent stock. The stock was sold at an average price of $31.58, for a total value of $68,781.24.
• 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 transaction of $389,998.00.

Confluent Stock Performance

CFLT stock traded up $0.05 during midday trading on Friday, hitting $31.74. 5,168,860 shares of the company traded hands, compared to its average volume of 4,202,914. The business has a 50 day simple moving average of $29.93 and a 200-day simple moving average of $26.24. 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, Inc. has a twelve month low of $17.79 and a twelve month high of $37.90. The stock has a market capitalization of $10.41 billion, a price-to-earnings ratio of -29.39 and a beta of 0.92.

Confluent (NASDAQ:CFLT) last announced its earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. As a group, equities research analysts predict that Confluent, Inc. will post -0.83 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Confluent by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company’s stock worth $694,207,000 after acquiring an additional 599,582 shares during the last quarter. Champlain Investment Partners LLC boosted its holdings in 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 during the period. Geode Capital Management LLC grew its position 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 last quarter. Jericho Capital Asset Management L.P. increased its holdings in shares of Confluent by 18.1% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,000,000 shares of the company’s stock worth $83,880,000 after purchasing an additional 459,000 shares during the period. Finally, Norges Bank acquired a new position in shares of Confluent during the fourth quarter valued at about $81,092,000. 78.09% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on CFLT shares. UBS Group upgraded shares of Confluent from a “neutral” rating to a “buy” rating and boosted their price target for the company from $34.00 to $38.00 in a report on Wednesday. JPMorgan Chase & Co. boosted their target price on shares of Confluent from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. Guggenheim raised their target price on Confluent from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Canaccord Genuity Group increased their price objective on Confluent from $34.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Finally, Barclays lifted their target price on Confluent from $35.00 to $37.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $35.15.

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.