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

Confluent, Inc. (NASDAQ:CFLT) CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $29.36, for a total transaction of $6,826,200.00. Following the sale, the chief executive officer now owns 452,488 shares in the company, valued at $13,285,047.68. The trade was a 33.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Edward Jay Kreps also recently made the following trade(s):

• On Thursday, February 20th, Edward Jay Kreps sold 232,500 shares of Confluent stock. The stock was sold at an average price of $32.33, for a total value of $7,516,725.00.

Confluent Trading Up 4.5 %

Shares of CFLT opened at $25.50 on Wednesday. The company’s fifty day simple moving average is $29.80 and its 200-day simple moving average is $26.71. The company has a market cap of $8.52 billion, a P/E ratio of -23.61 and a beta of 0.89. 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, Inc. has a twelve month low of $17.79 and a twelve month high of $37.90.

Confluent (NASDAQ:CFLT) last posted 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 return on equity of 34.70% and a negative net margin of 35.81%. As a group, analysts expect that Confluent, Inc. will post -0.83 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Morgan Stanley upped their price objective on Confluent from $30.00 to $32.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 12th. Piper Sandler upped their price target on Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. JPMorgan Chase & Co. increased their price objective on shares of Confluent from $35.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, December 11th. Evercore ISI boosted their target price on shares of Confluent from $32.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Finally, William Blair reaffirmed an “outperform” rating on shares of Confluent in a research note on Friday, March 7th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Confluent has a consensus rating of “Moderate Buy” and an average target price of $35.33.

Institutional Investors Weigh In On Confluent

A number of institutional investors and hedge funds have recently modified their holdings of CFLT. Vanguard Group Inc. increased its stake in 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 purchasing an additional 599,582 shares during the period. Champlain Investment Partners LLC grew its holdings in shares of Confluent by 1.3% in the fourth quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company’s stock worth $302,940,000 after purchasing an additional 133,908 shares during the last quarter. Geode Capital Management LLC increased its stake 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 buying an additional 84,163 shares during the period. Jericho Capital Asset Management L.P. lifted its holdings in 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 valued at $83,880,000 after buying an additional 459,000 shares in the last quarter. Finally, Norges Bank purchased a new stake in Confluent in the 4th quarter valued at about $81,092,000. 78.09% of the stock is owned by 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.