Edward Jay Kreps Sells 37,707 Shares of Confluent, Inc. (NASDAQ:CFLT) Stock

Confluent, Inc. (NASDAQ:CFLT) CEO Edward Jay Kreps sold 37,707 shares of the business’s stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $21.84, for a total value of $823,520.88. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $9,882,337.92. The trade was a 7.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

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

• On Thursday, May 15th, Edward Jay Kreps sold 23,500 shares of Confluent stock. The shares were sold at an average price of $22.67, for a total value of $532,745.00.
• On Thursday, March 6th, Edward Jay Kreps sold 232,500 shares of Confluent stock. The shares were sold at an average price of $29.36, for a total value of $6,826,200.00.

Confluent Stock Performance

Shares of CFLT stock opened at $21.84 on Friday. The company has a market cap of $7.43 billion, a price-to-earnings ratio of -20.22 and a beta of 1.02. The stock has a 50 day simple moving average of $22.47 and a 200-day simple moving average of $27.20. Confluent, Inc. has a 12-month low of $17.79 and a 12-month high of $37.90. 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 issued its earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. The business had revenue of $271.12 million during the quarter, compared to the consensus estimate of $264.45 million. Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. The company’s revenue for the quarter was up 24.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.05 EPS. On average, equities analysts forecast that Confluent, Inc. will post -0.83 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Evercore ISI reduced their target price on Confluent from $29.00 to $28.00 and set an “outperform” rating for the company in a report on Thursday, May 1st. UBS Group reduced their target price on Confluent from $38.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, May 1st. Guggenheim reduced their target price on Confluent from $38.00 to $31.00 and set a “buy” rating for the company in a report on Thursday, May 1st. Wells Fargo & Company reduced their target price on Confluent from $32.00 to $30.00 and set an “overweight” rating for the company in a report on Thursday, May 1st. Finally, Bank of America boosted their target price on Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Confluent has a consensus rating of “Moderate Buy” and an average price target of $30.11.

Institutional Investors Weigh In On Confluent

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Confluent by 7.2% in the 1st quarter. Vanguard Group Inc. now owns 26,620,150 shares of the company’s stock worth $623,976,000 after acquiring an additional 1,791,588 shares during the period. Altimeter Capital Management LP grew its holdings in shares of Confluent by 11.0% in the 1st quarter. Altimeter Capital Management LP now owns 13,042,080 shares of the company’s stock worth $305,706,000 after acquiring an additional 1,295,710 shares during the period. Champlain Investment Partners LLC grew its holdings in shares of Confluent by 0.3% in the 1st quarter. Champlain Investment Partners LLC now owns 10,862,083 shares of the company’s stock worth $254,607,000 after acquiring an additional 27,329 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Confluent by 13.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,510,743 shares of the company’s stock worth $129,173,000 after acquiring an additional 654,827 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of 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 acquiring an additional 84,163 shares during the period. Institutional investors and hedge funds 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.