Confluent, Inc. (NASDAQ:CFLT) Director Sells $456,400.00 in Stock

Confluent, Inc. (NASDAQ:CFLT) Director Neha Narkhede sold 20,000 shares of Confluent stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $22.82, for a total transaction of $456,400.00. Following the transaction, the director now directly owns 20,247 shares of the company’s stock, valued at approximately $462,036.54. This trade represents a 49.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Neha Narkhede also recently made the following trade(s):

• On Friday, May 2nd, Neha Narkhede sold 60,000 shares of Confluent stock. The stock was sold at an average price of $19.96, for a total transaction of $1,197,600.00.

Confluent Stock Up 0.7%

CFLT stock opened at $24.36 on Friday. The firm has a 50-day moving average price of $21.97 and a 200-day moving average price of $26.89. 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. The stock has a market capitalization of $8.29 billion, a P/E ratio of -22.56 and a beta of 0.98.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.07 by $0.01. Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. The business had revenue of $271.12 million during the quarter, compared to the consensus estimate of $264.45 million. During the same quarter in the prior year, the firm earned $0.05 EPS. The firm’s revenue was up 24.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Norges Bank bought a new stake in Confluent during the 4th quarter worth $81,092,000. Pictet Asset Management Holding SA grew its holdings in shares of Confluent by 7,342.2% during the fourth quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company’s stock worth $65,748,000 after purchasing an additional 2,319,919 shares during the last quarter. Fuller & Thaler Asset Management Inc. acquired a new position in shares of Confluent in the fourth quarter valued at approximately $64,658,000. 1832 Asset Management L.P. bought a new position in Confluent in the 1st quarter valued at approximately $48,547,000. Finally, Vanguard Group Inc. boosted its position in Confluent by 7.2% during the 1st quarter. Vanguard Group Inc. now owns 26,620,150 shares of the company’s stock worth $623,976,000 after buying an additional 1,791,588 shares during the period. 78.09% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Piper Sandler lowered their target price on Confluent from $40.00 to $32.00 and set an “overweight” rating on the stock in a research note on Thursday, May 1st. Canaccord Genuity Group lowered their price objective on Confluent from $38.00 to $32.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. UBS Group reduced their target price on shares of Confluent from $38.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. Guggenheim decreased their price target on shares of Confluent from $38.00 to $31.00 and set a “buy” rating on the stock in a research note on Thursday, May 1st. Finally, Bank of America lifted their price objective on shares of Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $30.11.

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.