Confluent, Inc. (NASDAQ:CFLT) CAO Kong Phan Sells 3,575 Shares

Confluent, Inc. (NASDAQ:CFLT - Get Free Report) CAO Kong Phan sold 3,575 shares of the firm's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $23.49, for a total value of $83,976.75. Following the sale, the chief accounting officer now directly owns 239,742 shares in the company, valued at $5,631,539.58. The trade was a 1.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Kong Phan also recently made the following trade(s):

• On Thursday, June 5th, Kong Phan sold 1,309 shares of Confluent stock. The stock was sold at an average price of $24.00, for a total transaction of $31,416.00.
• On Tuesday, May 20th, Kong Phan sold 1,890 shares of Confluent stock. The stock was sold at an average price of $21.83, for a total value of $41,258.70.

Confluent Trading Down 1.6%

CFLT stock traded down $0.39 during trading on Friday, reaching $24.46. The company had a trading volume of 3,185,244 shares, compared to its average volume of 4,960,081. The company has a debt-to-equity ratio of 1.07, a current ratio of 4.42 and a quick ratio of 4.42. Confluent, Inc. has a 52 week low of $17.79 and a 52 week high of $37.90. The business has a 50 day moving average of $22.68 and a 200 day moving average of $26.16. The company has a market cap of $8.33 billion, a P/E ratio of -24.92 and a beta of 0.98.

Confluent (NASDAQ:CFLT - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share for the quarter, topping analysts' consensus estimates of $0.07 by $0.01. Confluent had a negative net margin of 31.42% and a negative return on equity of 29.92%. The firm had revenue of $271.12 million for the quarter, compared to the consensus estimate of $264.45 million. During the same period in the prior year, the firm earned $0.05 EPS. The company's revenue was up 24.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on CFLT shares. Stifel Nicolaus cut their price target on Confluent from $40.00 to $30.00 and set a "buy" rating for the company in a report on Thursday, May 1st. William Blair restated an "outperform" rating on shares of Confluent in a research note on Monday, March 17th. Guggenheim reduced their target price on shares of Confluent from $38.00 to $31.00 and set a "buy" rating for the company in a report on Thursday, May 1st. TD Securities lowered their price target on shares of Confluent from $34.00 to $32.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Finally, Wells Fargo & Company cut their price objective on shares of Confluent from $32.00 to $30.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Confluent presently has an average rating of "Moderate Buy" and an average target price of $30.11.

Hedge Funds Weigh In On Confluent

Institutional investors and hedge funds have recently modified their holdings of the stock. Cloud Capital Management LLC bought a new position in Confluent in the 1st quarter worth about $26,000. Credit Industriel ET Commercial purchased a new position in Confluent in the fourth quarter worth about $28,000. Versant Capital Management Inc lifted its stake in shares of Confluent by 2,458.2% in the first quarter. Versant Capital Management Inc now owns 1,714 shares of the company's stock worth $40,000 after buying an additional 1,647 shares in the last quarter. Banque Transatlantique SA purchased a new stake in shares of Confluent during the first quarter valued at approximately $43,000. Finally, SVB Wealth LLC purchased a new stake in shares of Confluent during the first quarter valued at approximately $54,000. 78.09% of the stock is currently owned by institutional investors.

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.