Insider Selling: Confluent, Inc. (NASDAQ:CFLT) CEO Sells 232,500 Shares of Stock

Confluent, Inc. (NASDAQ:CFLT - Get Free Report) CEO Edward Jay Kreps sold 232,500 shares of the company's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $24.50, for a total value of $5,696,250.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares of the company's stock, valued at approximately $11,085,956. This trade represents a 33.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Tuesday, May 20th, Edward Jay Kreps sold 37,707 shares of Confluent stock. The stock was sold at an average price of $21.84, for a total value of $823,520.88.
• On Thursday, May 15th, Edward Jay Kreps sold 23,500 shares of Confluent stock. The stock was sold at an average price of $22.67, for a total value of $532,745.00.

Confluent Stock Up 1.3%

Shares of Confluent stock traded up $0.32 during trading on Thursday, hitting $24.41. 3,886,451 shares of the stock traded hands, compared to its average volume of 4,894,703. The stock's fifty day simple moving average is $22.11 and its 200 day simple moving average is $26.76. Confluent, Inc. has a 52-week low of $17.79 and a 52-week 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 firm has a market cap of $8.31 billion, a P/E ratio of -22.60 and a beta of 0.98.

Confluent (NASDAQ:CFLT - Get Free Report) last posted its earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.01. Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. The company had revenue of $271.12 million for the quarter, compared to analyst estimates of $264.45 million. During the same quarter in the previous year, the firm earned $0.05 earnings per share. The firm's quarterly revenue was up 24.8% compared to the same quarter last year. On average, equities analysts predict that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Confluent

Large investors have recently modified their holdings of the business. Cloud Capital Management LLC purchased a new stake in shares of Confluent during the first quarter worth about $26,000. Credit Industriel ET Commercial purchased a new stake in shares of Confluent during the fourth quarter worth about $28,000. Versant Capital Management Inc grew its stake in shares of Confluent by 2,458.2% during the first quarter. Versant Capital Management Inc now owns 1,714 shares of the company's stock worth $40,000 after acquiring an additional 1,647 shares during the last quarter. Banque Transatlantique SA purchased a new stake in shares of Confluent during the first quarter worth about $43,000. Finally, SVB Wealth LLC purchased a new stake in shares of Confluent during the first quarter worth about $54,000. Hedge funds and other institutional investors own 78.09% of the company's stock.

Analyst Ratings Changes

CFLT has been the subject of several recent analyst reports. Piper Sandler cut their price objective on Confluent from $40.00 to $32.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Royal Bank of Canada raised their price target on Confluent from $36.00 to $41.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. Guggenheim decreased their price target on Confluent from $38.00 to $31.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Scotiabank reduced their price objective on Confluent from $35.00 to $24.00 and set a "sector perform" rating on the stock in a research note on Thursday, April 24th. Finally, Wells Fargo & Company cut their target price on shares of Confluent from $32.00 to $30.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, six have given a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price 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.