Insider Selling: Confluent, Inc. (NASDAQ:CFLT) Director Sells 20,000 Shares of Stock

Confluent, Inc. (NASDAQ:CFLT - Get Free Report) Director Neha Narkhede sold 20,000 shares of the firm's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $22.82, for a total value of $456,400.00. Following the completion of the sale, the director now directly owns 20,247 shares of the company's stock, valued at approximately $462,036.54. This represents a 49.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link.

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

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

Confluent Trading Up 1.7%

NASDAQ CFLT traded up $0.41 during mid-day trading on Friday, reaching $24.59. 2,594,234 shares of the stock were exchanged, compared to its average volume of 4,864,474. The stock has a market cap of $8.37 billion, a P/E ratio of -22.78 and a beta of 0.98. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24. Confluent, Inc. has a one year low of $17.79 and a one year high of $37.90. The stock has a 50 day simple moving average of $21.95 and a 200-day simple moving average of $26.92.

Confluent (NASDAQ:CFLT - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.08 earnings per share for the quarter, topping 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 firm had revenue of $271.12 million during the quarter, compared to analyst estimates of $264.45 million. During the same period last year, the company posted $0.05 EPS. The business's quarterly revenue was up 24.8% on a year-over-year basis. On average, analysts anticipate that Confluent, Inc. will post -0.83 EPS for the current year.

Institutional Investors Weigh In On Confluent

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. ProShare Advisors LLC boosted its position in shares of Confluent by 3.1% during the 4th quarter. ProShare Advisors LLC now owns 10,774 shares of the company's stock worth $301,000 after purchasing an additional 328 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in shares of Confluent by 4.1% during the fourth quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company's stock valued at $323,000 after acquiring an additional 458 shares in the last quarter. Truist Financial Corp raised its position in shares of Confluent by 2.5% during the fourth quarter. Truist Financial Corp now owns 21,081 shares of the company's stock worth $589,000 after purchasing an additional 514 shares during the period. Amalgamated Bank grew its position in Confluent by 3.4% in the 1st quarter. Amalgamated Bank now owns 16,995 shares of the company's stock valued at $398,000 after purchasing an additional 566 shares during the period. Finally, GAMMA Investing LLC increased its stake in Confluent by 26.8% during the 1st quarter. GAMMA Investing LLC now owns 3,128 shares of the company's stock valued at $73,000 after purchasing an additional 661 shares in the last quarter. 78.09% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CFLT has been the topic of several analyst reports. Truist Financial reduced their price target on shares of Confluent from $35.00 to $30.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. TD Securities lowered their target price on shares of Confluent from $34.00 to $32.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Loop Capital reduced their price target on shares of Confluent from $30.00 to $22.00 and set a "hold" rating on the stock in a research note on Wednesday, April 23rd. UBS Group lowered their price objective 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. Finally, William Blair reissued an "outperform" rating on shares of Confluent in a research report on Monday, March 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $30.11.

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.