Confluent (NASDAQ:CFLT) Stock Price Down 5.4% - Should You Sell?

Confluent, Inc. (NASDAQ:CFLT - Get Free Report)'s share price traded down 5.4% during mid-day trading on Thursday . The stock traded as low as $24.20 and last traded at $24.18. 1,082,307 shares traded hands during trading, a decline of 78% from the average session volume of 5,008,636 shares. The stock had previously closed at $25.56.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Scotiabank lowered their price objective on shares of Confluent from $35.00 to $24.00 and set a "sector perform" rating on the stock in a research report on Thursday, April 24th. Stifel Nicolaus reduced their target price on shares of Confluent from $40.00 to $30.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. William Blair restated an "outperform" rating on shares of Confluent in a research note on Monday, March 17th. Loop Capital reduced their target price on shares of Confluent from $30.00 to $22.00 and set a "hold" rating for the company in a research note on Wednesday, April 23rd. Finally, Barclays reduced their target price on shares of Confluent from $29.00 to $27.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Confluent has an average rating of "Moderate Buy" and a consensus price target of $30.11.

Confluent Trading Down 4.1%

The company has a debt-to-equity ratio of 1.07, a current ratio of 4.42 and a quick ratio of 4.42. The company has a market cap of $8.34 billion, a price-to-earnings ratio of -25.00 and a beta of 0.99. The business's 50-day simple moving average is $23.31 and its 200-day simple moving average is $25.81.

Confluent (NASDAQ:CFLT - Get Free Report) last announced 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 company had revenue of $271.12 million during the quarter, compared to analysts' expectations of $264.45 million. Confluent had a negative net margin of 31.42% and a negative return on equity of 29.92%. The firm's quarterly revenue was up 24.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.05 earnings per share. Research analysts predict that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Insider Activity at Confluent

In other news, Director Michelangelo Volpi sold 25,000 shares of Confluent stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $25.00, for a total transaction of $625,000.00. Following the completion of the sale, the director directly owned 267,079 shares in the company, valued at $6,676,975. The trade was a 8.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Neha Narkhede sold 60,000 shares of Confluent stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $19.96, for a total transaction of $1,197,600.00. Following the sale, the director owned 20,247 shares of the company's stock, valued at approximately $404,130.12. This trade represents a 74.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 546,669 shares of company stock valued at $12,637,193 in the last quarter. 9.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Confluent

A number of hedge funds and other institutional investors have recently modified their holdings of CFLT. 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 Confluent in the fourth quarter valued at approximately $28,000. Versant Capital Management Inc grew its holdings in Confluent by 2,458.2% in the first quarter. Versant Capital Management Inc now owns 1,714 shares of the company's stock valued at $40,000 after purchasing an additional 1,647 shares during the period. Banque Transatlantique SA purchased a new stake in Confluent in the first quarter valued at approximately $43,000. Finally, SVB Wealth LLC purchased a new stake in Confluent in the first quarter valued at approximately $54,000. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

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.