Confluent (NASDAQ:CFLT) Shares Down 5.4% - Time to Sell?

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

Analysts Set New Price Targets

Several research firms recently weighed in on CFLT. DA Davidson decreased their price target on Confluent from $42.00 to $28.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. UBS Group increased their price target on Confluent from $30.00 to $32.00 and gave the company a "buy" rating in a report on Friday. JMP Securities decreased their price target on Confluent from $40.00 to $36.00 and set a "market outperform" rating on the stock in a report on Thursday, May 1st. Canaccord Genuity Group decreased their price target on Confluent from $38.00 to $32.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Finally, Citigroup restated a "neutral" rating on shares of Confluent in a report on Wednesday, May 21st. 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 issued a strong buy rating to the stock. According to MarketBeat.com, Confluent has an average rating of "Moderate Buy" and an average price target of $30.19.

Confluent Stock Down 1.4%

The company has a current ratio of 4.42, a quick ratio of 4.42 and a debt-to-equity ratio of 1.07. The business has a 50-day moving average price of $23.40 and a 200-day moving average price of $25.71. The firm has a market cap of $8.22 billion, a P/E ratio of -24.65 and a beta of 0.99.

Confluent (NASDAQ:CFLT - Get Free Report) last posted its quarterly 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. Confluent had a negative return on equity of 29.92% and a negative net margin of 31.42%. The business had revenue of $271.12 million for the quarter, compared to the consensus estimate of $264.45 million. During the same quarter in the prior year, the company earned $0.05 EPS. The business's revenue was up 24.8% compared to the same quarter last year. On average, equities analysts forecast that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Insider Activity at Confluent

In related news, Director Lara Caimi sold 2,864 shares of the firm's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $24.10, for a total transaction of $69,022.40. Following the sale, the director owned 4,296 shares of the company's stock, valued at $103,533.60. This trade represents a 40.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Kong Phan sold 3,575 shares of the firm's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $23.49, for a total value of $83,976.75. Following the sale, the chief accounting officer directly owned 239,742 shares in the company, valued at approximately $5,631,539.58. The trade was a 1.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 546,669 shares of company stock valued at $12,637,193 over the last 90 days. Company insiders own 13.82% of the company's stock.

Institutional Investors Weigh In On Confluent

A number of institutional investors have recently added to or reduced their stakes in CFLT. Norges Bank bought a new stake in Confluent during the fourth quarter valued at about $81,092,000. Pictet Asset Management Holding SA boosted its holdings in Confluent by 7,342.2% in the fourth quarter. Pictet Asset Management Holding SA now owns 2,351,516 shares of the company's stock worth $65,748,000 after acquiring an additional 2,319,919 shares in the last quarter. Fuller & Thaler Asset Management Inc. acquired a new stake in Confluent in the fourth quarter worth about $64,658,000. 1832 Asset Management L.P. acquired a new stake in Confluent in the first quarter worth about $48,547,000. Finally, Vanguard Group Inc. boosted its holdings in Confluent by 7.2% in the first quarter. Vanguard Group Inc. now owns 26,620,150 shares of the company's stock worth $623,976,000 after acquiring an additional 1,791,588 shares in the last quarter. Institutional investors own 78.09% of the company's stock.

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.