Confluent Sees Unusually High Options Volume (NASDAQ:CFLT)

Key Points

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Confluent, Inc. (NASDAQ:CFLT - Get Free Report) was the recipient of unusually large options trading on Thursday. Traders purchased 46,759 call options on the company. Thisrepresentsanincreaseof476% compared to the typical volume of 8,122 call options.

Insider Transactions at Confluent

In related news, Director Michelangelo Volpi sold 25,000 shares of the stock in a transaction dated Thursday, June 5th. The stock was 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. This represents a 8.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Rohan Sivaram sold 27,710 shares of the stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $21.83, for a total value of $604,909.30. Following the sale, the chief financial officer owned 673,693 shares of the company's stock, valued at $14,706,718.19. This represents a 3.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 486,669 shares of company stock worth $11,439,593. Company insiders own 9.20% of the company's stock.

Institutional Trading of Confluent

Several institutional investors have recently added to or reduced their stakes in the business. New York Life Investment Management LLC boosted its stake in Confluent by 5.0% during the 2nd quarter. New York Life Investment Management LLC now owns 27,134 shares of the company's stock valued at $676,000 after purchasing an additional 1,291 shares during the last quarter. Peregrine Capital Management LLC boosted its stake in Confluent by 29.0% during the 2nd quarter. Peregrine Capital Management LLC now owns 414,272 shares of the company's stock valued at $10,328,000 after purchasing an additional 93,235 shares during the last quarter. Teacher Retirement System of Texas boosted its stake in Confluent by 1.6% during the 2nd quarter. Teacher Retirement System of Texas now owns 86,022 shares of the company's stock valued at $2,145,000 after purchasing an additional 1,338 shares during the last quarter. Bessemer Group Inc. boosted its stake in shares of Confluent by 12.4% in the 2nd quarter. Bessemer Group Inc. now owns 70,650 shares of the company's stock worth $1,761,000 after buying an additional 7,820 shares during the last quarter. Finally, Wealthfront Advisers LLC purchased a new position in shares of Confluent in the 2nd quarter worth $374,000. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on CFLT shares. JMP Securities dropped their target price on Confluent from $40.00 to $36.00 and set a "market outperform" rating for the company in a report on Thursday, May 1st. Wells Fargo & Company dropped their target price on Confluent from $30.00 to $27.00 and set an "overweight" rating for the company in a report on Thursday. Guggenheim dropped their target price on Confluent from $31.00 to $29.00 and set a "buy" rating for the company in a report on Thursday. Needham & Company LLC dropped their target price on Confluent from $26.00 to $24.00 and set a "buy" rating for the company in a report on Thursday. Finally, Cowen cut Confluent from a "buy" rating to a "hold" rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $27.54.

Confluent Stock Down 3.0%

CFLT stock traded down $0.53 on Friday, reaching $17.20. 19,531,383 shares of the company traded hands, compared to its average volume of 8,039,751. The firm has a fifty day simple moving average of $24.34 and a 200-day simple moving average of $25.37. The company has a debt-to-equity ratio of 1.03, a current ratio of 3.98 and a quick ratio of 4.42. Confluent has a one year low of $16.56 and a one year high of $37.90. The company has a market cap of $5.85 billion, a P/E ratio of -18.30 and a beta of 0.99.

Confluent (NASDAQ:CFLT - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.08 by $0.01. Confluent had a negative return on equity of 27.34% and a negative net margin of 29.27%. The business had revenue of $282.29 million for the quarter, compared to the consensus estimate of $278.32 million. During the same period last year, the business posted $0.06 EPS. The company's revenue was up 20.1% compared to the same quarter last year. Research analysts anticipate that Confluent will post -0.83 earnings per share for the current year.

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.