Confluent, Inc. (NASDAQ:CFLT) Short Interest Down 11.3% in November

Confluent, Inc. (NASDAQ:CFLT) saw a significant drop in short interest during the month of November. As of November 30th, there was short interest totalling 14,140,000 shares, a drop of 11.3% from the November 15th total of 15,950,000 shares. Approximately 5.7% of the shares of the company are short sold. Based on an average daily volume of 4,070,000 shares, the short-interest ratio is presently 3.5 days.

Analysts Set New Price Targets

Several equities research analysts have weighed in on CFLT shares. Sanford C. Bernstein lowered their price objective on shares of Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Robert W. Baird upped their price objective on Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Truist Financial lifted their target price on Confluent from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Evercore ISI dropped their target price on Confluent from $33.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, September 20th. Finally, Wells Fargo & Company raised their price target on Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $32.04.

Insider Buying and Selling at Confluent

In other news, Director Michelangelo Volpi sold 50,000 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $25.92, for a total transaction of $1,296,000.00. Following the completion of the transaction, the director now owns 280,200 shares of the company’s stock, valued at approximately $7,262,784. This represents a 15.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Stephanie Buscemi sold 164,123 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $26.24, for a total value of $4,306,587.52. Following the sale, the chief marketing officer now owns 149,644 shares in the company, valued at approximately $3,926,658.56. This represents a 52.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,580,955 shares of company stock worth $132,819,322 over the last 90 days. Insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Several hedge funds and other institutional investors have recently made changes to their positions in CFLT. Point72 Hong Kong Ltd bought a new position in Confluent during the third quarter worth about $68,000. Acadian Asset Management LLC bought a new position in shares of Confluent during the 2nd quarter worth approximately $175,000. Plato Investment Management Ltd increased its holdings in shares of Confluent by 2,184.1% during the 2nd quarter. Plato Investment Management Ltd now owns 6,601 shares of the company’s stock worth $195,000 after acquiring an additional 6,312 shares during the last quarter. Centaurus Financial Inc. increased its holdings in shares of Confluent by 109.2% during the 2nd quarter. Centaurus Financial Inc. now owns 7,320 shares of the company’s stock worth $216,000 after acquiring an additional 3,821 shares during the last quarter. Finally, NINE MASTS CAPITAL Ltd bought a new stake in Confluent in the 2nd quarter valued at $238,000. 78.09% of the stock is owned by institutional investors.

Confluent Stock Down 0.4 %

NASDAQ:CFLT traded down $0.12 on Tuesday, hitting $31.35. 1,901,712 shares of the company’s stock were exchanged, compared to its average volume of 4,333,941. The firm has a 50-day moving average price of $27.09 and a 200-day moving average price of $24.68. Confluent has a 52 week low of $17.79 and a 52 week high of $35.07. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The company has a market cap of $10.28 billion, a P/E ratio of -28.35 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last released its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.03. The business had revenue of $250.20 million for the quarter, compared to analyst estimates of $243.98 million. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. As a group, analysts expect that Confluent will post -0.9 EPS for the current fiscal 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.