Confluent, Inc. (NASDAQ:CFLT) CTO Chad Verbowski Sells 13,414 Shares

Confluent, Inc. (NASDAQ:CFLT) CTO Chad Verbowski sold 13,414 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $378,677.22. Following the completion of the transaction, the chief technology officer now directly owns 483,393 shares of the company’s stock, valued at approximately $13,646,184.39. This trade represents a 2.70 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Confluent Price Performance

Shares of CFLT stock traded up $0.91 on Friday, reaching $31.52. The company had a trading volume of 5,460,246 shares, compared to its average volume of 4,379,470. The stock has a market capitalization of $10.34 billion, a PE ratio of -28.40 and a beta of 0.82. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17. The business’s 50-day moving average is $23.12 and its 200 day moving average is $24.62. Confluent, Inc. has a one year low of $17.79 and a one year high of $35.07.

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

Hedge Funds Weigh In On Confluent

A number of institutional investors and hedge funds have recently modified their holdings of the business. William Blair Investment Management LLC bought a new stake in Confluent during the 2nd quarter worth approximately $193,403,000. Champlain Investment Partners LLC lifted its position in shares of Confluent by 72.2% during the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock valued at $218,083,000 after buying an additional 4,486,841 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Confluent by 17.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock worth $536,601,000 after purchasing an additional 2,587,169 shares during the period. 1832 Asset Management L.P. grew its stake in Confluent by 28.4% in the 2nd quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock valued at $224,933,000 after buying an additional 1,684,100 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Confluent by 60.0% in the second quarter. Bank of New York Mellon Corp now owns 3,510,483 shares of the company’s stock valued at $103,665,000 after purchasing an additional 1,316,804 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Bank of America dropped their target price on Confluent from $32.00 to $26.00 and set an “underperform” rating on the stock in a report on Thursday, August 1st. Needham & Company LLC reissued a “buy” rating and issued a $31.00 target price on shares of Confluent in a research note on Friday, November 15th. Stifel Nicolaus cut their price target on shares of Confluent from $40.00 to $32.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. Wolfe Research upgraded shares of Confluent to a “strong-buy” rating in a research note on Wednesday, September 18th. Finally, Mizuho boosted their price target on Confluent from $29.00 to $31.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Confluent has a consensus rating of “Moderate Buy” and an average price target of $30.88.

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.