Confluent, Inc. (NASDAQ:CFLT) CEO Sells $7,516,725.00 in Stock

Confluent, Inc. (NASDAQ:CFLT) CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $32.33, for a total transaction of $7,516,725.00. Following the transaction, the chief executive officer now owns 452,488 shares of the company’s stock, valued at approximately $14,628,937.04. This represents a 33.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Confluent Stock Performance

Shares of CFLT opened at $30.79 on Thursday. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $10.10 billion, a P/E ratio of -28.51 and a beta of 0.92. The firm’s fifty day simple moving average is $29.86 and its two-hundred day simple moving average is $26.21. Confluent, Inc. has a 12 month low of $17.79 and a 12 month high of $37.90.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. As a group, analysts predict that Confluent, Inc. will post -0.83 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on CFLT. Wells Fargo & Company boosted their price objective on shares of Confluent from $40.00 to $42.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Robert W. Baird boosted their price objective on shares of Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. JPMorgan Chase & Co. boosted their price objective on shares of Confluent from $35.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday, December 11th. Canaccord Genuity Group upped their price target on shares of Confluent from $34.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Finally, Barclays upped their price target on shares of Confluent from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $35.15.

Institutional Trading of Confluent

A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Confluent by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company’s stock valued at $694,207,000 after acquiring an additional 599,582 shares during the last quarter. Champlain Investment Partners LLC boosted its position in shares of Confluent by 1.3% during the 4th quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company’s stock worth $302,940,000 after purchasing an additional 133,908 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Confluent by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company’s stock worth $123,339,000 after purchasing an additional 84,163 shares in the last quarter. Jericho Capital Asset Management L.P. boosted its position in shares of Confluent by 18.1% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,000,000 shares of the company’s stock worth $83,880,000 after purchasing an additional 459,000 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Confluent during the 4th quarter worth about $81,092,000. 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.