Confluent (NASDAQ:CFLT) Shares Down 4.5% - Should You Sell?

Confluent, Inc. (NASDAQ:CFLT - Get Free Report)'s stock price dropped 4.5% during trading on Wednesday . The company traded as low as $29.95 and last traded at $29.77. Approximately 366,014 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 3,484,393 shares. The stock had previously closed at $31.16.

Analyst Upgrades and Downgrades

CFLT has been the topic of several recent research reports. Needham & Company LLC reaffirmed a "buy" rating and set a $31.00 target price on shares of Confluent in a research report on Friday, November 15th. Scotiabank raised their price objective on Confluent from $25.00 to $27.00 and gave the company a "sector perform" rating in a research report on Thursday, October 31st. Sanford C. Bernstein reduced their target price on shares of Confluent from $38.00 to $33.00 and set an "outperform" rating for the company in a report on Friday, October 25th. UBS Group raised their price target on shares of Confluent from $23.00 to $26.00 and gave the company a "neutral" rating in a report on Thursday, October 31st. Finally, Truist Financial boosted their price objective on shares of Confluent from $32.00 to $35.00 and gave the stock a "buy" rating in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $32.30.

Confluent Stock Up 0.6 %

The stock has a 50 day simple moving average of $29.67 and a two-hundred day simple moving average of $25.04. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24.

Confluent (NASDAQ:CFLT - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, beating 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 during the quarter, compared to analysts' expectations of $243.98 million. Analysts forecast that Confluent, Inc. will post -0.9 EPS for the current year.

Insider Activity

In other Confluent news, CAO Kong Phan sold 2,096 shares of the firm's stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total value of $59,170.08. Following the sale, the chief accounting officer now directly owns 190,680 shares of the company's stock, valued at approximately $5,382,896.40. This trade represents a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew Craig Miller sold 53,512 shares of the company's stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $33.64, for a total value of $1,800,143.68. The disclosure for this sale can be found here. Insiders sold a total of 4,370,589 shares of company stock valued at $127,326,348 in the last three months. 13.82% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Confluent

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Blue Trust Inc. lifted its holdings in Confluent by 354.0% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company's stock valued at $58,000 after purchasing an additional 1,607 shares in the last quarter. Point72 Hong Kong Ltd purchased a new position in Confluent in the 3rd quarter valued at about $68,000. GAMMA Investing LLC boosted its holdings in Confluent by 85.3% in the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company's stock worth $69,000 after buying an additional 1,136 shares during the last quarter. Pacer Advisors Inc. increased its stake in Confluent by 36.4% during the 4th quarter. Pacer Advisors Inc. now owns 6,068 shares of the company's stock worth $170,000 after buying an additional 1,619 shares in the last quarter. Finally, DMC Group LLC acquired a new position in shares of Confluent during the fourth quarter valued at approximately $201,000. Hedge funds and other 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.