Confluent (NASDAQ:CFLT) Shares Down 4.5% - Here's What Happened

Confluent, Inc. (NASDAQ:CFLT - Get Free Report)'s share 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 traded hands 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.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Barclays upped their price target on Confluent from $32.00 to $35.00 and gave the stock an "overweight" rating in a research note on Friday, December 6th. JPMorgan Chase & Co. boosted their target price on Confluent from $35.00 to $38.00 and gave the stock an "overweight" rating in a research note on Wednesday, December 11th. Royal Bank of Canada lifted their price target on Confluent from $33.00 to $36.00 and gave the stock an "outperform" rating in a report on Friday, January 3rd. Truist Financial boosted their price objective on Confluent from $32.00 to $35.00 and gave the stock a "buy" rating in a research report on Thursday, December 12th. Finally, Piper Sandler raised their target price on Confluent from $32.00 to $35.00 and gave the company an "overweight" rating in a research report on Monday, January 6th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $32.37.

Confluent Price Performance

The company has a market capitalization of $9.66 billion, a P/E ratio of -26.54 and a beta of 0.91. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. The business's fifty day moving average price is $29.70 and its 200-day moving average price is $24.96.

Confluent (NASDAQ:CFLT - Get Free Report) last issued 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 during 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, sell-side analysts predict that Confluent, Inc. will post -0.9 earnings per share for the current fiscal year.

Insider Activity

In other Confluent news, CAO Kong Phan sold 2,096 shares of the business'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 completion of the sale, the chief accounting officer now owns 190,680 shares in the company, valued at approximately $5,382,896.40. The trade was a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CMO Stephanie Buscemi sold 164,123 shares of the firm's stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $26.24, for a total transaction of $4,306,587.52. Following the completion of the transaction, the chief marketing officer now owns 149,644 shares in the company, valued at $3,926,658.56. This represents a 52.31 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,584,712 shares of company stock valued at $132,928,936. Corporate insiders own 13.82% of the company's stock.

Hedge Funds Weigh In On Confluent

Several hedge funds have recently made changes to their positions in the business. Champlain Investment Partners LLC lifted its stake in shares of Confluent by 72.2% in the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company's stock valued at $218,083,000 after purchasing an additional 4,486,841 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Confluent by 2.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company's stock valued at $88,180,000 after buying an additional 107,510 shares in the last quarter. Atreides Management LP grew its position in shares of Confluent by 7.3% in the 3rd quarter. Atreides Management LP now owns 2,706,910 shares of the company's stock worth $55,167,000 after buying an additional 184,865 shares during the period. Jacobs Levy Equity Management Inc. increased its stake in shares of Confluent by 46.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,513,426 shares of the company's stock worth $51,224,000 after acquiring an additional 802,353 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Confluent by 2.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company's stock valued at $46,549,000 after acquiring an additional 64,926 shares during the period. 78.09% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.