Confluent (NASDAQ:CFLT) Shares Gap Down - Time to Sell?

Confluent, Inc. (NASDAQ:CFLT - Get Free Report)'s share price gapped down prior to trading on Thursday . The stock had previously closed at $27.81, but opened at $27.19. Confluent shares last traded at $26.48, with a volume of 1,302,601 shares.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Evercore ISI cut their target price on Confluent from $33.00 to $28.00 and set an "outperform" rating on the stock in a research report on Friday, September 20th. TD Cowen lifted their price objective on shares of Confluent from $27.00 to $31.00 and gave the stock a "buy" rating in a report on Thursday, October 31st. Truist Financial upped their target price 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. Morgan Stanley reissued an "equal weight" rating and set a $30.00 price target (down from $33.00) on shares of Confluent in a research report on Thursday. Finally, Barclays upped their price objective on shares of Confluent from $32.00 to $35.00 and gave the stock an "overweight" rating in a research report on Friday, December 6th. One equities research 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's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $32.37.

Confluent Stock Down 0.1 %

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 firm has a market cap of $8.76 billion, a P/E ratio of -24.05 and a beta of 0.91. The stock's fifty day moving average is $29.62 and its two-hundred day moving average is $24.98.

Confluent (NASDAQ:CFLT - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.24) by $0.03. The company had revenue of $250.20 million for the quarter, compared to the consensus estimate 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, research analysts anticipate that Confluent, Inc. will post -0.9 earnings per share for the current year.

Insider Transactions at Confluent

In other news, CAO Kong Phan sold 3,947 shares of the business's stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $28.74, for a total value of $113,436.78. Following the completion of the sale, the chief accounting officer now directly owns 179,939 shares in the company, valued at approximately $5,171,446.86. The trade was a 2.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Michelangelo Volpi sold 50,000 shares of the company's stock in a transaction on 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 sale, the director now directly owns 280,200 shares of the company's stock, valued at $7,262,784. This trade represents a 15.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,584,712 shares of company stock valued at $132,928,936 in the last quarter. Insiders own 13.82% of the company's stock.

Institutional Trading of Confluent

Several hedge funds have recently added to or reduced their stakes in the business. Inspire Investing LLC bought a new position in shares of Confluent during the fourth quarter valued at about $1,093,000. Jackson Square Capital LLC bought a new position in Confluent during the 4th quarter worth approximately $389,000. Friedenthal Financial purchased a new position in Confluent in the 4th quarter worth approximately $758,000. Moody National Bank Trust Division bought a new stake in Confluent in the fourth quarter valued at approximately $203,000. Finally, Diversified Trust Co boosted its stake in shares of Confluent by 21.5% during the fourth quarter. Diversified Trust Co now owns 73,529 shares of the company's stock valued at $2,056,000 after purchasing an additional 13,026 shares during the period. 78.09% of the stock is owned by institutional investors.

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.