Confluent (NASDAQ:CFLT) Stock Price Down 5.6% on Insider Selling

Confluent, Inc. (NASDAQ:CFLT - Get Free Report)'s stock price traded down 5.6% during trading on Thursday after an insider sold shares in the company. The company traded as low as $30.28 and last traded at $30.41. 506,595 shares were traded during mid-day trading, a decline of 88% from the average session volume of 4,190,749 shares. The stock had previously closed at $32.20.

Specifically, insider Erica Schultz sold 63,729 shares of Confluent stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $29.47, for a total value of $1,878,093.63. Following the transaction, the insider now owns 502,424 shares of the company's stock, valued at $14,806,435.28. This trade represents a 11.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Neha Narkhede sold 40,000 shares of the firm's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $30.68, for a total transaction of $1,227,200.00. Following the completion of the transaction, the director now owns 20,247 shares in the company, valued at $621,177.96. The trade was a 66.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Confluent news, CFO Rohan Sivaram sold 11,000 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $31.14, for a total transaction of $342,540.00. Following the completion of the sale, the chief financial officer now directly owns 701,403 shares in the company, valued at $21,841,689.42. This represents a 1.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

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Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Wells Fargo & Company raised their target price on Confluent from $40.00 to $42.00 and gave the company an "overweight" rating in a report on Wednesday, February 12th. Loop Capital cut their price objective on shares of Confluent from $34.00 to $30.00 and set a "hold" rating for the company in a research report on Monday. Needham & Company LLC reiterated a "buy" rating and issued a $40.00 target price on shares of Confluent in a research note on Friday. Scotiabank boosted their price target on Confluent from $27.00 to $35.00 and gave the company a "sector perform" rating in a research note on Wednesday, February 12th. Finally, Guggenheim raised their price objective on Confluent from $35.00 to $38.00 and gave the stock a "buy" rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $35.33.

Confluent Trading Down 8.3 %

The company has a market capitalization of $8.15 billion, a P/E ratio of -22.59 and a beta of 0.90. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24. The business's 50-day moving average price is $29.93 and its two-hundred day moving average price is $26.66.

Confluent (NASDAQ:CFLT - Get Free Report) last posted its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (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 forecast that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CFLT. US Bancorp DE lifted its position in Confluent by 307.7% in the 3rd quarter. US Bancorp DE now owns 16,702 shares of the company's stock valued at $340,000 after acquiring an additional 12,605 shares in the last quarter. Assetmark Inc. lifted its stake in Confluent by 75,257.1% in the 3rd quarter. Assetmark Inc. now owns 36,925 shares of the company's stock valued at $753,000 after acquiring an additional 36,876 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its position in shares of Confluent by 16.0% in the third quarter. State of New Jersey Common Pension Fund D now owns 92,518 shares of the company's stock worth $1,886,000 after purchasing an additional 12,779 shares in the last quarter. Pathway Capital Management LP acquired a new position in Confluent during the third quarter valued at approximately $918,000. Finally, GSA Capital Partners LLP boosted its stake in shares of Confluent by 6.8% during the 3rd quarter. GSA Capital Partners LLP now owns 30,461 shares of the company's stock worth $621,000 after acquiring an additional 1,938 shares during the period. Institutional investors and hedge funds 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.