Confluent, Inc. (NASDAQ:CFLT - Get Free Report) was the target of unusually large options trading activity on Tuesday. Stock investors acquired 29,019 call options on the stock. This represents an increase of approximately 214% compared to the average daily volume of 9,236 call options.
Confluent Stock Down 4.9 %
Shares of NASDAQ CFLT traded down $1.03 during trading on Friday, hitting $20.17. The stock had a trading volume of 7,211,116 shares, compared to its average volume of 4,409,552. The firm has a fifty day moving average of $28.82 and a two-hundred day moving average of $27.24. The company has a market capitalization of $6.74 billion, a PE ratio of -18.68 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. Confluent has a 12 month low of $17.79 and a 12 month high of $37.90.
Confluent (NASDAQ:CFLT - Get Free Report) last issued its quarterly earnings data 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 return on equity of 34.70% and a negative net margin of 35.81%. As a group, equities research analysts forecast that Confluent will post -0.83 EPS for the current fiscal year.
Insiders Place Their Bets
In other news, CAO Kong Phan sold 2,178 shares of the company's stock in a transaction on Friday, February 21st. The stock was sold at an average price of $31.58, for a total transaction of $68,781.24. Following the completion of the sale, the chief accounting officer now directly owns 177,415 shares in the company, valued at approximately $5,602,765.70. This represents a 1.21 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of the firm's stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $32.33, for a total value of $7,516,725.00. Following the completion of the transaction, the chief executive officer now owns 452,488 shares in the company, valued at $14,628,937.04. The trade was a 33.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,200,746 shares of company stock worth $38,505,150 in the last quarter. 13.82% of the stock is currently owned by corporate insiders.
Institutional Trading of Confluent
Institutional investors and hedge funds have recently modified their holdings of the business. Credit Industriel ET Commercial bought a new position in Confluent in the 4th quarter valued at $28,000. Versant Capital Management Inc grew its position in Confluent by 2,458.2% during the first quarter. Versant Capital Management Inc now owns 1,714 shares of the company's stock valued at $40,000 after buying an additional 1,647 shares during the period. Blue Trust Inc. increased its holdings in Confluent by 354.0% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company's stock worth $58,000 after buying an additional 1,607 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in Confluent in the fourth quarter worth about $59,000. Finally, GAMMA Investing LLC raised its position in Confluent by 85.3% in the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company's stock worth $69,000 after acquiring an additional 1,136 shares during the period. 78.09% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of brokerages recently issued reports on CFLT. JPMorgan Chase & Co. lifted their price objective on shares of Confluent from $35.00 to $38.00 and gave the company an "overweight" rating in a research note on Wednesday, December 11th. Barclays lifted their price target on Confluent from $35.00 to $37.00 and gave the company an "overweight" rating in a research note on Wednesday, February 12th. Piper Sandler upped their price objective on Confluent from $35.00 to $40.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Bank of America lifted their target price on Confluent from $26.00 to $31.00 and gave the company an "underperform" rating in a research report on Wednesday, February 12th. Finally, Scotiabank boosted their target price on Confluent from $27.00 to $35.00 and gave the stock a "sector perform" rating in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $35.15.
Read Our Latest Stock Report on CFLT
About Confluent
(
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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.
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