Traders Purchase High Volume of Put Options on Confluent (NASDAQ:CFLT)

Confluent, Inc. (NASDAQ:CFLT - Get Free Report) was the recipient of unusually large options trading on Tuesday. Traders bought 14,014 put options on the stock. This is an increase of approximately 49% compared to the typical daily volume of 9,415 put options.

Confluent Stock Performance

Shares of Confluent stock traded down $0.32 during trading on Thursday, hitting $25.81. 1,890,561 shares of the company's stock were exchanged, compared to its average volume of 4,258,218. The stock has a market capitalization of $8.62 billion, a price-to-earnings ratio of -23.84 and a beta of 0.89. The business has a 50-day simple moving average of $29.76 and a 200-day simple moving average of $26.71. Confluent has a 52-week low of $17.79 and a 52-week high of $37.90. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99.

Confluent (NASDAQ:CFLT - Get Free Report) last released its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. On average, research analysts forecast that Confluent will post -0.83 EPS 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 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 transaction, the chief accounting officer now owns 179,939 shares of the company's stock, valued at approximately $5,171,446.86. The trade was a 2.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Erica Schultz sold 150,000 shares of the stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $35.82, for a total transaction of $5,373,000.00. Following the transaction, the insider now directly owns 678,016 shares of the company's stock, valued at $24,286,533.12. This trade represents a 18.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,201,518 shares of company stock valued at $38,533,306 over the last quarter. 13.82% of the stock is currently owned by company insiders.

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Hedge Funds Weigh In On Confluent

Hedge funds and other institutional investors have recently modified their holdings of the business. ProShare Advisors LLC lifted its holdings in Confluent by 3.1% in the fourth quarter. ProShare Advisors LLC now owns 10,774 shares of the company's stock valued at $301,000 after acquiring an additional 328 shares during the last quarter. Commonwealth Equity Services LLC increased its position in shares of Confluent by 4.1% during the fourth quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company's stock worth $323,000 after acquiring an additional 458 shares during the period. EP Wealth Advisors LLC raised its stake in shares of Confluent by 3.6% in the third quarter. EP Wealth Advisors LLC now owns 14,371 shares of the company's stock valued at $293,000 after acquiring an additional 503 shares in the last quarter. Truist Financial Corp grew its stake in Confluent by 2.5% during the 4th quarter. Truist Financial Corp now owns 21,081 shares of the company's stock worth $589,000 after purchasing an additional 514 shares in the last quarter. Finally, Jasper Ridge Partners L.P. increased its holdings in Confluent by 4.8% during the 4th quarter. Jasper Ridge Partners L.P. now owns 14,409 shares of the company's stock worth $403,000 after purchasing an additional 664 shares during the period. 78.09% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Scotiabank increased their target price on Confluent from $27.00 to $35.00 and gave the company a "sector perform" rating in a research report on Wednesday, February 12th. Loop Capital dropped their price objective on shares of Confluent from $34.00 to $30.00 and set a "hold" rating for the company in a research note on Monday. JPMorgan Chase & Co. upped their target price on shares of Confluent from $35.00 to $38.00 and gave the company an "overweight" rating in a research report on Wednesday, December 11th. Needham & Company LLC restated a "buy" rating and set a $40.00 price target on shares of Confluent in a report on Friday, March 7th. Finally, Wells Fargo & Company raised their price objective on shares of Confluent from $40.00 to $42.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $35.33.

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.