Insider Selling: Confluent, Inc. (NASDAQ:CFLT) Insider Sells 63,729 Shares of Stock

Confluent, Inc. (NASDAQ:CFLT) insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $31.68, for a total transaction of $2,018,934.72. Following the completion of the sale, the insider now owns 678,016 shares of the company’s stock, valued at $21,479,546.88. This trade represents a 8.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Erica Schultz also recently made the following trade(s):

• On Tuesday, December 3rd, Erica Schultz sold 63,729 shares of Confluent stock. The shares were sold at an average price of $31.21, for a total value of $1,988,982.09.
• On Tuesday, November 26th, Erica Schultz sold 63,729 shares of Confluent stock. The stock was sold at an average price of $31.60, for a total value of $2,013,836.40.
• On Wednesday, November 20th, Erica Schultz sold 9,467 shares of Confluent stock. The shares were sold at an average price of $28.23, for a total value of $267,253.41.
• On Monday, November 18th, Erica Schultz sold 63,729 shares of Confluent stock. The stock was sold at an average price of $27.40, for a total transaction of $1,746,174.60.

Confluent Price Performance

Confluent stock opened at $30.49 on Friday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24. Confluent, Inc. has a 52 week low of $17.79 and a 52 week high of $35.07. The stock has a market capitalization of $10.00 billion, a P/E ratio of -27.47 and a beta of 0.88. The stock has a fifty day moving average of $26.86 and a 200-day moving average of $24.69.

Confluent (NASDAQ:CFLT) last posted its earnings results on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. The firm had revenue of $250.20 million during the quarter, compared to analysts’ expectations of $243.98 million. On average, sell-side analysts expect that Confluent, Inc. will post -0.9 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CFLT has been the topic of a number of research reports. Baird R W upgraded shares of Confluent to a “hold” rating in a research note on Wednesday, September 4th. Sanford C. Bernstein reduced their price objective on Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Truist Financial increased their target price on Confluent from $32.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday. Wolfe Research upgraded Confluent to a “strong-buy” rating in a research note on Wednesday, September 18th. Finally, Wells Fargo & Company increased their price objective on Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Confluent currently has an average rating of “Moderate Buy” and a consensus price target of $32.04.

Institutional Trading of Confluent

A number of hedge funds have recently added to or reduced their stakes in CFLT. Champlain Investment Partners LLC boosted its holdings in shares of Confluent by 72.2% during the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock valued at $218,083,000 after acquiring an additional 4,486,841 shares in the last quarter. 1832 Asset Management L.P. raised its position in Confluent by 28.4% in the second quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock valued at $224,933,000 after purchasing an additional 1,684,100 shares during the last quarter. William Blair Investment Management LLC acquired a new stake in shares of Confluent during the second quarter valued at about $193,403,000. Geode Capital Management LLC grew its holdings in shares of Confluent by 2.5% during the third quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company’s stock worth $88,180,000 after purchasing an additional 107,510 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Confluent by 60.0% in the second quarter. Bank of New York Mellon Corp now owns 3,510,483 shares of the company’s stock valued at $103,665,000 after buying an additional 1,316,804 shares during the period. Institutional investors and hedge funds own 78.09% of the company’s stock.

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.