Confluent, Inc. (NASDAQ:CFLT) CAO Kong Phan Sells 2,178 Shares

Confluent, Inc. (NASDAQ:CFLT) CAO Kong Phan sold 2,178 shares of Confluent 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 transaction, the chief accounting officer now directly owns 177,415 shares in the company, valued at approximately $5,602,765.70. The trade was a 1.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Kong Phan also recently made the following trade(s):

• On Monday, February 24th, Kong Phan sold 3,040 shares of Confluent stock. The shares were sold at an average price of $30.75, for a total transaction of $93,480.00.
• On Thursday, February 13th, Kong Phan sold 6,346 shares of Confluent stock. The shares were sold at an average price of $36.22, for a total transaction of $229,852.12.
• On Friday, December 20th, Kong Phan sold 3,947 shares of Confluent stock. The stock was sold at an average price of $28.74, for a total transaction of $113,436.78.
• On Thursday, December 12th, Kong Phan sold 12,460 shares of Confluent stock. The shares were sold at an average price of $31.30, for a total value of $389,998.00.

Confluent Stock Performance

CFLT stock opened at $30.79 on Thursday. The stock has a market capitalization of $10.10 billion, a PE ratio of -28.51 and a beta of 0.92. The stock’s 50 day simple moving average is $29.86 and its 200 day simple moving average is $26.21. Confluent, Inc. has a 12-month low of $17.79 and a 12-month high of $37.90. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14.

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

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CFLT shares. UBS Group upgraded Confluent from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $34.00 to $38.00 in a research report on Wednesday. Scotiabank raised their price target on Confluent from $27.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 12th. Guggenheim boosted their price objective on shares of Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. JPMorgan Chase & Co. raised their target price on shares of Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. Finally, Canaccord Genuity Group lifted their target price on shares of Confluent from $34.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Confluent currently has an average rating of “Moderate Buy” and an average price target of $35.15.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CFLT. Quantbot Technologies LP raised its position in Confluent by 1,465.6% in the third quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock worth $617,000 after acquiring an additional 28,360 shares during the period. Pathway Capital Management LP purchased a new stake in shares of Confluent in the 3rd quarter worth $918,000. Charles Schwab Investment Management Inc. raised its holdings in Confluent by 2.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company’s stock worth $46,549,000 after purchasing an additional 64,926 shares during the period. Creative Planning lifted its position in Confluent by 109.9% during the third quarter. Creative Planning now owns 94,939 shares of the company’s stock valued at $1,935,000 after purchasing an additional 49,699 shares in the last quarter. Finally, Oppenheimer & Co. Inc. grew its holdings in Confluent by 152.4% during the third quarter. Oppenheimer & Co. Inc. now owns 68,613 shares of the company’s stock valued at $1,398,000 after purchasing an additional 41,431 shares during the period. 78.09% of the stock is owned by hedge funds and other institutional investors.

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.