Confluent, Inc. (NASDAQ:CFLT) Director Michelangelo Volpi Sells 50,000 Shares of Stock

Confluent, Inc. (NASDAQ:CFLT) Director Michelangelo Volpi sold 50,000 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $25.92, for a total transaction of $1,296,000.00. Following the completion of the sale, the director now directly owns 280,200 shares in the company, valued at approximately $7,262,784. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Confluent Trading Down 0.8 %

Shares of NASDAQ CFLT opened at $26.43 on Wednesday. The company’s 50 day simple moving average is $21.14 and its 200 day simple moving average is $24.62. Confluent, Inc. has a fifty-two week low of $16.69 and a fifty-two week high of $35.07. The firm has a market capitalization of $8.53 billion, a P/E ratio of -23.81 and a beta of 0.82. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24.

Confluent (NASDAQ:CFLT) last posted its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.03. The company had revenue of $250.20 million for the quarter, compared to analyst estimates of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. On average, analysts predict that Confluent, Inc. will post -0.94 EPS for the current year.

Institutional Investors Weigh In On Confluent

Several hedge funds have recently bought and sold shares of CFLT. William Blair Investment Management LLC acquired a new stake in Confluent in the second quarter worth $193,403,000. 1832 Asset Management L.P. acquired a new stake in Confluent in the first quarter worth $181,075,000. Champlain Investment Partners LLC acquired a new stake in Confluent in the first quarter worth $144,563,000. Price T Rowe Associates Inc. MD raised its holdings in Confluent by 17.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock worth $536,601,000 after purchasing an additional 2,587,169 shares during the period. Finally, Bank of New York Mellon Corp increased its position in shares of Confluent by 60.0% during the second quarter. Bank of New York Mellon Corp now owns 3,510,483 shares of the company’s stock worth $103,665,000 after acquiring an additional 1,316,804 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently weighed in on CFLT. Mizuho upped their target price on shares of Confluent from $29.00 to $31.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Scotiabank upped their target price on shares of Confluent from $25.00 to $27.00 and gave the company a “sector perform” rating in a research note on Thursday, October 31st. Stifel Nicolaus decreased their price objective on shares of Confluent from $40.00 to $32.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. Needham & Company LLC upped their price objective on shares of Confluent from $28.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Finally, Bank of America decreased their price objective on shares of Confluent from $32.00 to $26.00 and set an “underperform” rating on the stock in a research note on Thursday, August 1st. 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. According to MarketBeat, Confluent presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.74.

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.