Matthew Craig Miller Sells 1,067,242 Shares of Confluent, Inc. (NASDAQ:CFLT) Stock

Confluent, Inc. (NASDAQ:CFLT) Director Matthew Craig Miller sold 1,067,242 shares of Confluent stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $27.51, for a total value of $29,359,827.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Confluent Price Performance

NASDAQ:CFLT traded down $1.06 during trading hours on Friday, reaching $26.50. 3,511,612 shares of the company were exchanged, compared to its average volume of 4,361,565. The stock’s 50-day moving average is $21.51 and its 200-day moving average is $24.65. Confluent, Inc. has a twelve month low of $16.69 and a twelve month high of $35.07. The firm has a market cap of $8.69 billion, a PE ratio of -24.83 and a beta of 0.82. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17.

Confluent (NASDAQ:CFLT) last released its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03. The business had revenue of $250.20 million during 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, sell-side analysts anticipate that Confluent, Inc. will post -0.94 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CFLT. Loop Capital lowered their price objective on Confluent from $30.00 to $25.00 and set a “hold” rating for the company in a research report on Friday, July 19th. UBS Group raised their price target on Confluent from $23.00 to $26.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Robert W. Baird upped their price objective on shares of Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. JPMorgan Chase & Co. boosted their target price on shares of Confluent from $25.00 to $26.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Finally, Scotiabank raised their price target on shares of Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Confluent has a consensus rating of “Moderate Buy” and a consensus price target of $30.74.

Institutional Investors Weigh In On Confluent

A number of hedge funds have recently modified their holdings of CFLT. V Square Quantitative Management LLC purchased a new position in Confluent during the second quarter worth about $68,000. UniSuper Management Pty Ltd increased its holdings in Confluent by 125.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock valued at $82,000 after purchasing an additional 1,500 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in Confluent by 40.3% in the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock valued at $91,000 after purchasing an additional 859 shares during the last quarter. Lazard Asset Management LLC lifted its stake in Confluent by 25.5% during the first quarter. Lazard Asset Management LLC now owns 5,747 shares of the company’s stock worth $175,000 after purchasing an additional 1,167 shares in the last quarter. Finally, Acadian Asset Management LLC purchased a new stake in shares of Confluent in the 2nd quarter valued at $175,000. Hedge funds and other institutional investors 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.