Confluent, Inc. (NASDAQ:CFLT) Director Neha Narkhede Sells 40,000 Shares of Stock

Confluent, Inc. (NASDAQ:CFLT) Director Neha Narkhede sold 40,000 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $30.68, for a total value of $1,227,200.00. Following the transaction, the director now owns 20,247 shares in the company, valued at $621,177.96. This trade represents a 66.39 % 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.

Confluent Trading Up 8.0 %

CFLT opened at $32.20 on Thursday. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. Confluent, Inc. has a 52 week low of $17.79 and a 52 week high of $37.90. The business’s 50 day moving average is $30.00 and its two-hundred day moving average is $26.55. The firm has a market cap of $10.76 billion, a price-to-earnings ratio of -29.81 and a beta of 0.92.

Confluent (NASDAQ:CFLT) last announced its earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates 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 predict that Confluent, Inc. will post -0.83 EPS for the current year.

Institutional Investors Weigh In On Confluent

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in Confluent by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company’s stock valued at $694,207,000 after acquiring an additional 599,582 shares during the last quarter. Champlain Investment Partners LLC increased its holdings in shares of Confluent by 1.3% in the fourth quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company’s stock valued at $302,940,000 after purchasing an additional 133,908 shares during the period. Geode Capital Management LLC raised its stake in shares of Confluent by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company’s stock worth $123,339,000 after purchasing an additional 84,163 shares during the last quarter. Jericho Capital Asset Management L.P. lifted its holdings in shares of Confluent by 18.1% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,000,000 shares of the company’s stock worth $83,880,000 after purchasing an additional 459,000 shares during the period. Finally, Norges Bank purchased a new position in Confluent in the 4th quarter valued at $81,092,000. 78.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Bank of America increased their target price on Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a research note on Wednesday, February 12th. Piper Sandler raised their price objective on shares of Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Scotiabank lifted their price objective on shares of Confluent from $27.00 to $35.00 and gave the company a “sector perform” rating in a report on Wednesday, February 12th. Truist Financial increased their target price on shares of Confluent from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Finally, Wells Fargo & Company boosted their price target 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 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 given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.15.

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.