Confluent, Inc. (NASDAQ:CFLT) Short Interest Down 11.3% in November

Confluent, Inc. (NASDAQ:CFLT) was the target of a significant decrease in short interest during the month of November. As of November 30th, there was short interest totalling 14,140,000 shares, a decrease of 11.3% from the November 15th total of 15,950,000 shares. Based on an average daily trading volume, of 4,070,000 shares, the short-interest ratio is currently 3.5 days. Currently, 5.7% of the shares of the company are short sold.

Insider Activity

In other Confluent news, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 678,016 shares in the company, valued at $21,479,546.88. The trade was a 8.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Kong Phan sold 2,096 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total transaction of $59,170.08. Following the sale, the chief accounting officer now directly owns 190,680 shares in the company, valued at $5,382,896.40. The trade was a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,533,995 shares of company stock valued at $131,348,784. Insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Oddo BHF Asset Management Sas acquired a new position in Confluent during the third quarter worth about $7,646,000. Tidal Investments LLC raised its stake in Confluent by 521.0% in the 3rd quarter. Tidal Investments LLC now owns 50,545 shares of the company’s stock valued at $1,030,000 after purchasing an additional 42,406 shares during the last quarter. Sanctuary Advisors LLC increased its position in Confluent by 21.2% during the third quarter. Sanctuary Advisors LLC now owns 18,825 shares of the company’s stock worth $384,000 after purchasing an additional 3,298 shares during the last quarter. Westside Investment Management Inc. increased its position in shares of Confluent by 11,796.1% in the third quarter. Westside Investment Management Inc. now owns 12,253 shares of the company’s stock worth $250,000 after acquiring an additional 12,150 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Confluent by 2.5% in the third quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company’s stock valued at $88,180,000 after buying an additional 107,510 shares in the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Confluent Trading Up 3.2 %

Shares of CFLT stock traded up $0.98 on Monday, hitting $31.47. 3,717,029 shares of the stock traded hands, compared to its average volume of 4,340,081. Confluent has a twelve month low of $17.79 and a twelve month high of $35.07. The stock has a market capitalization of $10.32 billion, a PE ratio of -28.38 and a beta of 0.88. The firm’s 50-day moving average price is $26.86 and its two-hundred day moving average price is $24.65. 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 (NASDAQ:CFLT) last issued its quarterly 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 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%. As a group, analysts anticipate that Confluent will post -0.9 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Royal Bank of Canada upped their target price on Confluent from $26.00 to $33.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Barclays lifted their price target on shares of Confluent from $32.00 to $35.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Wolfe Research upgraded Confluent to a “strong-buy” rating in a research note on Wednesday, September 18th. JPMorgan Chase & Co. upped their price objective 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, UBS Group raised their target price on Confluent from $23.00 to $26.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.04.

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.