Shares of Confluent, Inc. (NASDAQ:CFLT – Get Free Report) were down 4.4% on Wednesday . The company traded as low as $26.64 and last traded at $26.64. Approximately 3,010,994 shares were traded during trading, a decline of 32% from the average daily volume of 4,397,546 shares. The stock had previously closed at $27.87.
Wall Street Analyst Weigh In
A number of equities analysts have recently weighed in on the stock. Truist Financial reaffirmed a “buy” rating and set a $36.00 price target (up from $33.00) on shares of Confluent in a research note on Wednesday, May 8th. JMP Securities increased their target price on shares of Confluent from $38.00 to $40.00 and gave the company a “market outperform” rating in a report on Wednesday, May 8th. TD Cowen boosted their price target on Confluent from $34.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $40.00 price objective on shares of Confluent in a research note on Tuesday, June 4th. Finally, Wells Fargo & Company boosted their target price on Confluent from $36.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat.com, Confluent presently has an average rating of “Moderate Buy” and an average target price of $32.93.
Confluent Stock Performance
The company has a market cap of $8.20 billion, a price-to-earnings ratio of -20.65 and a beta of 0.91. The company has a current ratio of 5.07, a quick ratio of 5.07 and a debt-to-equity ratio of 1.29. The stock’s 50 day moving average price is $28.70 and its 200 day moving average price is $28.32.
Confluent (NASDAQ:CFLT – Get Free Report) last released its earnings results on Tuesday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). The company had revenue of $217.24 million during the quarter, compared to analysts’ expectations of $211.57 million. Confluent had a negative net margin of 46.73% and a negative return on equity of 40.55%. On average, analysts expect that Confluent, Inc. will post -0.94 EPS for the current fiscal year.
Insider Transactions at Confluent
In related news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $26.17, for a total value of $6,084,525.00. Following the transaction, the chief executive officer now owns 452,488 shares in the company, valued at $11,841,610.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $26.17, for a total transaction of $6,084,525.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at approximately $11,841,610.96. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Chad Verbowski sold 8,312 shares of Confluent stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $26.76, for a total transaction of $222,429.12. Following the transaction, the chief technology officer now directly owns 510,347 shares in the company, valued at $13,656,885.72. The disclosure for this sale can be found here. Insiders sold a total of 632,725 shares of company stock worth $18,138,428 in the last ninety days. Insiders own 13.82% of the company’s stock.
Institutional Trading of Confluent
Large investors have recently added to or reduced their stakes in the stock. Panagora Asset Management Inc. purchased a new stake in shares of Confluent in the fourth quarter worth about $745,000. Norges Bank acquired a new stake in Confluent in the fourth quarter valued at approximately $37,046,000. Victory Capital Management Inc. raised its stake in shares of Confluent by 20.2% during the fourth quarter. Victory Capital Management Inc. now owns 561,497 shares of the company’s stock valued at $13,139,000 after purchasing an additional 94,405 shares during the period. AGF Management Ltd. acquired a new position in shares of Confluent during the fourth quarter worth $3,537,000. Finally, Triumph Capital Management boosted its stake in shares of Confluent by 146.3% in the fourth quarter. Triumph Capital Management now owns 50,500 shares of the company’s stock valued at $1,182,000 after purchasing an additional 30,000 shares during the period. 78.09% of the stock is currently owned by institutional investors and hedge funds.
Confluent Company Profile
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.