Confluent, Inc. (NASDAQ:CFLT) CEO Edward Jay Kreps Sells 232,500 Shares

Confluent, Inc. (NASDAQ:CFLT) CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $29.36, for a total value of $6,826,200.00. Following the completion of the transaction, the chief executive officer now owns 452,488 shares of the company’s stock, valued at approximately $13,285,047.68. This trade represents a 33.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link.

Edward Jay Kreps also recently made the following trade(s):

• On Thursday, February 20th, Edward Jay Kreps sold 232,500 shares of Confluent stock. The shares were sold at an average price of $32.33, for a total value of $7,516,725.00.

Confluent Stock Down 8.3 %

CFLT traded down $2.21 on Monday, hitting $24.40. The company had a trading volume of 8,783,480 shares, compared to its average volume of 4,234,922. The stock has a market capitalization of $8.15 billion, a price-to-earnings ratio of -22.59 and a beta of 0.90. The stock has a fifty day moving average price of $29.85 and a 200-day moving average price of $26.68. Confluent, Inc. has a 12-month low of $17.79 and a 12-month high of $37.90. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. Analysts predict that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Evercore ISI boosted their price objective on shares of Confluent from $32.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. Truist Financial upped their price target on shares of Confluent from $35.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Needham & Company LLC reissued a “buy” rating and issued a $40.00 price objective on shares of Confluent in a research note on Friday. Piper Sandler boosted their target price on Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Finally, Morgan Stanley increased their price target on Confluent from $30.00 to $32.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $35.33.

Hedge Funds Weigh In On Confluent

A number of large investors have recently made changes to their positions in the business. Credit Industriel ET Commercial purchased a new position in Confluent during the 4th quarter worth $28,000. Blue Trust Inc. boosted its holdings in Confluent by 354.0% in the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after acquiring an additional 1,607 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of Confluent during the fourth quarter worth about $59,000. Point72 Hong Kong Ltd purchased a new stake in shares of Confluent during the third quarter worth about $68,000. Finally, GAMMA Investing LLC increased its holdings in shares of Confluent by 85.3% during the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after acquiring an additional 1,136 shares in the last quarter. 78.09% of the stock is owned by institutional investors and hedge funds.

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.