Confluent (NASDAQ:CFLT) Shares Down 4.5% – Here’s What Happened

Confluent, Inc. (NASDAQ:CFLT) fell 4.5% on Wednesday . The stock traded as low as $29.95 and last traded at $29.77. 366,014 shares traded hands during trading, a decline of 89% from the average session volume of 3,484,393 shares. The stock had previously closed at $31.16.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on CFLT shares. Royal Bank of Canada lifted their price target on Confluent from $33.00 to $36.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Morgan Stanley restated an “equal weight” rating and issued a $30.00 price target (down from $33.00) on shares of Confluent in a research report on Thursday, January 16th. Sanford C. Bernstein decreased their price objective on Confluent from $38.00 to $33.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Scotiabank increased their price target on Confluent from $25.00 to $27.00 and gave the company a “sector perform” rating in a research note on Thursday, October 31st. Finally, Citigroup lifted their price objective on Confluent from $24.00 to $25.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $32.37.

Confluent Stock Down 2.0 %

The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The business has a 50-day moving average of $29.71 and a 200 day moving average of $25.03.

Confluent (NASDAQ:CFLT) last announced its earnings results on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.03. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. The company had revenue of $250.20 million during the quarter, compared to the consensus estimate of $243.98 million. Equities analysts expect that Confluent, Inc. will post -0.9 EPS for the current year.

Insiders Place Their Bets

In other news, Director Lara Caimi sold 34,500 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $31.32, for a total transaction of $1,080,540.00. Following the completion of the sale, the director now owns 7,160 shares in the company, valued at $224,251.20. This trade represents a 82.81 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Kong Phan sold 2,096 shares of Confluent 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 completion of the sale, the chief accounting officer now directly owns 190,680 shares in the company, valued at $5,382,896.40. This trade represents a 1.09 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,370,589 shares of company stock valued at $127,326,348. Corporate insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

Several hedge funds have recently made changes to their positions in CFLT. Diversified Trust Co grew its stake in shares of Confluent by 110.3% during the 3rd quarter. Diversified Trust Co now owns 60,503 shares of the company’s stock worth $1,233,000 after acquiring an additional 31,729 shares during the period. Quantbot Technologies LP boosted its position in Confluent by 1,465.6% during the third quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock worth $617,000 after purchasing an additional 28,360 shares during the period. Pathway Capital Management LP purchased a new position in shares of Confluent in the third quarter worth about $918,000. Charles Schwab Investment Management Inc. increased its stake in shares of Confluent by 2.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company’s stock worth $46,549,000 after purchasing an additional 64,926 shares in the last quarter. Finally, Creative Planning raised its position in shares of Confluent by 109.9% in the third quarter. Creative Planning now owns 94,939 shares of the company’s stock valued at $1,935,000 after purchasing an additional 49,699 shares during the period. 78.09% of the stock is currently owned by institutional investors.

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.