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

Confluent, Inc. (NASDAQ:CFLT) gapped down prior to trading on Thursday . The stock had previously closed at $27.81, but opened at $27.19. Confluent shares last traded at $26.48, with a volume of 1,302,601 shares.

Analysts Set New Price Targets

A number of research firms have weighed in on CFLT. Mizuho upped their price target on Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Piper Sandler increased their target price on Confluent from $32.00 to $35.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Wells Fargo & Company increased their target price on Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. JPMorgan Chase & Co. increased their target price on Confluent from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. Finally, Barclays increased their target price on Confluent from $32.00 to $35.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Confluent has a consensus rating of “Moderate Buy” and a consensus target price of $32.37.

Confluent Stock Performance

The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17. The stock has a market cap of $8.76 billion, a price-to-earnings ratio of -24.05 and a beta of 0.91. The company’s 50-day simple moving average is $29.62 and its 200-day simple moving average is $24.96.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.03. The firm 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%. Analysts predict that Confluent, Inc. will post -0.9 EPS for the current fiscal year.

Insider Buying and Selling

In other Confluent news, Director Matthew Craig Miller sold 53,512 shares of Confluent stock in a transaction on Friday, December 6th. The shares were sold at an average price of $33.64, for a total transaction of $1,800,143.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Erica Schultz sold 63,729 shares of Confluent stock in a transaction on Monday, November 18th. The shares were sold at an average price of $27.40, for a total transaction of $1,746,174.60. Following the sale, the insider now directly owns 687,483 shares of the company’s stock, valued at $18,837,034.20. This trade represents a 8.48 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,584,712 shares of company stock valued at $132,928,936. Company insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Institutional investors have recently modified their holdings of the stock. Acadian Asset Management LLC acquired a new stake in shares of Confluent in the 2nd quarter valued at $175,000. American Century Companies Inc. lifted its stake in shares of Confluent by 21.9% in the 2nd quarter. American Century Companies Inc. now owns 13,518 shares of the company’s stock valued at $399,000 after purchasing an additional 2,431 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its stake in shares of Confluent by 96.7% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 21,013 shares of the company’s stock valued at $623,000 after purchasing an additional 10,332 shares during the last quarter. Amalgamated Bank lifted its stake in shares of Confluent by 29.6% in the 2nd quarter. Amalgamated Bank now owns 16,334 shares of the company’s stock valued at $482,000 after purchasing an additional 3,727 shares during the last quarter. Finally, Blair William & Co. IL lifted its stake in shares of Confluent by 149.3% in the 2nd quarter. Blair William & Co. IL now owns 44,375 shares of the company’s stock valued at $1,310,000 after purchasing an additional 26,575 shares during the last quarter. Institutional investors and hedge funds own 78.09% of the company’s stock.

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.