Confluent (NASDAQ:CFLT) Trading Down 4.5% – Time to Sell?

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

Analysts Set New Price Targets

A number of research firms have weighed in on CFLT. Truist Financial increased their target price on Confluent from $32.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Needham & Company LLC reissued a “buy” rating and issued a $31.00 price objective on shares of Confluent in a report on Friday, November 15th. TD Cowen increased their price target on shares of Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Royal Bank of Canada lifted their price target on shares of Confluent from $33.00 to $36.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Finally, Mizuho increased their target price on shares of Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Confluent has an average rating of “Moderate Buy” and a consensus target price of $32.37.

Confluent Trading Down 5.5 %

The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. The stock has a 50-day simple moving average of $29.70 and a two-hundred day simple moving average of $24.96. The firm has a market capitalization of $9.66 billion, a P/E ratio of -26.54 and a beta of 0.91.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.03. The company had revenue of $250.20 million during the quarter, compared to the consensus estimate of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. On average, equities research analysts anticipate that Confluent, Inc. will post -0.9 earnings per share for the current year.

Insider Transactions at Confluent

In related news, CMO Stephanie Buscemi sold 164,123 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $26.24, for a total transaction of $4,306,587.52. Following the transaction, the chief marketing officer now directly owns 149,644 shares in the company, valued at $3,926,658.56. The trade was a 52.31 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Kong Phan sold 3,947 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $28.74, for a total value of $113,436.78. Following the completion of the sale, the chief accounting officer now owns 179,939 shares of the company’s stock, valued at approximately $5,171,446.86. This trade represents a 2.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 4,584,712 shares of company stock valued at $132,928,936. Corporate insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

A number of large investors have recently modified their holdings of CFLT. Champlain Investment Partners LLC raised its position in shares of Confluent by 72.2% in the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock valued at $218,083,000 after purchasing an additional 4,486,841 shares during the last quarter. Geode Capital Management LLC increased its stake in Confluent by 2.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,325,709 shares of the company’s stock valued at $88,180,000 after purchasing an additional 107,510 shares in the last quarter. Atreides Management LP raised its holdings in shares of Confluent by 7.3% in the third quarter. Atreides Management LP now owns 2,706,910 shares of the company’s stock worth $55,167,000 after buying an additional 184,865 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in shares of Confluent by 46.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 2,513,426 shares of the company’s stock worth $51,224,000 after buying an additional 802,353 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Confluent by 2.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company’s stock worth $46,549,000 after acquiring an additional 64,926 shares during the last quarter. Hedge funds and other institutional investors 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.