Confluent Target of Unusually High Options Trading (NASDAQ:CFLT)

Confluent, Inc. (NASDAQ:CFLT) saw some unusual options trading activity on Tuesday. Traders acquired 26,798 call options on the company. This represents an increase of 439% compared to the typical daily volume of 4,975 call options.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Wells Fargo & Company upped their price target on shares of Confluent from $40.00 to $42.00 and gave the company an “overweight” rating in a research report on Wednesday. Robert W. Baird increased their price objective on Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Bank of America lifted their target price on Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a report on Wednesday. Guggenheim increased their price target on Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, TD Cowen raised their price objective on Confluent from $27.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. One analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $35.00.

Insider Activity

In other news, Director Matthew Craig Miller sold 541,850 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $30.32, for a total transaction of $16,428,892.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CMO Stephanie Buscemi sold 5,271 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $148,800.33. Following the completion of the transaction, the chief marketing officer now directly owns 144,373 shares of the company’s stock, valued at $4,075,649.79. This represents a 3.52 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,508,636 shares of company stock worth $47,198,798. Corporate insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Confluent by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company’s stock worth $694,207,000 after acquiring an additional 599,582 shares during the last quarter. Champlain Investment Partners LLC increased its holdings in Confluent by 72.2% during the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock worth $218,083,000 after purchasing an additional 4,486,841 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Confluent by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company’s stock worth $123,339,000 after purchasing an additional 84,163 shares during the last quarter. Norges Bank bought a new position in shares of Confluent in the fourth quarter valued at approximately $81,092,000. Finally, Atreides Management LP boosted its position in shares of Confluent by 7.3% during the third quarter. Atreides Management LP now owns 2,706,910 shares of the company’s stock valued at $55,167,000 after buying an additional 184,865 shares during the last quarter. 78.09% of the stock is owned by institutional investors.

Confluent Stock Up 25.1 %

CFLT stock opened at $37.65 on Thursday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24. Confluent has a fifty-two week low of $17.79 and a fifty-two week high of $37.90. The stock’s 50 day simple moving average is $29.58 and its 200 day simple moving average is $25.37. The company has a market cap of $12.35 billion, a P/E ratio of -33.92 and a beta of 0.92.

Confluent (NASDAQ:CFLT) last issued its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. On average, research analysts expect that Confluent will post -0.9 earnings per share for the current fiscal year.

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.