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

Confluent, Inc. (NASDAQ:CFLT) CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $32.33, for a total value of $7,516,725.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at approximately $14,628,937.04. This trade represents a 33.94 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Confluent Trading Down 2.1 %

NASDAQ CFLT opened at $30.44 on Wednesday. The firm’s 50-day moving average is $29.84 and its two-hundred day moving average is $26.17. 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 current ratio of 3.99 and a quick ratio of 4.24. The stock has a market capitalization of $9.98 billion, a P/E ratio of -28.19 and a beta of 0.92.

Confluent (NASDAQ:CFLT) last posted its earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. On average, sell-side analysts anticipate that Confluent, Inc. will post -0.83 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Wells Fargo & Company increased their price objective on shares of Confluent from $40.00 to $42.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. JPMorgan Chase & Co. raised their target price on shares of Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Needham & Company LLC increased their target price on shares of Confluent from $31.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Bank of America increased their target price on shares of Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a research report on Wednesday, February 12th. Finally, Canaccord Genuity Group raised their target price on Confluent from $34.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Confluent presently has a consensus rating of “Moderate Buy” and an average price target of $35.00.

Institutional Trading of Confluent

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Confluent by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company’s stock valued at $694,207,000 after buying an additional 599,582 shares in the last quarter. Champlain Investment Partners LLC grew its stake in shares of Confluent by 1.3% in the fourth quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company’s stock worth $302,940,000 after purchasing an additional 133,908 shares in the last quarter. Geode Capital Management LLC raised its holdings in Confluent by 1.9% during 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 in the last quarter. Jericho Capital Asset Management L.P. boosted its position in shares of Confluent by 18.1% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,000,000 shares of the company’s stock valued at $83,880,000 after purchasing an additional 459,000 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Confluent in the 4th quarter worth $81,092,000. 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.