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

Confluent, Inc. (NASDAQ:CFLT) was the target of some unusual options trading activity on Tuesday. Stock traders purchased 26,798 call options on the stock. This is an increase of approximately 439% compared to the typical volume of 4,975 call options.

Confluent Stock Performance

Shares of CFLT opened at $37.65 on Thursday. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. Confluent has a 12 month low of $17.79 and a 12 month high of $37.90. The firm has a fifty day simple moving average of $29.58 and a 200 day simple moving average of $25.37. The stock has a market capitalization of $12.35 billion, a price-to-earnings 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%. Research analysts forecast that Confluent will post -0.9 EPS for the current fiscal year.

Analysts Set New Price Targets

CFLT has been the topic of several recent research reports. JMP Securities reissued a “market outperform” rating and set a $40.00 price objective on shares of Confluent in a report on Tuesday, October 29th. Needham & Company LLC boosted their price target on Confluent from $31.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday. Truist Financial lifted their price objective on Confluent from $35.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday. Barclays upped their target price on shares of Confluent from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Citigroup lifted their price target on shares of Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $35.00.

Insider Activity at Confluent

In related news, Director Matthew Craig Miller sold 541,850 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $30.32, for a total value of $16,428,892.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Chad Verbowski sold 13,414 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total transaction of $378,677.22. Following the transaction, the chief technology officer now directly owns 483,393 shares of the company’s stock, valued at approximately $13,646,184.39. This represents a 2.70 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,508,636 shares of company stock valued at $47,198,798. Insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

A number of large investors have recently bought and sold shares of the company. Landscape Capital Management L.L.C. bought a new stake in shares of Confluent during the 4th quarter worth approximately $1,409,000. Resolute Advisors LLC acquired a new position in Confluent during the fourth quarter valued at approximately $273,000. ExodusPoint Capital Management LP bought a new stake in Confluent during the fourth quarter worth $6,892,000. Trexquant Investment LP boosted its holdings in shares of Confluent by 4,111.5% in the 4th quarter. Trexquant Investment LP now owns 652,193 shares of the company’s stock valued at $18,235,000 after purchasing an additional 636,707 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Confluent by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company’s stock valued at $123,339,000 after purchasing an additional 84,163 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

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.