Confluent (NASDAQ:CFLT) Trading Down 3.5%

Confluent, Inc. (NASDAQ:CFLT)’s share price traded down 3.5% during mid-day trading on Monday . The stock traded as low as $28.34 and last traded at $28.50. 203,337 shares changed hands during mid-day trading, a decline of 95% from the average session volume of 4,472,629 shares. The stock had previously closed at $29.53.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. JMP Securities upped their price objective on Confluent from $38.00 to $40.00 and gave the company a “market outperform” rating in a research note on Wednesday, May 8th. Wells Fargo & Company increased their target price on shares of Confluent from $36.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. DA Davidson reissued a “buy” rating and set a $37.00 target price on shares of Confluent in a research report on Monday, April 1st. Oppenheimer began coverage on shares of Confluent in a research report on Friday, May 17th. They set an “outperform” rating and a $37.00 target price for the company. Finally, Canaccord Genuity Group raised shares of Confluent from a “hold” rating to a “buy” rating and increased their target price for the company from $28.00 to $35.00 in a research report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $32.93.

Confluent Trading Down 2.2 %

The company has a debt-to-equity ratio of 1.29, a quick ratio of 5.07 and a current ratio of 5.07. The firm has a 50 day simple moving average of $28.68 and a two-hundred day simple moving average of $28.12.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.04). Confluent had a negative net margin of 46.73% and a negative return on equity of 40.55%. The company had revenue of $217.24 million for the quarter, compared to the consensus estimate of $211.57 million. As a group, sell-side analysts forecast that Confluent, Inc. will post -0.94 earnings per share for the current year.

Insider Activity

In other news, Director Lara Caimi sold 9,375 shares of the firm’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $31.00, for a total transaction of $290,625.00. Following the completion of the sale, the director now directly owns 5,399 shares of the company’s stock, valued at approximately $167,369. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CTO Chad Verbowski sold 13,413 shares of the firm’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $31.96, for a total transaction of $428,679.48. Following the completion of the sale, the chief technology officer now directly owns 518,659 shares of the company’s stock, valued at approximately $16,576,341.64. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Lara Caimi sold 9,375 shares of Confluent stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $31.00, for a total value of $290,625.00. Following the completion of the sale, the director now directly owns 5,399 shares of the company’s stock, valued at approximately $167,369. The disclosure for this sale can be found here. Insiders sold a total of 632,725 shares of company stock valued at $18,138,428 in the last ninety days. 13.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Confluent

Large investors have recently added to or reduced their stakes in the company. Hollencrest Capital Management purchased a new stake in Confluent in the 1st quarter worth about $26,000. Rakuten Securities Inc. purchased a new stake in Confluent in the 4th quarter worth about $31,000. Quest Partners LLC purchased a new stake in Confluent in the 4th quarter worth about $31,000. GAMMA Investing LLC purchased a new stake in Confluent in the 4th quarter worth about $35,000. Finally, UniSuper Management Pty Ltd grew its holdings in Confluent by 125.0% during the 1st quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock valued at $82,000 after buying an additional 1,500 shares in the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

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.