Matthew Craig Miller Sells 1,067,242 Shares of Confluent, Inc. (NASDAQ:CFLT) Stock

Confluent, Inc. (NASDAQ:CFLT) Director Matthew Craig Miller sold 1,067,242 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $27.51, for a total transaction of $29,359,827.42. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Confluent Trading Down 3.8 %

Shares of NASDAQ:CFLT opened at $26.50 on Friday. The business’s 50 day simple moving average is $21.62 and its 200 day simple moving average is $24.62. Confluent, Inc. has a 1 year low of $16.69 and a 1 year high of $35.07. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The company has a market capitalization of $8.69 billion, a P/E ratio of -23.87 and a beta of 0.82.

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

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Mizuho boosted their price objective on shares of Confluent from $29.00 to $31.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. TD Cowen upped their price objective on Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Scotiabank lifted their target price on Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 31st. Bank of America dropped their price target on Confluent from $32.00 to $26.00 and set an “underperform” rating on the stock in a research note on Thursday, August 1st. Finally, Piper Sandler reduced their price objective on shares of Confluent from $37.00 to $32.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Confluent has a consensus rating of “Moderate Buy” and a consensus target price of $30.88.

Hedge Funds Weigh In On Confluent

Hedge funds have recently bought and sold shares of the company. Daiwa Securities Group Inc. increased its stake in Confluent by 7.1% in the first quarter. Daiwa Securities Group Inc. now owns 12,100 shares of the company’s stock valued at $369,000 after acquiring an additional 800 shares during the last quarter. DekaBank Deutsche Girozentrale increased its stake in shares of Confluent by 8.7% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock valued at $322,000 after purchasing an additional 857 shares during the last quarter. Advisors Asset Management Inc. raised its holdings in shares of Confluent by 40.3% during the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after buying an additional 859 shares in the last quarter. Resolute Advisors LLC lifted its position in shares of Confluent by 11.1% during the 1st quarter. Resolute Advisors LLC now owns 8,693 shares of the company’s stock worth $265,000 after buying an additional 869 shares during the last quarter. Finally, Fulton Bank N.A. lifted its position in shares of Confluent by 15.0% during the 2nd quarter. Fulton Bank N.A. now owns 8,145 shares of the company’s stock worth $241,000 after buying an additional 1,064 shares during the last quarter. 78.09% of the stock is owned by institutional investors.

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.