Kong Phan Sells 3,040 Shares of Confluent, Inc. (NASDAQ:CFLT) Stock

Confluent, Inc. (NASDAQ:CFLT) CAO Kong Phan sold 3,040 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $30.75, for a total transaction of $93,480.00. Following the sale, the chief accounting officer now directly owns 174,375 shares of the company’s stock, valued at approximately $5,362,031.25. This trade represents a 1.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Kong Phan also recently made the following trade(s):

• On Friday, February 21st, Kong Phan sold 2,178 shares of Confluent stock. The stock was sold at an average price of $31.58, for a total transaction of $68,781.24.
• On Thursday, February 13th, Kong Phan sold 6,346 shares of Confluent stock. The shares were sold at an average price of $36.22, for a total value of $229,852.12.
• On Friday, December 20th, Kong Phan sold 3,947 shares of Confluent stock. The stock was sold at an average price of $28.74, for a total value of $113,436.78.
• On Thursday, December 12th, Kong Phan sold 12,460 shares of Confluent stock. The shares were sold at an average price of $31.30, for a total transaction of $389,998.00.

Confluent Stock Performance

Shares of CFLT stock opened at $30.79 on Thursday. The company has a market capitalization of $10.10 billion, a price-to-earnings ratio of -28.51 and a beta of 0.92. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99. Confluent, Inc. has a 52 week low of $17.79 and a 52 week high of $37.90. The company has a 50-day simple moving average of $29.86 and a 200 day simple moving average of $26.21.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CFLT. Credit Industriel ET Commercial acquired a new stake in shares of Confluent during the fourth quarter worth $28,000. Blue Trust Inc. raised its stake in Confluent by 354.0% in the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after purchasing an additional 1,607 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in Confluent in the 4th quarter valued at about $59,000. GAMMA Investing LLC boosted its holdings in Confluent by 85.3% in the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after purchasing an additional 1,136 shares during the period. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Confluent during the 3rd quarter worth approximately $68,000. 78.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CFLT has been the topic of several research analyst reports. Piper Sandler raised their price objective on Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Truist Financial raised their price target on Confluent from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Robert W. Baird boosted their price objective on Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Evercore ISI raised their target price on shares of Confluent from $32.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Finally, Wells Fargo & Company lifted their price target on shares of Confluent from $40.00 to $42.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $35.15.

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.