Insider Selling: Confluent (NASDAQ:CFLT) Director Sells $2,447,200.00 in Stock

Confluent, Inc. (NASDAQ:CFLT) Director Neha Narkhede sold 80,000 shares of Confluent stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $30.59, for a total transaction of $2,447,200.00. Following the sale, the director owned 28,549 shares of the company’s stock, valued at approximately $873,313.91. The trade was a 73.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Neha Narkhede also recently made the following trade(s):

• On Wednesday, December 10th, Neha Narkhede sold 23,100 shares of Confluent stock. The stock was sold at an average price of $30.00, for a total value of $693,000.00.
• On Monday, December 8th, Neha Narkhede sold 40,000 shares of Confluent stock. The stock was sold at an average price of $29.77, for a total value of $1,190,800.00.
• On Monday, December 1st, Neha Narkhede sold 30,000 shares of Confluent stock. The stock was sold at an average price of $22.15, for a total value of $664,500.00.

Confluent Price Performance

Shares of NASDAQ CFLT opened at $30.70 on Friday. The company’s 50-day moving average price is $30.37 and its 200 day moving average price is $24.43. The stock has a market cap of $10.74 billion, a price-to-earnings ratio of -35.70 and a beta of 0.95. Confluent, Inc. has a 52 week low of $15.64 and a 52 week high of $33.00. The company has a current ratio of 3.83, a quick ratio of 3.83 and a debt-to-equity ratio of 0.94.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, February 11th. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.02. The business had revenue of $314.82 million during the quarter, compared to analysts’ expectations of $308.03 million. Confluent had a negative net margin of 25.31% and a negative return on equity of 22.66%. The company’s revenue was up 20.5% on a year-over-year basis. During the same period last year, the company posted $0.09 EPS. As a group, research analysts forecast that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CFLT. Sanford C. Bernstein lowered shares of Confluent from an “outperform” rating to a “market perform” rating and set a $31.00 target price on the stock. in a report on Friday, January 23rd. Piper Sandler downgraded shares of Confluent from an “overweight” rating to a “hold” rating and set a $31.00 price objective on the stock. in a research note on Monday, December 8th. Citizens Jmp cut shares of Confluent from an “outperform” rating to a “market perform” rating in a research note on Friday, January 9th. Citigroup upped their target price on Confluent from $26.00 to $31.00 and gave the company a “neutral” rating in a research note on Tuesday, December 9th. Finally, Barclays raised their price target on Confluent from $24.00 to $27.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, twenty-eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Confluent currently has a consensus rating of “Hold” and an average target price of $28.71.

Institutional Investors Weigh In On Confluent

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quarry LP acquired a new position in shares of Confluent in the 3rd quarter valued at about $26,000. United Community Bank purchased a new stake in shares of Confluent in the fourth quarter worth about $30,000. Danske Bank A S acquired a new stake in shares of Confluent in the third quarter valued at about $34,000. True Wealth Design LLC purchased a new stake in shares of Confluent during the 3rd quarter valued at about $36,000. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Confluent during the 4th quarter valued at about $36,000. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Confluent Company Profile

Confluent, Inc (NASDAQ: CFLT) is a leading provider of an event streaming platform built on Apache Kafka. The company’s flagship offerings include Confluent Platform—a self-managed software solution—and Confluent Cloud, a fully managed service designed to simplify real-time data processing across hybrid and multi-cloud environments. These products enable enterprises to collect, process and distribute high volumes of data in real time, supporting use cases such as fraud detection, supply chain optimization and personalized customer experiences.

Founded in 2014 by Apache Kafka co-creators Jay Kreps, Neha Narkhede and Jun Rao, Confluent has driven the commercialization of Kafka technologies and extended the platform with tools for data integration, stream processing and enterprise-grade security.