Chad Verbowski Sells 13,414 Shares of Confluent, Inc. (NASDAQ:CFLT) Stock

Confluent, Inc. (NASDAQ:CFLT) CTO Chad Verbowski sold 13,414 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total value of $378,677.22. Following the sale, the chief technology officer now directly owns 483,393 shares in the company, valued at $13,646,184.39. The trade was a 2.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Confluent Stock Performance

CFLT traded up $0.91 during trading hours on Friday, hitting $31.52. The company’s stock had a trading volume of 5,460,246 shares, compared to its average volume of 4,379,470. The firm has a market capitalization of $10.34 billion, a PE ratio of -28.40 and a beta of 0.82. The company has a 50-day simple moving average of $23.12 and a 200 day simple moving average of $24.62. Confluent, Inc. has a fifty-two week low of $17.79 and a fifty-two week high of $35.07. 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 (NASDAQ:CFLT) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.03. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. The business had revenue of $250.20 million for the quarter, compared to analyst estimates of $243.98 million. As a group, sell-side analysts expect that Confluent, Inc. will post -0.9 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have commented on CFLT. Canaccord Genuity Group decreased their price target on shares of Confluent from $35.00 to $34.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. JPMorgan Chase & Co. lifted their price objective on shares of Confluent from $25.00 to $26.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Citigroup upped their price objective on Confluent from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 29th. Needham & Company LLC reiterated a “buy” rating and set a $31.00 target price on shares of Confluent in a research report on Friday, November 15th. Finally, Wells Fargo & Company lowered their price target on Confluent from $38.00 to $34.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Confluent currently has a consensus rating of “Moderate Buy” and an average target price of $30.88.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Diversified Trust Co raised its stake in Confluent by 110.3% during the third quarter. Diversified Trust Co now owns 60,503 shares of the company’s stock worth $1,233,000 after acquiring an additional 31,729 shares in the last quarter. Sycomore Asset Management increased its position in Confluent by 308.3% in the second quarter. Sycomore Asset Management now owns 333,083 shares of the company’s stock worth $9,176,000 after purchasing an additional 251,507 shares during the period. Pathway Capital Management LP bought a new stake in shares of Confluent during the 3rd quarter valued at $918,000. Sei Investments Co. increased its holdings in Confluent by 29.1% in the second quarter. Sei Investments Co. now owns 305,537 shares of the company’s stock valued at $9,022,000 after purchasing an additional 68,880 shares during the last quarter. Finally, Creative Planning raised its position in shares of Confluent by 109.9% in the 3rd quarter. Creative Planning now owns 94,939 shares of the company’s stock valued at $1,935,000 after acquiring an additional 49,699 shares during the period. Institutional investors own 78.09% of the company’s stock.

Confluent Company Profile

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.