Confluent (NASDAQ:CFLT) Trading Down 4.4%

Confluent, Inc. (NASDAQ:CFLT) traded down 4.4% during trading on Wednesday . The stock traded as low as $26.64 and last traded at $26.64. 3,010,994 shares traded hands during trading, a decline of 32% from the average session volume of 4,397,546 shares. The stock had previously closed at $27.87.

Analyst Ratings Changes

Several research firms have issued reports on CFLT. Guggenheim restated a “buy” rating and set a $37.00 target price on shares of Confluent in a research report on Tuesday, June 25th. TD Cowen raised their price target on Confluent from $34.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. JMP Securities lifted their target price on shares of Confluent from $38.00 to $40.00 and gave the stock a “market outperform” rating in a research report on Wednesday, May 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $38.00 target price on shares of Confluent in a research note on Tuesday, June 11th. Finally, Canaccord Genuity Group upgraded shares of Confluent from a “hold” rating to a “buy” rating and set a $35.00 price target for the company in a report on Wednesday, May 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $32.93.

Confluent Price Performance

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 company has a market cap of $8.31 billion, a P/E ratio of -20.77 and a beta of 0.91. The firm’s fifty day moving average is $28.59 and its two-hundred day moving average is $28.28.

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

Insider Buying and Selling

In other Confluent news, Director Lara Caimi sold 5,399 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $25.88, for a total value of $139,726.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Lara Caimi sold 5,399 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $25.88, for a total transaction of $139,726.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $26.17, for a total transaction of $6,084,525.00. Following the completion of the transaction, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $11,841,610.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 632,725 shares of company stock worth $18,138,428. 13.82% of the stock is owned by insiders.

Institutional Investors Weigh In On Confluent

Institutional investors have recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd increased its stake in Confluent by 1.9% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 19,129 shares of the company’s stock worth $448,000 after purchasing an additional 359 shares during the period. Fifth Third Bancorp lifted its holdings in shares of Confluent by 5.0% in the 4th quarter. Fifth Third Bancorp now owns 11,703 shares of the company’s stock valued at $274,000 after buying an additional 556 shares during the period. Daiwa Securities Group Inc. lifted its holdings in Confluent by 6.6% in the fourth quarter. Daiwa Securities Group Inc. now owns 11,300 shares of the company’s stock valued at $264,000 after acquiring an additional 700 shares during the period. Treasurer of the State of North Carolina increased its holdings in Confluent by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 82,082 shares of the company’s stock valued at $1,921,000 after buying an additional 800 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its stake in shares of Confluent by 8.7% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock worth $322,000 after acquiring an additional 857 shares in 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.