Insider Selling: Confluent (NASDAQ:CFLT) Director Sells 25,000 Shares of Stock

Confluent, Inc. (NASDAQ:CFLT) Director Michelangelo Volpi sold 25,000 shares of Confluent stock in a transaction on Friday, February 13th. The stock was sold at an average price of $30.59, for a total transaction of $764,750.00. Following the completion of the transaction, the director directly owned 155,512 shares in the company, valued at $4,757,112.08. This represents a 13.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Michelangelo Volpi also recently made the following trade(s):

• On Monday, December 8th, Michelangelo Volpi sold 17,962 shares of Confluent stock. The shares were sold at an average price of $29.77, for a total value of $534,728.74.
• On Monday, December 8th, Michelangelo Volpi sold 32,038 shares of Confluent stock. The stock was sold at an average price of $29.77, for a total value of $953,771.26.

Confluent Stock Down 0.1%

CFLT stock traded down $0.04 on Wednesday, hitting $30.66. 6,776,448 shares of the company’s stock were exchanged, compared to its average volume of 18,098,496. The firm has a 50 day moving average price of $30.34 and a two-hundred day moving average price of $24.29. Confluent, Inc. has a 12-month low of $15.64 and a 12-month high of $34.81. The stock has a market cap of $10.73 billion, a P/E ratio of -35.65 and a beta of 0.95. The company has a debt-to-equity ratio of 0.94, a quick ratio of 3.83 and a current ratio of 3.83.

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

Analyst Ratings Changes

Several research firms have commented on CFLT. William Blair downgraded shares of Confluent from an “outperform” rating to a “market perform” rating in a research note on Monday, December 8th. Canaccord Genuity Group downgraded Confluent from a “buy” rating to a “hold” rating and upped their price target for the stock from $27.00 to $31.00 in a report on Monday, December 8th. Barclays increased their price target on Confluent from $24.00 to $27.00 and gave the company an “overweight” rating in a research report on Tuesday, October 28th. FBN Securities reissued an “outperform” rating and set a $28.00 price objective on shares of Confluent in a research report on Tuesday, October 28th. Finally, Guggenheim lowered shares of Confluent from a “buy” rating to a “hold” rating in a research note on Tuesday, December 9th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, twenty-eight have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $28.71.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CFLT. Goldman Sachs Group Inc. raised its position in shares of Confluent by 133.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 942,303 shares of the company’s stock worth $22,088,000 after acquiring an additional 537,874 shares in the last quarter. Woodline Partners LP purchased a new position in Confluent in the first quarter valued at approximately $332,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Confluent during the second quarter worth approximately $768,000. Coronation Fund Managers Ltd. purchased a new stake in shares of Confluent during the 2nd quarter worth approximately $10,250,000. Finally, AlphaQuest LLC boosted its holdings in shares of Confluent by 21.7% in the 2nd quarter. AlphaQuest LLC now owns 4,636 shares of the company’s stock valued at $116,000 after buying an additional 826 shares in the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

About Confluent

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.