Confluent (NASDAQ:CFLT) Shares Down 3.5%

Confluent, Inc. (NASDAQ:CFLT)’s share price traded down 3.5% during mid-day trading on Monday . The stock traded as low as $28.34 and last traded at $28.50. 203,337 shares traded hands during mid-day trading, a decline of 95% from the average session volume of 4,472,629 shares. The stock had previously closed at $29.53.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Canaccord Genuity Group raised Confluent from a “hold” rating to a “buy” rating and set a $35.00 price objective for the company in a research note on Wednesday, May 8th. Truist Financial reissued a “buy” rating and set a $36.00 target price (up previously from $33.00) on shares of Confluent in a research report on Wednesday, May 8th. Evercore ISI initiated coverage on shares of Confluent in a report on Tuesday, June 11th. They issued an “outperform” rating and a $35.00 target price for the company. Canaccord Genuity Group upgraded shares of Confluent from a “hold” rating to a “buy” rating and increased their target price for the company from $28.00 to $35.00 in a report on Wednesday, May 8th. Finally, Wells Fargo & Company increased their target price on shares of Confluent from $36.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat, Confluent presently 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 current ratio of 5.07 and a quick ratio of 5.07. The firm’s 50 day simple moving average is $28.72 and its 200 day simple moving average is $28.17. The stock has a market capitalization of $9.25 billion, a PE ratio of -23.27 and a beta of 0.91.

Confluent (NASDAQ:CFLT) last issued its earnings results on Tuesday, May 7th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $217.24 million during the quarter, compared to analysts’ expectations of $211.57 million. As a group, equities analysts forecast that Confluent, Inc. will post -0.94 EPS for the current fiscal year.

Insider Buying and Selling at Confluent

In other Confluent news, CAO Ying Christina Liu sold 68,000 shares of the business’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $31.06, for a total transaction of $2,112,080.00. Following the transaction, the chief accounting officer now directly owns 168,338 shares of the company’s stock, valued at approximately $5,228,578.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Confluent news, CAO Ying Christina Liu sold 68,000 shares of the business’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $31.06, for a total transaction of $2,112,080.00. Following the transaction, the chief accounting officer now directly owns 168,338 shares of the company’s stock, valued at approximately $5,228,578.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CTO Chad Verbowski sold 8,312 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $26.76, for a total transaction of $222,429.12. Following the transaction, the chief technology officer now directly owns 510,347 shares in the company, valued at $13,656,885.72. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 632,725 shares of company stock valued at $18,138,428. 13.82% of the stock is currently owned by company insiders.

Institutional Trading of Confluent

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Confluent by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 19,741,320 shares of the company’s stock worth $602,505,000 after purchasing an additional 669,675 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Confluent by 17.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock worth $536,601,000 after purchasing an additional 2,587,169 shares in the last quarter. 1832 Asset Management L.P. bought a new position in Confluent in the 1st quarter worth about $181,075,000. Coatue Management LLC bought a new position in Confluent in the 4th quarter worth about $134,132,000. Finally, First Trust Advisors LP lifted its stake in Confluent by 15.3% during the 4th quarter. First Trust Advisors LP now owns 5,551,696 shares of the company’s stock valued at $129,910,000 after acquiring an additional 738,147 shares during the period. Institutional investors own 78.09% of the company’s stock.

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.