Confluent (NASDAQ:CFLT) Trading Down 3.5%

Shares of Confluent, Inc. (NASDAQ:CFLT) dropped 3.5% during trading on Monday . The company traded as low as $28.34 and last traded at $28.50. Approximately 203,337 shares were traded during trading, a decline of 95% from the average daily volume of 4,472,629 shares. The stock had previously closed at $29.53.

Wall Street Analysts Forecast Growth

CFLT has been the subject of a number of analyst reports. JMP Securities upped their price objective on shares of Confluent from $38.00 to $40.00 and gave the company a “market outperform” rating in a research note on Wednesday, May 8th. Royal Bank of Canada restated an “outperform” rating and set a $40.00 price target on shares of Confluent in a report on Tuesday, June 4th. TD Cowen upped their price objective on shares of Confluent from $34.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Canaccord Genuity Group upgraded shares of Confluent from a “hold” rating to a “buy” rating and upped their price objective for the company from $28.00 to $35.00 in a research note on Wednesday, May 8th. Finally, Guggenheim reiterated a “buy” rating and issued a $37.00 price objective on shares of Confluent in a research note on Tuesday, June 25th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $32.93.

Confluent Stock Down 2.2 %

The company has a quick ratio of 5.07, a current ratio of 5.07 and a debt-to-equity ratio of 1.29. The business’s fifty day simple moving average is $28.68 and its two-hundred day simple moving average is $28.12.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings results 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 net margin of 46.73% and a negative return on equity of 40.55%. The company had revenue of $217.24 million during the quarter, compared to the consensus estimate of $211.57 million. On average, equities research analysts expect that Confluent, Inc. will post -0.94 earnings per share for the current fiscal year.

Insider Transactions at Confluent

In other news, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $31.00, for a total transaction of $1,975,599.00. Following the completion of the transaction, the insider now directly owns 706,715 shares of the company’s stock, valued at approximately $21,908,165. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $31.00, for a total transaction of $1,975,599.00. Following the completion of the transaction, the insider now directly owns 706,715 shares of the company’s stock, valued at approximately $21,908,165. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Chad Verbowski sold 8,312 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was 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 of the company’s stock, valued at $13,656,885.72. The disclosure for this sale can be found here. In the last three months, insiders sold 632,725 shares of company stock valued at $18,138,428. Company insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Confluent by 3.5% during 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 increased its position in shares of Confluent by 17.3% during 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. acquired a new stake in shares of Confluent during the 1st quarter worth about $181,075,000. Coatue Management LLC acquired a new stake in shares of Confluent during the 4th quarter worth about $134,132,000. Finally, First Trust Advisors LP increased its position in shares of Confluent by 15.3% during the 4th quarter. First Trust Advisors LP now owns 5,551,696 shares of the company’s stock worth $129,910,000 after purchasing an additional 738,147 shares in the last quarter. Institutional investors and hedge funds 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.