Edward Jay Kreps Sells 232,500 Shares of Confluent, Inc. (NASDAQ:CFLT) Stock

Confluent, Inc. (NASDAQ:CFLT) CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $29.29, for a total transaction of $6,809,925.00. Following the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $13,253,373.52. This trade represents a 33.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Edward Jay Kreps also recently made the following trade(s):

• On Wednesday, September 4th, Edward Jay Kreps sold 232,500 shares of Confluent stock. The stock was sold at an average price of $19.99, for a total transaction of $4,647,675.00.

Confluent Trading Down 5.1 %

Shares of CFLT opened at $27.07 on Friday. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The firm has a 50 day simple moving average of $22.39 and a 200-day simple moving average of $24.58. Confluent, Inc. has a 1-year low of $17.79 and a 1-year high of $35.07. The stock has a market cap of $8.88 billion, a price-to-earnings ratio of -24.39 and a beta of 0.82.

Confluent (NASDAQ:CFLT) last released its earnings results on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.03. The firm had revenue of $250.20 million during the quarter, compared to analysts’ expectations of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. Equities analysts forecast that Confluent, Inc. will post -0.9 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CFLT has been the subject of a number of recent analyst reports. Scotiabank raised their price objective on shares of Confluent from $25.00 to $27.00 and gave the company a “sector perform” rating in a research report on Thursday, October 31st. Piper Sandler reduced their price objective on shares of Confluent from $37.00 to $32.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. Truist Financial restated a “buy” rating and issued a $30.00 price objective (down previously from $36.00) on shares of Confluent in a research report on Thursday, August 1st. Citigroup raised their price objective on shares of Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. Finally, Wells Fargo & Company reduced their price objective on shares of Confluent from $38.00 to $34.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $30.88.

Institutional Trading of Confluent

Several hedge funds and other institutional investors have recently bought and sold shares of CFLT. V Square Quantitative Management LLC purchased a new stake in Confluent in the 2nd quarter worth approximately $68,000. Point72 Hong Kong Ltd purchased a new stake in Confluent in the 3rd quarter worth approximately $68,000. UniSuper Management Pty Ltd grew its stake in Confluent by 125.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock worth $82,000 after acquiring an additional 1,500 shares during the period. Advisors Asset Management Inc. grew its stake in Confluent by 40.3% in the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after acquiring an additional 859 shares during the period. Finally, Lazard Asset Management LLC grew its stake in Confluent by 25.5% in the 1st quarter. Lazard Asset Management LLC now owns 5,747 shares of the company’s stock worth $175,000 after acquiring an additional 1,167 shares during the period. 78.09% of the stock is owned by hedge funds and other 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.