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

Confluent, Inc. (NASDAQ:CFLT) CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $24.50, for a total transaction of $5,696,250.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $11,085,956. This trade represents a 33.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

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

• On Tuesday, May 20th, Edward Jay Kreps sold 37,707 shares of Confluent stock. The stock was sold at an average price of $21.84, for a total transaction of $823,520.88.
• On Thursday, May 15th, Edward Jay Kreps sold 23,500 shares of Confluent stock. The stock was sold at an average price of $22.67, for a total transaction of $532,745.00.

Confluent Price Performance

Shares of CFLT opened at $24.39 on Tuesday. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. Confluent, Inc. has a twelve month low of $17.79 and a twelve month high of $37.90. The company has a market capitalization of $8.30 billion, a P/E ratio of -22.58 and a beta of 0.98. The firm has a 50 day moving average of $21.97 and a 200 day moving average of $26.80.

Confluent (NASDAQ:CFLT) last posted its earnings results on Wednesday, April 30th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. The business had revenue of $271.12 million during the quarter, compared to the consensus estimate of $264.45 million. During the same quarter in the previous year, the firm posted $0.05 EPS. The firm’s revenue was up 24.8% on a year-over-year basis. As a group, equities research analysts anticipate that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Confluent

A number of large investors have recently added to or reduced their stakes in the stock. Inspire Investing LLC grew its position in Confluent by 21.3% in the 1st quarter. Inspire Investing LLC now owns 47,408 shares of the company’s stock worth $1,111,000 after purchasing an additional 8,312 shares during the period. Rhumbline Advisers grew its position in Confluent by 2.3% in the 1st quarter. Rhumbline Advisers now owns 295,282 shares of the company’s stock worth $6,921,000 after purchasing an additional 6,508 shares during the period. Strs Ohio bought a new stake in Confluent in the 1st quarter worth approximately $618,000. SWS Partners grew its position in Confluent by 99.1% in the 1st quarter. SWS Partners now owns 107,330 shares of the company’s stock worth $2,516,000 after purchasing an additional 53,428 shares during the period. Finally, Focus Partners Wealth grew its position in Confluent by 43.4% in the 1st quarter. Focus Partners Wealth now owns 409,461 shares of the company’s stock worth $9,598,000 after purchasing an additional 123,967 shares during the period. Institutional investors own 78.09% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on CFLT. Needham & Company LLC lowered their target price on shares of Confluent from $40.00 to $26.00 and set a “buy” rating for the company in a report on Thursday, May 1st. Loop Capital lowered their target price on shares of Confluent from $30.00 to $22.00 and set a “hold” rating for the company in a report on Wednesday, April 23rd. Scotiabank lowered their target price on shares of Confluent from $35.00 to $24.00 and set a “sector perform” rating for the company in a report on Thursday, April 24th. UBS Group lowered their target price on shares of Confluent from $38.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, May 1st. Finally, Canaccord Genuity Group lowered their target price on shares of Confluent from $38.00 to $32.00 and set a “buy” rating for the company in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Confluent presently has an average rating of “Moderate Buy” and a consensus target price of $30.11.

Confluent Company Profile

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.