Confluent (NASDAQ:CFLT) Stock Price Up 6.3% – Here’s What Happened

Confluent, Inc. (NASDAQ:CFLT)’s stock price shot up 6.3% during trading on Friday . The company traded as high as $20.14 and last traded at $20.13. 846,062 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 4,399,739 shares. The stock had previously closed at $18.94.

Analyst Ratings Changes

CFLT has been the subject of a number of research reports. Truist Financial reiterated a “buy” rating and set a $30.00 target price (down from $36.00) on shares of Confluent in a research note on Thursday, August 1st. Piper Sandler reduced their price objective on Confluent from $37.00 to $32.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. Stifel Nicolaus dropped their target price on Confluent from $40.00 to $32.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. Bank of America reduced their price target on shares of Confluent from $32.00 to $26.00 and set an “underperform” rating for the company in a research report on Thursday, August 1st. Finally, Guggenheim reissued a “buy” rating and issued a $37.00 price objective on shares of Confluent in a report on Tuesday, June 25th. One analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $29.97.

Confluent Trading Up 8.6 %

The stock has a market cap of $6.54 billion, a P/E ratio of -16.46 and a beta of 0.88. The stock’s 50-day moving average is $20.59 and its two-hundred day moving average is $25.75. The company has a debt-to-equity ratio of 1.25, a current ratio of 4.44 and a quick ratio of 4.44.

Confluent (NASDAQ:CFLT) last released its quarterly earnings data on Wednesday, July 31st. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.04). The company had revenue of $234.99 million for the quarter, compared to the consensus estimate of $229.49 million. Confluent had a negative net margin of 42.70% and a negative return on equity of 37.78%. Equities research analysts anticipate that Confluent, Inc. will post -0.95 EPS for the current year.

Insider Buying and Selling at Confluent

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total value of $4,647,675.00. Following the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $9,045,235.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Confluent news, CFO Rohan Sivaram sold 22,926 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $497,035.68. Following the completion of the transaction, the chief financial officer now owns 555,337 shares in the company, valued at $12,039,706.16. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares in the company, valued at approximately $9,045,235.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 524,453 shares of company stock worth $10,833,388 in the last quarter. 13.82% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CFLT. Treasurer of the State of North Carolina raised its position in Confluent by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 82,082 shares of the company’s stock valued at $1,921,000 after purchasing an additional 800 shares during the period. Bank of Nova Scotia purchased a new stake in Confluent during the 4th quarter valued at $698,000. California State Teachers Retirement System lifted its position in Confluent by 5.2% in the fourth quarter. California State Teachers Retirement System now owns 251,429 shares of the company’s stock worth $5,883,000 after buying an additional 12,350 shares during the last quarter. KBC Group NV boosted its stake in Confluent by 37,471.7% during the fourth quarter. KBC Group NV now owns 86,415 shares of the company’s stock worth $2,022,000 after buying an additional 86,185 shares during the period. Finally, CIBC Private Wealth Group LLC bought a new position in Confluent during the fourth quarter valued at $1,672,000. 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.