Confluent (NASDAQ:CFLT) Sees Strong Trading Volume – Here’s Why

Confluent, Inc. (NASDAQ:CFLT) saw unusually-high trading volume on Tuesday . Approximately 37,582,857 shares were traded during mid-day trading, an increase of 232% from the previous session’s volume of 11,324,520 shares.The stock last traded at $30.4850 and had previously closed at $30.54.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on CFLT shares. Stifel Nicolaus lifted their price objective on Confluent from $21.00 to $25.00 and gave the stock a “hold” rating in a research report on Tuesday, October 28th. Deutsche Bank Aktiengesellschaft set a $31.00 price target on Confluent and gave the stock a “hold” rating in a report on Monday, December 8th. Royal Bank Of Canada lowered shares of Confluent from an “outperform” rating to a “sector perform” rating and upped their price objective for the company from $30.00 to $31.00 in a report on Tuesday, December 9th. TD Cowen reaffirmed a “hold” rating on shares of Confluent in a research note on Tuesday, October 28th. Finally, Wolfe Research cut shares of Confluent from an “outperform” rating to a “hold” rating in a research note on Monday, December 8th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, twenty-eight have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Confluent has an average rating of “Hold” and a consensus price target of $28.78.

Confluent Stock Performance

The firm has a market capitalization of $10.65 billion, a price-to-earnings ratio of -33.83 and a beta of 0.95. The company has a debt-to-equity ratio of 0.98, a current ratio of 4.01 and a quick ratio of 4.01. The firm has a 50 day moving average price of $28.86 and a 200-day moving average price of $23.80.

Insiders Place Their Bets

In other news, CRO Ban Ryan Norris Mac sold 3,053 shares of Confluent stock in a transaction on Tuesday, December 23rd. The shares were sold at an average price of $29.96, for a total transaction of $91,467.88. Following the completion of the sale, the executive directly owned 332,679 shares of the company’s stock, valued at approximately $9,967,062.84. The trade was a 0.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $30.10, for a total value of $6,998,250.00. Following the transaction, the chief executive officer directly owned 339,367 shares of the company’s stock, valued at approximately $10,214,946.70. This represents a 40.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 1,357,664 shares of company stock worth $38,315,446. 13.82% of the stock is currently owned by insiders.

Institutional Trading of Confluent

A number of large investors have recently made changes to their positions in CFLT. United Community Bank purchased a new stake in Confluent in the fourth quarter valued at approximately $30,000. Quarry LP purchased a new stake in Confluent in the 3rd quarter valued at $26,000. Farther Finance Advisors LLC boosted its stake in Confluent by 252.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,448 shares of the company’s stock worth $36,000 after purchasing an additional 1,037 shares during the period. Danske Bank A S purchased a new position in Confluent during the 3rd quarter worth $34,000. Finally, True Wealth Design LLC purchased a new position in Confluent during the 3rd quarter worth $36,000. 78.09% of the stock is owned by institutional investors and hedge funds.

Confluent Company Profile

Confluent, Inc (NASDAQ: CFLT) is a leading provider of an event streaming platform built on Apache Kafka. The company’s flagship offerings include Confluent Platform—a self-managed software solution—and Confluent Cloud, a fully managed service designed to simplify real-time data processing across hybrid and multi-cloud environments. These products enable enterprises to collect, process and distribute high volumes of data in real time, supporting use cases such as fraud detection, supply chain optimization and personalized customer experiences.

Founded in 2014 by Apache Kafka co-creators Jay Kreps, Neha Narkhede and Jun Rao, Confluent has driven the commercialization of Kafka technologies and extended the platform with tools for data integration, stream processing and enterprise-grade security.