Confluent (NASDAQ:CFLT) Director Neha Narkhede Sells 80,000 Shares

Confluent, Inc. (NASDAQ:CFLT) Director Neha Narkhede sold 80,000 shares of the firm’s stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $30.59, for a total transaction of $2,447,200.00. Following the transaction, the director directly owned 28,549 shares of the company’s stock, valued at $873,313.91. This represents a 73.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Neha Narkhede also recently made the following trade(s):

• On Wednesday, December 10th, Neha Narkhede sold 23,100 shares of Confluent stock. The shares were sold at an average price of $30.00, for a total transaction of $693,000.00.
• On Monday, December 8th, Neha Narkhede sold 40,000 shares of Confluent stock. The stock was sold at an average price of $29.77, for a total transaction of $1,190,800.00.
• On Monday, December 1st, Neha Narkhede sold 30,000 shares of Confluent stock. The stock was sold at an average price of $22.15, for a total transaction of $664,500.00.

Confluent Stock Performance

NASDAQ CFLT traded down $0.04 on Wednesday, reaching $30.66. 6,776,448 shares of the company’s stock traded hands, compared to its average volume of 18,098,496. Confluent, Inc. has a fifty-two week low of $15.64 and a fifty-two week high of $34.81. The company has a debt-to-equity ratio of 0.94, a quick ratio of 3.83 and a current ratio of 3.83. The firm has a market cap of $10.73 billion, a price-to-earnings ratio of -35.65 and a beta of 0.95. The stock has a 50 day moving average price of $30.34 and a 200-day moving average price of $24.29.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.02. The company had revenue of $314.82 million for the quarter, compared to the consensus estimate of $308.03 million. Confluent had a negative return on equity of 22.66% and a negative net margin of 25.31%.The firm’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same period last year, the firm earned $0.09 EPS. Equities research analysts predict that Confluent, Inc. will post -0.83 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have issued reports on CFLT shares. Raymond James Financial downgraded Confluent from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 9th. FBN Securities reiterated an “outperform” rating and issued a $28.00 target price on shares of Confluent in a research note on Tuesday, October 28th. Truist Financial set a $31.00 price target on shares of Confluent in a report on Monday, December 8th. Citigroup lifted their price objective on shares of Confluent from $26.00 to $31.00 and gave the company a “neutral” rating in a report on Tuesday, December 9th. Finally, Piper Sandler downgraded shares of Confluent from an “overweight” rating to a “hold” rating and set a $31.00 price objective for the company. in a research report on Monday, December 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, twenty-eight have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $28.71.

Hedge Funds Weigh In On Confluent

A number of large investors have recently added to or reduced their stakes in CFLT. PNC Financial Services Group Inc. grew its position in shares of Confluent by 9.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,938 shares of the company’s stock valued at $149,000 after purchasing an additional 432 shares during the period. Public Employees Retirement System of Ohio raised its holdings in shares of Confluent by 0.5% during the fourth quarter. Public Employees Retirement System of Ohio now owns 86,929 shares of the company’s stock valued at $2,629,000 after acquiring an additional 452 shares during the last quarter. Utah Retirement Systems raised its holdings in shares of Confluent by 4.7% during the fourth quarter. Utah Retirement Systems now owns 15,320 shares of the company’s stock valued at $463,000 after acquiring an additional 688 shares during the last quarter. Xponance Inc. increased its position in shares of Confluent by 1.8% during the third quarter. Xponance Inc. now owns 40,399 shares of the company’s stock worth $800,000 after purchasing an additional 723 shares in the last quarter. Finally, AlphaQuest LLC raised its stake in Confluent by 21.7% in the 2nd quarter. AlphaQuest LLC now owns 4,636 shares of the company’s stock valued at $116,000 after purchasing an additional 826 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

About Confluent

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.