Insider Selling: Confluent (NASDAQ:CFLT) CRO Sells 1,655 Shares of Stock

Confluent, Inc. (NASDAQ:CFLT) CRO Ban Ryan Norris Mac sold 1,655 shares of the firm’s stock in a transaction on Friday, February 13th. The stock was sold at an average price of $30.54, for a total value of $50,543.70. Following the completion of the transaction, the executive owned 392,276 shares of the company’s stock, valued at $11,980,109.04. This trade represents a 0.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Ban Ryan Norris Mac also recently made the following trade(s):

• On Wednesday, February 18th, Ban Ryan Norris Mac sold 2,113 shares of Confluent stock. The shares were sold at an average price of $30.61, for a total value of $64,678.93.
• On Tuesday, December 23rd, Ban Ryan Norris Mac sold 3,053 shares of Confluent stock. The stock was sold at an average price of $29.96, for a total value of $91,467.88.
• On Monday, December 22nd, Ban Ryan Norris Mac sold 1,218 shares of Confluent stock. The shares were sold at an average price of $29.96, for a total value of $36,491.28.
• On Monday, December 8th, Ban Ryan Norris Mac sold 44,114 shares of Confluent stock. The stock was sold at an average price of $29.77, for a total transaction of $1,313,273.78.
• On Thursday, November 20th, Ban Ryan Norris Mac sold 15,062 shares of Confluent stock. The shares were sold at an average price of $22.51, for a total transaction of $339,045.62.

Confluent Stock Performance

Shares of CFLT stock traded down $0.04 during trading hours on Wednesday, hitting $30.66. The company’s stock had a trading volume of 6,776,448 shares, compared to its average volume of 18,098,496. The stock has a market cap of $10.73 billion, a PE ratio of -35.65 and a beta of 0.95. Confluent, Inc. has a 12-month low of $15.64 and a 12-month high of $34.81. The company has a 50 day moving average of $30.34 and a 200 day moving average of $24.29. The company has a current ratio of 3.83, a quick ratio of 3.83 and a debt-to-equity ratio of 0.94.

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

Wall Street Analyst Weigh In

CFLT has been the subject of a number of research reports. Citigroup boosted their target price on shares of Confluent from $26.00 to $31.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 9th. Guggenheim downgraded Confluent from a “buy” rating to a “hold” rating in a research report on Tuesday, December 9th. Royal Bank Of Canada cut shares of Confluent from an “outperform” rating to a “sector perform” rating and increased their price target for the company from $30.00 to $31.00 in a research note on Tuesday, December 9th. Barclays upped their price target on Confluent from $24.00 to $27.00 and gave the company an “overweight” rating in a research note on Tuesday, October 28th. Finally, The Goldman Sachs Group increased their price objective on shares of Confluent from $21.00 to $24.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 28th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, twenty-eight have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $28.71.

Institutional Investors Weigh In On Confluent

Several hedge funds and other institutional investors have recently bought and sold shares of CFLT. Goldman Sachs Group Inc. boosted its stake in Confluent by 133.0% in the first quarter. Goldman Sachs Group Inc. now owns 942,303 shares of the company’s stock valued at $22,088,000 after acquiring an additional 537,874 shares in the last quarter. Woodline Partners LP purchased a new stake in shares of Confluent in the 1st quarter valued at about $332,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Confluent in the 2nd quarter valued at about $768,000. Coronation Fund Managers Ltd. acquired a new stake in shares of Confluent in the 2nd quarter valued at about $10,250,000. Finally, AlphaQuest LLC grew its stake in Confluent by 21.7% during the 2nd quarter. AlphaQuest LLC now owns 4,636 shares of the company’s stock worth $116,000 after buying 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.