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 sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at approximately $11,085,956. This represents a 33.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, 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 Trading Down 1.2%

Shares of Confluent stock opened at $24.10 on Wednesday. The firm has a market capitalization of $8.20 billion, a PE ratio of -22.31 and a beta of 0.98. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14. The firm’s 50 day moving average is $22.03 and its 200 day moving average is $26.78. Confluent, Inc. has a 1 year low of $17.79 and a 1 year high of $37.90.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $271.12 million for the quarter, compared to analyst estimates of $264.45 million. During the same period in the previous year, the firm posted $0.05 EPS. The firm’s revenue was up 24.8% on a year-over-year basis. Equities research analysts forecast that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Confluent

Institutional investors have recently added to or reduced their stakes in the business. Cloud Capital Management LLC acquired a new position in shares of Confluent in the 1st quarter worth approximately $26,000. Credit Industriel ET Commercial acquired a new position in shares of Confluent during the 4th quarter valued at $28,000. Versant Capital Management Inc raised its holdings in Confluent by 2,458.2% during the first quarter. Versant Capital Management Inc now owns 1,714 shares of the company’s stock worth $40,000 after buying an additional 1,647 shares during the last quarter. Banque Transatlantique SA acquired a new position in Confluent during the first quarter worth $43,000. Finally, SVB Wealth LLC acquired a new position in Confluent during the first quarter worth $54,000. 78.09% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CFLT has been the subject of a number of research reports. Canaccord Genuity Group cut their target price on shares of Confluent from $38.00 to $32.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. Guggenheim cut their target price on shares of Confluent from $38.00 to $31.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. Barclays cut their target price on shares of Confluent from $29.00 to $27.00 and set an “overweight” rating for the company in a research note on Thursday, May 1st. Bank of America raised their price target on shares of Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a research report on Wednesday, February 12th. Finally, Citigroup reaffirmed a “neutral” rating on shares of Confluent in a research report on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $30.11.

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.