Edward Jay Kreps Sells 232,500 Shares of Confluent, Inc. (NASDAQ:CFLT) Stock

Confluent, Inc. (NASDAQ:CFLT) CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $29.29, for a total value of $6,809,925.00. Following the transaction, the chief executive officer now owns 452,488 shares of the company’s stock, valued at approximately $13,253,373.52. This represents a 33.94 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Edward Jay Kreps also recently made the following trade(s):

• On Wednesday, September 4th, Edward Jay Kreps sold 232,500 shares of Confluent stock. The stock was sold at an average price of $19.99, for a total value of $4,647,675.00.

Confluent Stock Performance

NASDAQ CFLT traded down $1.46 on Friday, hitting $27.07. 3,941,810 shares of the company’s stock were exchanged, compared to its average volume of 4,374,944. The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The firm’s 50-day moving average price is $22.24 and its two-hundred day moving average price is $24.62. Confluent, Inc. has a fifty-two week low of $17.79 and a fifty-two week high of $35.07. The firm has a market cap of $8.88 billion, a price-to-earnings ratio of -24.39 and a beta of 0.82.

Confluent (NASDAQ:CFLT) last posted its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.03. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. The firm had revenue of $250.20 million for the quarter, compared to analyst estimates of $243.98 million. On average, research analysts expect that Confluent, Inc. will post -0.9 EPS for the current year.

Institutional Trading of Confluent

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Confluent by 3.5% during the first quarter. Vanguard Group Inc. now owns 19,741,320 shares of the company’s stock valued at $602,505,000 after acquiring an additional 669,675 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Confluent by 17.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock valued at $536,601,000 after buying an additional 2,587,169 shares during the last quarter. Champlain Investment Partners LLC raised its holdings in shares of Confluent by 72.2% during the third quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock valued at $218,083,000 after buying an additional 4,486,841 shares during the last quarter. 1832 Asset Management L.P. increased its stake in shares of Confluent by 28.4% during the second quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock valued at $224,933,000 after acquiring an additional 1,684,100 shares during the period. Finally, William Blair Investment Management LLC acquired a new position in shares of Confluent during the second quarter valued at approximately $193,403,000. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CFLT has been the topic of several recent research reports. Sanford C. Bernstein reduced their price target on Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. UBS Group increased their price objective on Confluent from $23.00 to $26.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Loop Capital lowered their target price on Confluent from $30.00 to $25.00 and set a “hold” rating on the stock in a report on Friday, July 19th. DA Davidson reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Confluent in a research note on Wednesday, September 18th. Finally, Royal Bank of Canada raised their price objective on Confluent from $26.00 to $33.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Confluent has an average rating of “Moderate Buy” and an average target price of $30.88.

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.