Confluent, Inc. (NASDAQ:CFLT) Short Interest Down 8.0% in November

Confluent, Inc. (NASDAQ:CFLT) was the recipient of a significant decrease in short interest in November. As of November 15th, there was short interest totalling 15,950,000 shares, a decrease of 8.0% from the October 31st total of 17,330,000 shares. Based on an average daily trading volume, of 4,140,000 shares, the days-to-cover ratio is presently 3.9 days. Currently, 6.5% of the company’s stock are sold short.

Analysts Set New Price Targets

Several equities analysts have recently commented on CFLT shares. JMP Securities reaffirmed a “market outperform” rating and set a $40.00 target price on shares of Confluent in a report on Tuesday, October 29th. Wolfe Research raised Confluent to a “strong-buy” rating in a report on Wednesday, September 18th. DA Davidson reissued a “buy” rating and issued a $30.00 price objective on shares of Confluent in a report on Wednesday, September 18th. Evercore ISI decreased their price objective on Confluent from $33.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, September 20th. Finally, Barclays increased their price objective on Confluent from $29.00 to $32.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $30.88.

Insider Buying and Selling at Confluent

In other news, CAO Kong Phan sold 2,096 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total transaction of $59,170.08. Following the completion of the transaction, the chief accounting officer now directly owns 190,680 shares of the company’s stock, valued at approximately $5,382,896.40. This represents a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total value of $4,647,675.00. Following the transaction, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $9,045,235.12. This trade represents a 33.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 4,237,879 shares of company stock worth $118,823,850 over the last quarter. 13.82% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Confluent

Institutional investors have recently bought and sold shares of the business. Diversified Trust Co boosted its position in Confluent by 110.3% during the 3rd quarter. Diversified Trust Co now owns 60,503 shares of the company’s stock worth $1,233,000 after acquiring an additional 31,729 shares during the period. Sycomore Asset Management boosted its position in Confluent by 308.3% during the 2nd quarter. Sycomore Asset Management now owns 333,083 shares of the company’s stock worth $9,176,000 after acquiring an additional 251,507 shares during the period. Pathway Capital Management LP acquired a new stake in Confluent during the 3rd quarter worth about $918,000. Sei Investments Co. boosted its position in Confluent by 29.1% during the 2nd quarter. Sei Investments Co. now owns 305,537 shares of the company’s stock worth $9,022,000 after acquiring an additional 68,880 shares during the period. Finally, Creative Planning boosted its position in Confluent by 109.9% during the 3rd quarter. Creative Planning now owns 94,939 shares of the company’s stock worth $1,935,000 after acquiring an additional 49,699 shares during the period. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Confluent Trading Up 0.5 %

Shares of NASDAQ:CFLT traded up $0.16 during midday trading on Monday, reaching $31.00. The company had a trading volume of 2,582,651 shares, compared to its average volume of 4,371,911. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24. Confluent has a 1-year low of $17.79 and a 1-year high of $35.07. The firm has a market cap of $10.17 billion, a price-to-earnings ratio of -28.01 and a beta of 0.82. The company has a fifty day simple moving average of $24.40 and a two-hundred day simple moving average of $24.59.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share 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 business had revenue of $250.20 million during the quarter, compared to analyst estimates of $243.98 million. Research analysts predict that Confluent will post -0.9 earnings per share for the current year.

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.