Confluent, Inc. (NASDAQ:CFLT) Short Interest Update

Confluent, Inc. (NASDAQ:CFLT) was the target of a large decline in short interest in December. As of December 31st, there was short interest totalling 11,850,000 shares, a decline of 14.6% from the December 15th total of 13,880,000 shares. Based on an average daily trading volume, of 3,830,000 shares, the days-to-cover ratio is presently 3.1 days. Approximately 4.8% of the shares of the stock are sold short.

Confluent Stock Down 0.1 %

Shares of CFLT stock traded down $0.04 during mid-day trading on Friday, reaching $26.70. 3,761,493 shares of the company’s stock traded hands, compared to its average volume of 3,136,990. The company’s 50-day moving average price is $29.62 and its 200-day moving average price is $24.98. The company has a market cap of $8.76 billion, a P/E ratio of -24.05 and a beta of 0.91. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17. Confluent has a 12 month low of $17.79 and a 12 month high of $35.07.

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

Insider Buying and Selling at Confluent

In related news, Director Matthew Craig Miller sold 53,512 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $33.64, for a total transaction of $1,800,143.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Erica Schultz sold 63,729 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $27.40, for a total transaction of $1,746,174.60. Following the completion of the sale, the insider now owns 687,483 shares in the company, valued at $18,837,034.20. This represents a 8.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,584,712 shares of company stock valued at $132,928,936 in the last quarter. 13.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. EP Wealth Advisors LLC grew its stake in shares of Confluent by 3.6% in the third quarter. EP Wealth Advisors LLC now owns 14,371 shares of the company’s stock worth $293,000 after acquiring an additional 503 shares during the last quarter. GAMMA Investing LLC boosted its stake in Confluent by 85.3% in the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after purchasing an additional 1,136 shares in the last quarter. Truist Financial Corp grew its position in Confluent by 5.3% during the 2nd quarter. Truist Financial Corp now owns 24,420 shares of the company’s stock valued at $721,000 after purchasing an additional 1,238 shares during the last quarter. Elo Mutual Pension Insurance Co increased its stake in Confluent by 8.4% during the 2nd quarter. Elo Mutual Pension Insurance Co now owns 18,643 shares of the company’s stock valued at $551,000 after purchasing an additional 1,448 shares in the last quarter. Finally, ProShare Advisors LLC increased its stake in Confluent by 16.0% during the 2nd quarter. ProShare Advisors LLC now owns 13,589 shares of the company’s stock valued at $401,000 after purchasing an additional 1,870 shares in the last quarter. Institutional investors own 78.09% of the company’s stock.

Analyst Upgrades and Downgrades

CFLT has been the subject of a number of recent research reports. Mizuho boosted their target price on Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Evercore ISI lowered their price objective on shares of Confluent from $33.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, September 20th. Royal Bank of Canada lifted their target price on shares of Confluent from $33.00 to $36.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Robert W. Baird raised their price objective on Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Finally, Sanford C. Bernstein decreased their price objective on Confluent from $38.00 to $33.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Confluent presently has a consensus rating of “Moderate Buy” and an average target price of $32.37.

Confluent Company Profile

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.