Erica Schultz Sells 63,729 Shares of Confluent, Inc. (NASDAQ:CFLT) Stock

Confluent, Inc. (NASDAQ:CFLT) insider Erica Schultz sold 63,729 shares of Confluent stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $31.60, for a total value of $2,013,836.40. Following the completion of the transaction, the insider now directly owns 678,016 shares of the company’s stock, valued at approximately $21,425,305.60. This trade represents a 8.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Erica Schultz also recently made the following trade(s):

• On Wednesday, November 20th, Erica Schultz sold 9,467 shares of Confluent stock. The stock was sold at an average price of $28.23, for a total value of $267,253.41.
• On Monday, November 18th, Erica Schultz sold 63,729 shares of Confluent stock. The stock was sold at an average price of $27.40, for a total value of $1,746,174.60.

Confluent Stock Performance

CFLT stock traded down $0.72 during midday trading on Wednesday, reaching $30.57. 3,119,059 shares of the company’s stock traded hands, compared to its average volume of 4,393,291. The company has a 50-day moving average price of $23.79 and a two-hundred day moving average price of $24.59. 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, Inc. has a 52 week low of $17.79 and a 52 week high of $35.07. The firm has a market capitalization of $10.03 billion, a PE ratio of -27.54 and a beta of 0.82.

Confluent (NASDAQ:CFLT) last issued 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. The business had revenue of $250.20 million for the quarter, compared to analysts’ expectations of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. As a group, equities analysts anticipate that Confluent, Inc. will post -0.9 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. EP Wealth Advisors LLC grew its position in shares of Confluent by 3.6% during the 3rd quarter. EP Wealth Advisors LLC now owns 14,371 shares of the company’s stock valued at $293,000 after purchasing an additional 503 shares in the last quarter. DekaBank Deutsche Girozentrale grew its position in shares of Confluent by 8.7% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock valued at $322,000 after purchasing an additional 857 shares in the last quarter. Advisors Asset Management Inc. grew its position in Confluent by 40.3% in the first quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after acquiring an additional 859 shares in the last quarter. Fulton Bank N.A. grew its position in Confluent by 15.0% in the second quarter. Fulton Bank N.A. now owns 8,145 shares of the company’s stock worth $241,000 after acquiring an additional 1,064 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its position in Confluent by 9.6% in the second quarter. Assenagon Asset Management S.A. now owns 12,680 shares of the company’s stock worth $374,000 after acquiring an additional 1,113 shares in the last quarter. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CFLT has been the subject of several research reports. Robert W. Baird raised their target price on Confluent from $23.00 to $28.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Evercore ISI reduced their target price on Confluent from $33.00 to $28.00 and set an “outperform” rating for the company in a research note on Friday, September 20th. Wolfe Research upgraded Confluent to a “strong-buy” rating in a research note on Wednesday, September 18th. Baird R W upgraded Confluent to a “hold” rating in a research note on Wednesday, September 4th. Finally, Stifel Nicolaus cut their price target on Confluent from $40.00 to $32.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus 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.