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

Confluent, Inc. (NASDAQ:CFLT) CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $29.36, for a total transaction of $6,826,200.00. Following the transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $13,285,047.68. This represents a 33.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

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

• On Thursday, February 20th, Edward Jay Kreps sold 232,500 shares of Confluent stock. The stock was sold at an average price of $32.33, for a total transaction of $7,516,725.00.

Confluent Stock Down 8.3 %

Confluent stock opened at $24.40 on Tuesday. The firm has a market capitalization of $8.15 billion, a PE ratio of -22.59 and a beta of 0.90. The company’s 50-day moving average is $29.85 and its 200-day moving average is $26.68. Confluent, Inc. has a fifty-two week low of $17.79 and a fifty-two week high of $37.90. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24.

Confluent (NASDAQ:CFLT) last released its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. Sell-side analysts anticipate that Confluent, Inc. will post -0.83 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Evercore ISI lifted their price target on shares of Confluent from $32.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Piper Sandler raised their price objective on shares of Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Morgan Stanley raised their price objective on shares of Confluent from $30.00 to $32.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 12th. Bank of America raised their price objective on shares of Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a report on Wednesday, February 12th. Finally, Truist Financial raised their price objective on shares of Confluent from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Confluent currently has a consensus rating of “Moderate Buy” and an average target price of $35.33.

Institutional Trading of Confluent

Hedge funds and other institutional investors have recently modified their holdings of the stock. Credit Industriel ET Commercial bought a new stake in shares of Confluent during the 4th quarter worth about $28,000. Blue Trust Inc. boosted its holdings in shares of Confluent by 354.0% during the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after buying an additional 1,607 shares during the period. SBI Securities Co. Ltd. bought a new stake in shares of Confluent during the 4th quarter worth about $59,000. Point72 Hong Kong Ltd bought a new stake in shares of Confluent during the 3rd quarter worth about $68,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Confluent by 85.3% during the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after buying an additional 1,136 shares during the period. Institutional investors own 78.09% of the company’s stock.

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.