Confluent (NASDAQ:CFLT) Stock Price Down 4.4%

Confluent, Inc. (NASDAQ:CFLT)’s stock price fell 4.4% on Wednesday . The company traded as low as $26.64 and last traded at $26.64. 3,010,994 shares were traded during mid-day trading, a decline of 32% from the average session volume of 4,397,546 shares. The stock had previously closed at $27.87.

Wall Street Analysts Forecast Growth

CFLT has been the topic of a number of analyst reports. Canaccord Genuity Group raised shares of Confluent from a “hold” rating to a “buy” rating and lifted their target price for the stock from $28.00 to $35.00 in a research note on Wednesday, May 8th. JMP Securities lifted their target price on shares of Confluent from $38.00 to $40.00 and gave the stock a “market outperform” rating in a research note on Wednesday, May 8th. Barclays lifted their target price on shares of Confluent from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $40.00 target price on shares of Confluent in a research note on Tuesday, June 4th. Finally, Guggenheim reaffirmed a “buy” rating and set a $37.00 target price on shares of Confluent in a research note on Tuesday, June 25th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $32.93.

Confluent Stock Down 5.1 %

The company has a current ratio of 5.07, a quick ratio of 5.07 and a debt-to-equity ratio of 1.29. The firm’s fifty day simple moving average is $28.70 and its 200 day simple moving average is $28.32.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.04). Confluent had a negative return on equity of 40.55% and a negative net margin of 46.73%. The firm had revenue of $217.24 million for the quarter, compared to analyst estimates of $211.57 million. As a group, research analysts expect that Confluent, Inc. will post -0.94 EPS for the current fiscal year.

Insiders Place Their Bets

In other Confluent news, CTO Chad Verbowski sold 8,312 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $26.76, for a total transaction of $222,429.12. Following the completion of the transaction, the chief technology officer now owns 510,347 shares in the company, valued at approximately $13,656,885.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CTO Chad Verbowski sold 8,312 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $26.76, for a total transaction of $222,429.12. Following the completion of the sale, the chief technology officer now owns 510,347 shares in the company, valued at approximately $13,656,885.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lara Caimi sold 5,399 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $25.88, for a total transaction of $139,726.12. The disclosure for this sale can be found here. Insiders sold 632,725 shares of company stock worth $18,138,428 in the last 90 days. Corporate insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

Several institutional investors have recently modified their holdings of the stock. CWM LLC lifted its position in shares of Confluent by 17.6% during the 2nd quarter. CWM LLC now owns 10,099 shares of the company’s stock worth $298,000 after buying an additional 1,515 shares during the last quarter. Fulton Bank N.A. raised its position in Confluent by 15.0% in the 2nd quarter. Fulton Bank N.A. now owns 8,145 shares of the company’s stock valued at $241,000 after purchasing an additional 1,064 shares during the last quarter. DekaBank Deutsche Girozentrale raised its position in Confluent by 8.7% in 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 during the last quarter. Hamilton Lane Advisors LLC purchased a new stake in Confluent in the 1st quarter valued at $1,914,000. Finally, Cetera Advisors LLC raised its position in Confluent by 209.6% in the 1st quarter. Cetera Advisors LLC now owns 31,971 shares of the company’s stock valued at $976,000 after purchasing an additional 21,646 shares during the last quarter. Hedge funds and other 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.