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

Confluent, Inc. (NASDAQ:CFLT) was the recipient of a large decrease in short interest in December. As of December 31st, there was short interest totalling 11,850,000 shares, a decrease 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 short-interest ratio is presently 3.1 days. Currently, 4.8% of the company’s shares are sold short.

Insiders Place Their Bets

In other Confluent news, CAO Kong Phan sold 3,947 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $28.74, for a total value of $113,436.78. Following the transaction, the chief accounting officer now owns 179,939 shares in the company, valued at approximately $5,171,446.86. This represents a 2.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CMO Stephanie Buscemi sold 164,123 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $26.24, for a total value of $4,306,587.52. Following the sale, the chief marketing officer now owns 149,644 shares of the company’s stock, valued at approximately $3,926,658.56. This represents a 52.31 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,584,712 shares of company stock worth $132,928,936. Corporate insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

A number of institutional investors have recently added to or reduced their stakes in CFLT. GAMMA Investing LLC lifted 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 acquiring an additional 1,136 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of Confluent during the third quarter worth approximately $68,000. Acadian Asset Management LLC bought a new stake in shares of Confluent in the 2nd quarter worth approximately $175,000. Moody National Bank Trust Division purchased a new stake in shares of Confluent in the 4th quarter valued at $203,000. Finally, Centaurus Financial Inc. grew its holdings in shares of Confluent by 109.2% during the 2nd quarter. Centaurus Financial Inc. now owns 7,320 shares of the company’s stock valued at $216,000 after purchasing an additional 3,821 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CFLT. TD Cowen lifted their price objective on shares of Confluent from $27.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Citigroup boosted their price objective on Confluent from $24.00 to $25.00 and gave the stock a “neutral” rating in a report on Tuesday, October 29th. Royal Bank of Canada increased their price objective on Confluent from $33.00 to $36.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Stifel Nicolaus upped their price target on Confluent from $34.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $32.37.

Confluent Stock Performance

Shares of NASDAQ CFLT traded down $0.04 during midday trading on Friday, hitting $26.70. The company’s stock had a trading volume of 3,761,493 shares, compared to its average volume of 2,679,906. The firm has a market capitalization of $8.76 billion, a price-to-earnings ratio of -24.05 and a beta of 0.91. Confluent has a one year low of $17.79 and a one year high of $35.07. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. The stock has a fifty day moving average price of $29.62 and a 200 day moving average price of $24.94.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.03. The firm had revenue of $250.20 million for the quarter, compared to analysts’ expectations of $243.98 million. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. On average, research analysts forecast that Confluent will post -0.9 EPS for the current fiscal 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.