Confluent (NASDAQ:CFLT) Shares Gap Down – Time to Sell?

Confluent, Inc. (NASDAQ:CFLT)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $28.53, but opened at $27.47. Confluent shares last traded at $27.42, with a volume of 517,800 shares.

Analyst Ratings Changes

Several brokerages have commented on CFLT. Scotiabank boosted their target price on shares of Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 31st. UBS Group lifted their price target on shares of Confluent from $23.00 to $26.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Mizuho upped their price target on Confluent from $29.00 to $31.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Canaccord Genuity Group lowered their target price on Confluent from $35.00 to $34.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. Finally, JMP Securities reiterated a “market outperform” rating and issued a $40.00 price objective on shares of Confluent in a research report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $30.88.

Confluent Stock Performance

The firm has a market cap of $8.92 billion, a price-to-earnings ratio of -25.70 and a beta of 0.82. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17. The company has a 50 day moving average of $22.24 and a 200 day moving average of $24.62.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $243.98 million. As a group, equities research analysts expect that Confluent, Inc. will post -0.9 EPS for the current fiscal year.

Insiders Place Their Bets

In other Confluent news, Director Michelangelo Volpi sold 477,952 shares of the company’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $26.41, for a total value of $12,622,712.32. Following the completion of the transaction, the director now owns 317,079 shares in the company, valued at approximately $8,374,056.39. This represents a 60.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Matthew Craig Miller sold 1,067,242 shares of Confluent stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $27.51, for a total value of $29,359,827.42. The disclosure for this sale can be found here. Insiders have sold a total of 2,041,895 shares of company stock valued at $53,318,197 in the last quarter. Insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CFLT. Russell Investments Group Ltd. grew its position in Confluent by 0.7% in the 1st quarter. Russell Investments Group Ltd. now owns 260,808 shares of the company’s stock valued at $7,960,000 after buying an additional 1,707 shares in the last quarter. ProShare Advisors LLC lifted its position in Confluent by 19.6% in the first quarter. ProShare Advisors LLC now owns 11,719 shares of the company’s stock worth $358,000 after purchasing an additional 1,922 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in shares of Confluent by 19.6% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 15,501 shares of the company’s stock worth $473,000 after buying an additional 2,542 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Confluent by 20.3% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 154,939 shares of the company’s stock valued at $4,729,000 after buying an additional 26,100 shares during the period. Finally, Blair William & Co. IL boosted its stake in Confluent by 24.5% during the first quarter. Blair William & Co. IL now owns 17,800 shares of the company’s stock valued at $543,000 after buying an additional 3,501 shares in the last quarter. Institutional investors and hedge funds own 78.09% of the company’s stock.

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.