Confluent, Inc. (NASDAQ:CFLT) Sees Significant Decrease in Short Interest

Confluent, Inc. (NASDAQ:CFLT) was the target of a significant drop in short interest in the month of November. As of November 15th, there was short interest totalling 15,950,000 shares, a drop of 8.0% from the October 31st total of 17,330,000 shares. Currently, 6.5% of the company’s stock are short sold. Based on an average daily volume of 4,140,000 shares, the days-to-cover ratio is presently 3.9 days.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CFLT. Wolfe Research raised shares of Confluent to a “strong-buy” rating in a report on Wednesday, September 18th. Evercore ISI decreased their price objective on Confluent from $33.00 to $28.00 and set an “outperform” rating on the stock in a report on Friday, September 20th. Citigroup upped their target price on Confluent from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, October 29th. Needham & Company LLC reiterated a “buy” rating and set a $31.00 price target on shares of Confluent in a research note on Friday, November 15th. Finally, DA Davidson restated a “buy” rating and issued a $30.00 price objective on shares of Confluent in a research note on Wednesday, September 18th. One analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Confluent has a consensus rating of “Moderate Buy” and an average target price of $30.88.

Confluent Trading Up 1.7 %

NASDAQ:CFLT traded up $0.53 on Tuesday, reaching $31.53. The company’s stock had a trading volume of 2,067,086 shares, compared to its average volume of 4,366,976. 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 business’s 50-day moving average price is $24.63 and its two-hundred day moving average price is $24.59. Confluent has a 1-year low of $17.79 and a 1-year high of $35.07.

Confluent (NASDAQ:CFLT) last announced 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. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. The business had revenue of $250.20 million for the quarter, compared to analyst estimates of $243.98 million. As a group, equities analysts forecast that Confluent will post -0.9 earnings per share for the current year.

Insider Buying and Selling

In related news, CMO Stephanie Buscemi sold 164,123 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $26.24, for a total value of $4,306,587.52. Following the completion of the sale, the chief marketing officer now owns 149,644 shares of the company’s stock, valued at approximately $3,926,658.56. The trade was a 52.31 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the transaction, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $9,045,235.12. The trade was a 33.94 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 4,237,879 shares of company stock worth $118,823,850. 13.82% of the stock is owned by company insiders.

Institutional Investors Weigh In On Confluent

Several institutional investors and hedge funds have recently added to or reduced their stakes in CFLT. Diversified Trust Co increased its holdings in Confluent by 110.3% during the third quarter. Diversified Trust Co now owns 60,503 shares of the company’s stock worth $1,233,000 after buying an additional 31,729 shares during the last quarter. Sycomore Asset Management grew its position in shares of Confluent by 308.3% in the 2nd quarter. Sycomore Asset Management now owns 333,083 shares of the company’s stock valued at $9,176,000 after acquiring an additional 251,507 shares during the period. Pathway Capital Management LP acquired a new position in shares of Confluent during the 3rd quarter worth about $918,000. Sei Investments Co. raised its holdings in shares of Confluent by 29.1% in the 2nd quarter. Sei Investments Co. now owns 305,537 shares of the company’s stock valued at $9,022,000 after purchasing an additional 68,880 shares during the period. Finally, Creative Planning lifted its stake in Confluent by 109.9% in the 3rd quarter. Creative Planning now owns 94,939 shares of the company’s stock valued at $1,935,000 after purchasing an additional 49,699 shares during the last quarter. 78.09% of the stock is owned by institutional investors.

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.