Confluent (NASDAQ:CFLT) Sees Large Volume Increase – Still a Buy?

Confluent, Inc. (NASDAQ:CFLT) saw strong trading volume on Tuesday . 37,582,857 shares changed hands during mid-day trading, an increase of 232% from the previous session’s volume of 11,324,520 shares.The stock last traded at $30.4850 and had previously closed at $30.54.

Analyst Upgrades and Downgrades

CFLT has been the topic of several recent research reports. Citigroup increased their price objective on shares of Confluent from $26.00 to $31.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 9th. William Blair cut shares of Confluent from an “outperform” rating to a “market perform” rating in a research note on Monday, December 8th. Wells Fargo & Company restated an “equal weight” rating and issued a $31.00 price objective on shares of Confluent in a research note on Monday, December 8th. TD Cowen reiterated a “hold” rating on shares of Confluent in a research report on Tuesday, October 28th. Finally, Sanford C. Bernstein lowered Confluent from an “outperform” rating to a “market perform” rating and set a $31.00 price target for the company. in a report on Friday, January 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, twenty-eight have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $28.78.

Confluent Trading Up 0.1%

The stock has a fifty day simple moving average of $29.37 and a 200 day simple moving average of $23.93. The firm has a market capitalization of $10.62 billion, a P/E ratio of -33.73 and a beta of 0.95. The company has a quick ratio of 4.01, a current ratio of 4.01 and a debt-to-equity ratio of 0.98.

Insider Buying and Selling

In other Confluent news, Director Michelangelo Volpi sold 32,038 shares of the stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $29.77, for a total transaction of $953,771.26. Following the completion of the sale, the director directly owned 235,041 shares of the company’s stock, valued at $6,997,170.57. This trade represents a 12.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CRO Ban Ryan Norris Mac sold 44,114 shares of the business’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $29.77, for a total transaction of $1,313,273.78. Following the completion of the transaction, the executive directly owned 336,950 shares in the company, valued at $10,031,001.50. This trade represents a 11.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,357,664 shares of company stock worth $38,315,446 in the last quarter. 9.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. United Community Bank bought a new stake in shares of Confluent in the fourth quarter worth about $30,000. Quarry LP purchased a new position in Confluent during the 3rd quarter valued at approximately $26,000. Farther Finance Advisors LLC increased its stake in Confluent by 252.3% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,448 shares of the company’s stock worth $36,000 after acquiring an additional 1,037 shares during the last quarter. Danske Bank A S purchased a new stake in shares of Confluent during the 3rd quarter worth approximately $34,000. Finally, True Wealth Design LLC bought a new position in shares of Confluent during the 3rd quarter valued at approximately $36,000. Institutional investors own 78.09% of the company’s stock.

Confluent Company Profile

Confluent, Inc (NASDAQ: CFLT) is a leading provider of an event streaming platform built on Apache Kafka. The company’s flagship offerings include Confluent Platform—a self-managed software solution—and Confluent Cloud, a fully managed service designed to simplify real-time data processing across hybrid and multi-cloud environments. These products enable enterprises to collect, process and distribute high volumes of data in real time, supporting use cases such as fraud detection, supply chain optimization and personalized customer experiences.

Founded in 2014 by Apache Kafka co-creators Jay Kreps, Neha Narkhede and Jun Rao, Confluent has driven the commercialization of Kafka technologies and extended the platform with tools for data integration, stream processing and enterprise-grade security.