Kong Phan Sells Shares of Confluent, Inc. (NASDAQ:CFLT) Stock

On March 20th, 2023, Kong Phan, the Chief Accounting Officer at Confluent, Inc. (NASDAQ:CFLT), sold 3,175 shares of the company's stock. The shares were sold for an average price of $26.86, resulting in a total transaction value of $85,280.50. Post-transaction, Phan holds 246,516 shares of Confluent, with a current estimated value of approximately $6,621,419.76. This recent sale indicates a 1.27% reduction in his ownership of the stock. The details of this sale were disclosed in a regulatory filing with the SEC, which can be found online.

• Confluent: How Data Streaming May Transform AI

In addition to this transaction, Kong Phan had previously made several trades involving Confluent stock:

• On February 26th, he sold 760 shares at an average price of $32.00, totaling $24,320.00.
• On February 24th, he sold 3,040 shares for an average price of $30.75, with a transaction value of $93,480.00.
• On February 21st, Phan sold 2,178 shares at an average price of $31.58, bringing in $68,781.24.
• On February 13th, he sold 6,346 shares for an average price of $36.22, summing up to $229,852.12.

Confluent Stock Performance

Recently, shares of CFLT experienced a 3.0% increase. On Monday, the stock reached $27.30, with 3,958,094 shares traded, which is close to its average trading volume of 4,305,989. The company's stock has seen a 50-day moving average of $29.46 and a 200-day moving average of $27.03. Over the past year, Confluent's stock hit a low of $17.79 and a high of $37.90, with the firm holding a market capitalization of $9.12 billion, a P/E ratio of -25.28, and a beta of 0.90. The current ratio stands at 3.99, while the quick ratio is at 4.24, alongside a debt-to-equity ratio of 1.14.

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Institutional Investor Activity

Recently, several institutional investors have changed their positions regarding Confluent:

• ProShare Advisors LLC increased its stake by 3.1% during the fourth quarter and now owns 10,774 shares valued at $301,000.
• Commonwealth Equity Services LLC raised its stake by 4.1% in the same quarter, now holding 11,557 shares worth $323,000.
• EP Wealth Advisors LLC grew its holdings by 3.6% in the third quarter, owning 14,371 shares valued at $293,000.
• Truist Financial Corp enhanced its position by 2.5% in the fourth quarter, owning 21,081 shares valued at $589,000.
• Jasper Ridge Partners L.P. increased its stake by 4.8%, holding 14,409 shares valued at $403,000.

Overall, 78.09% of Confluent's shares are held by institutional investors and hedge funds.

Analysts' Perspectives

• Is Confluent the Next Big Winner in AI-Powered Data Streaming?

Confluent has garnered attention from various analysts, resulting in different price targets and ratings. Bank of America raised its target from $26.00 to $31.00 while maintaining an "underperform" rating. Conversely, Wells Fargo boosted their price objective from $40.00 to $42.00, designating an "overweight" rating. Piper Sandler elevated their target from $35.00 to $40.00, also issuing an "overweight" rating. Additionally, Mizuho increased the target from $31.00 to $35.00, giving it an "outperform" rating. Lastly, Scotiabank adjusted their price target from $27.00 to $35.00, placing a "sector perform" rating. In total, one analyst has rated the stock as a sell, seven have given hold ratings, twenty-one have rated it a buy, and one assigned a strong buy rating. The average rating for Confluent stands at "Moderate Buy" with a consensus target price of $35.33.

About Confluent, Inc.

Confluent, Inc. provides a data streaming platform, facilitating connections between applications, systems, and data layers. Their notable offerings include Confluent Cloud, a managed cloud-native software-as-a-service, and Confluent Platform, an enterprise-grade self-managed software solution.

Conclusion

As the market for data streaming evolves, Confluent is positioned to capture significant opportunities, driven by both transactions from company executives such as Kong Phan and strong interest from institutional investors. Investors should consider these developments when evaluating the company's potential.

Stock, Transaction, Investment