Insider Selling: FENTON PETER H, Confluent Inc. [CFLT] 10% Owner divested 191,100 shares

The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Confluent Inc. shares valued at $5,807,739 were sold by FENTON PETER H on Aug 18. At $30.39 per share, FENTON PETER H sold 191,100 shares. The insider’s holdings dropped to 987,678 shares worth approximately $23.94 million following the completion of this transaction.


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Also, LASKY MITCHELL sold 250,000 shares, netting a total of over 8,025,150 in proceeds. Following the sale of shares at $32.10 each, the insider now holds 1,264,035 shares.

Before that, Puttagunta Chetan had sold 31,926 shares from its account. In a trade valued at $1,029,856, the 10% Owner traded Confluent Inc. shares for $32.26 each. Upon closing the transaction, the insider’s holdings decreased to 31,926 shares, worth approximately $3.65 million.

As published in their initiating research note from Scotiabank on June 09, 2022, Confluent Inc. [CFLT] has been a Sector outperform and the price target has been revised to $27. This represents a 10.22% premium over Wednesday’s closing price. Analysts at DA Davidson upgraded the stock from ‘”a Neutral”‘ to ‘”a Buy”‘ outlook in a report released in late January. Earlier on November 18, 2021, William Blair initiated its rating. Their recommendation was “an Outperform” for CFLT stock.

Analyzing CFLT’s Price Performance

On Wednesday, Confluent Inc. [NASDAQ: CFLT] rose 2.06% to $24.24. The stock’s lowest price that day was $23.57, but it reached a high of $25.40 in the same session. During the last five days, there has been a drop of approximately -11.63%. Over the course of the year, Confluent Inc. shares have dropped approximately -68.21%. Shares of the company reached a 52-week high of $81.11 on 02/10/22 and a 52-week low of $16.48 on 05/24/22. A 50-day SMA is recorded $27.51, while a 200-day SMA reached $38.88. Nevertheless, trading volume fell to 1.77 million shares from 2.14 million shares the previous day.

Support And Resistance Levels for Confluent Inc. (CFLT)

According to the 24-hour chart, there is a support level at 23.41, which, if violated, would cause prices to drop to 22.57. In the upper region, resistance lies at 25.24. The next price resistance is at 26.23. RSI (Relative Strength Index) is 40.71 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.57, which suggests the price will decrease in the coming days. Percent R is at 88.11%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is Confluent Inc. subject to short interest?

Stocks of Confluent Inc. saw a sharp rise in short interest on Jul 14, 2022 jumping by 6.52 million shares to 16.1 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 9.58 million shares. A jump of 40.5% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 4.69 of the overall float, the days-to-cover ratio (short ratio) jumped to 4.69.

Which companies own the most shares of Confluent Inc. (CFLT)?

According to Altimeter Capital Management LP filings, the company currently owns 14,456,310 shares, which is about 10.24% of the total CFLT shares outstanding. With the completion of the sale transaction, T. Rowe Price Associates, Inc.’s stake is now worth $271,512,651. JPMorgan Investment Management, I acquire a 108.95% interest valued at $257.01 million while The Vanguard Group, Inc. purchased a 4,290,189 stake. A total of 6,256,824 shares of Confluent Inc. were bought by Capital Research & Management Co during the quarter, and -66,714 were sold by Durable Capital Partners LP. In its current portfolio, BlackRock Fund Advisors holds 4,590,226 shares valued at $125.59 million.

In terms of Confluent Inc. share price expectations, FactSet research, analysts set an average price target of $37.75 in the next 12 months, up nearly 51.58% from the previous closing price of $23.75. Analysts anticipate Confluent Inc. stock to reach $65.00 by 2022, with the lowest price target being $28.00. In spite of this, 18 analysts ranked Confluent Inc. stock as an Overweight at the end of 2022. On November 16, 2021, Credit Suisse assigned a price target of “an Outperform” to the stock and initiated coverage with a $115.

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