Confluent director Neha Narkhede sells $1.23m in stock

Neha Narkhede, a director at Confluent , Inc. (NASDAQ:CFLT), recently sold shares totaling approximately $1.23 million, according to a recent SEC filing. On March 3, Narkhede sold 40,000 shares of Class A Common Stock at prices ranging from $29.75 to $31.73 per share. The sale comes amid Confluent’s strong market performance, with the stock surging over 64% in the past six months, pushing the company’s market capitalization to $10.76 billion.

The transactions were part of a 10b5-1 plan, which allows insiders to set up a predetermined plan to sell stocks. Following these sales, Narkhede holds 20,247 shares directly and an additional 1,787 shares indirectly through a trust.

Additionally, Narkhede exercised stock options for 40,000 shares of Class B Common Stock, which were converted to Class A Common Stock. These conversions were executed at a price of $2.24 per share, although the exercise itself was reported at no cost for the conversion.

Confluent is a leading provider of prepackaged software services, headquartered in Mountain View, California.

In other recent news, Confluent Inc has seen a series of positive developments, particularly in its financial performance and analyst assessments. The company reported robust fourth-quarter results, with significant growth in Cloud Revenue, reaching $137.9 million, which represents a 38% year-over-year increase. This strong performance has led multiple analysts to raise their price targets for Confluent. UBS upgraded the stock rating to Buy and increased the price target to $38, citing optimistic projections for subscription revenue growth in the coming years.

Similarly, TD Cowen raised its price target to $41, maintaining a Buy rating, and highlighted successful cross-selling efforts and strategic partnerships as key growth drivers. RBC Capital also lifted its target to $41, emphasizing Confluent’s impressive financial results and strategic expansion in high-growth areas like Cloud and Data Stream Processing. Additionally, DA Davidson increased its price target to $42, noting the company’s strong market opportunities and competitive position.

Citi adjusted its price target to $37, reflecting a solid performance in cloud revenue and improved profitability, though it maintained a Neutral rating due to potential risks from recent executive changes. The company’s strategic initiatives, including partnerships with Databricks, have been noted as significant contributors to its market positioning and future growth prospects. These developments underscore a positive outlook from analysts, who remain optimistic about Confluent’s potential for sustained growth.

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