Matthew Craig Miller, a director at Confluent , Inc. (NASDAQ:CFLT), recently sold shares in the company, according to a Form 4 filing with the Securities and Exchange Commission. The $10.35 billion market cap company has shown strong momentum, with the stock trading near $31.47, significantly above its 52-week low of $17.79. On December 12, 2024, Miller sold a total of 1,200 shares of Confluent's Class A Common Stock. The shares were sold at an average price of $32.0228 per share, generating a total of $38,427 from the transactions. According to InvestingPro, analysts maintain a bullish outlook with a consensus target suggesting further upside potential.
The shares were sold in two separate transactions. The first transaction involved the sale of 162 shares, while the second involved 1,038 shares. Both transactions were executed at the same weighted average price, ranging from $32.000 to $32.045 per share.
Following these sales, Miller no longer holds these shares directly in the involved accounts, which are associated with Sequoia Capital Fund Parallel, LLC and Sequoia Capital Fund, LP. However, Miller retains indirect ownership of 9,830 shares in an estate planning vehicle.
In other recent news, Confluent Inc (NASDAQ:CFLT). reported a strong third quarter in 2024 with significant growth in subscription and cloud revenues. The company's subscription revenue rose by 27% to $240 million, while total revenue saw a 25% increase to $250 million. Confluent Cloud revenue surged by 42% to $130 million, accounting for over half of the total revenue. Furthermore, the company now serves all top 10 U.S. banks, with average annual recurring revenue exceeding $5 million.
Financial services company Baird has updated its analysis of Confluent Inc, raising the price target from $28.00 to $32.00, maintaining a neutral rating. This adjustment reflects Baird's valuation of Confluent based on projected revenues and strong growth prospects for the company.
In addition to financial growth, Confluent announced the retirement of its Chief Technology Officer, Chad Verbowski, who will continue to serve as an advisor until February 2025. The company is currently seeking a replacement for the CTO position. Looking ahead, Confluent projects Q4 2024 subscription revenue to be between $245 million and $246 million, and full-year subscription revenue to range from $916.5 million to $917.5 million, reflecting a 26% growth. These recent developments underscore Confluent's strong position in the data streaming market and its continued focus on efficient growth and profitability.
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