In a recent filing with the Securities and Exchange Commission, Confluent , Inc. (NASDAQ:CFLT), a $10.35 billion market cap company trading near its 52-week high with a strong 73% gross profit margin, disclosed that its Chief Accounting Officer, Phan Kong, executed a series of stock transactions on December 12, 2024. According to InvestingPro analysis, the company maintains a FAIR financial health score. The transactions involved both acquisitions and sales of the company's Class A common stock.
Phan Kong acquired a total of 5,666 shares through stock options, with acquisition prices ranging from $0.92 to $4.71 per share, amounting to a total value of $19,106. Following these acquisitions, Kong proceeded to sell a total of 12,460 shares. The sales were conducted at prices ranging from $31.19 to $31.98 per share, resulting in a total sale value of $389,950.
These transactions were carried out under a prearranged 10b5-1 trading plan, allowing executives to sell a predetermined number of shares at specified times. Following these transactions, Kong holds a total of 183,886 shares directly. Want deeper insights into insider trading patterns and comprehensive financial analysis? InvestingPro offers exclusive access to detailed insider trading analytics and a full research report on Confluent, along with 1,400+ other top stocks.
In other recent news, Confluent Inc (NASDAQ:CFLT). reported robust growth in its third quarter of 2024, with a 25% increase in total revenue to $250 million and a 27% rise in subscription revenue to $240 million. The company's Confluent Cloud revenue saw a significant surge of 42%, reaching $130 million and accounting for more than half of the total revenue. The financial services company Baird adjusted its price target for Confluent shares to $32.00, up from the previous $28.00, reflecting the company's strong growth prospects. This new target price aligns with Baird's 2025 revenue forecast for Confluent, based on the company's robust gross profit margin of 73.16% and revenue growth of 25.01%.
In other developments, 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 actively seeking a replacement for the CTO position. Confluent's future expectations include 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 highlight Confluent's strong position in the data streaming market and its continued focus on efficient growth and profitability.
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