Matthew Craig Miller, a director at Confluent , Inc. (NASDAQ:CFLT), recently executed a series of stock transactions resulting in the sale of company shares valued at approximately $17 million. The transactions occurred over several days in December 2024. According to InvestingPro data, the stock has shown strong momentum with a 38% return over the past year, trading near its 52-week high of $35.07.
On December 6, Miller sold 46,288 shares at a weighted average price of $33.6401, and 7,224 shares at the same price. The following trading day, December 9, saw further sales, including 23,608 shares at a weighted average price of $32.5431, 7,402 shares at $33.4571, and 15,923 shares at $32.5493.
The final set of transactions took place on December 10, when Miller sold 16,477 shares at a weighted average price of $32.1631 and 105,572 shares at the same price.
These sales were conducted indirectly through Sequoia Capital Fund, LP and Sequoia Capital Fund Parallel, LLC, entities associated with Miller. The transactions did not involve any direct purchases of shares, and the stock sales represented a significant liquidation of Miller's holdings in Confluent.
In other recent news, Confluent Inc (NASDAQ:CFLT). announced a strong third quarter in 2024, marked by substantial growth in subscription and cloud revenues. The company's subscription revenue increased by 27% to $240 million, while total revenue rose by 25% to $250 million. Confluent Cloud revenue surged by 42% to $130 million, accounting for over half of the total revenue. The company now serves all top 10 U.S. banks, with average annual recurring revenue exceeding $5 million.
In other recent developments, Confluent's Chief Technology Officer, Chad Verbowski, is set to retire but will remain as an advisor until February 2025 to assist with transition duties. Meanwhile, the company is actively 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 developments underscore Confluent's strong position in the data streaming market and its continued focus on efficient growth and profitability.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.