Erica Schultz, President of Field Operations at Confluent , Inc. (NASDAQ:CFLT), recently sold a substantial amount of the company's Class A Common Stock. According to a recent filing, Schultz sold a total of 63,729 shares on December 3, 2024, with prices ranging from $31.21 to $31.56 per share. This transaction amounted to approximately $1.99 million. The sale comes as Confluent's stock trades near its 52-week high of $35.07, having delivered an impressive 43% return over the past year. According to InvestingPro analysis, the stock's technical indicators suggest it may be in overbought territory.
Following the sale, Schultz retains direct ownership of 678,016 shares. The sales were conducted under a pre-established 10b5-1 trading plan, which allows insiders to set up a predetermined schedule for selling company stock. Additionally, Schultz holds shares indirectly through various family trusts. While the company currently trades at a premium valuation multiple, InvestingPro subscribers can access 12 additional key insights about Confluent's financial health and market position through the comprehensive Pro Research Report.
In other recent news, Confluent Inc (NASDAQ:CFLT). experienced substantial growth in its third-quarter earnings for 2024, with a 27% increase in subscription revenue to $240 million and a 25% rise in total revenue to $250 million. The company's cloud revenue notably surged by 42% to $130 million, now accounting for over half of the total revenue. In addition, Confluent now serves all top 10 U.S. banks, with its average annual recurring revenue exceeding $5 million. Record gross margins were also reported, with subscription gross margin at 82.2% and free cash flow margin at 3.7%.
Confluent's Chief Technology Officer, Chad Verbowski, has announced his retirement, effective November 26, 2024, but will continue to serve as an advisor to the company until February 21, 2025. This leadership change comes as Confluent actively seeks a replacement for the CTO position, with no successor announced yet or a timeline provided for the appointment of a new CTO.
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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