Confluent (NASDAQ:CFLT) Coverage Initiated at Raymond James

Stock analysts at Raymond James began coverage on shares of Confluent (NASDAQ:CFLT) in a research report issued to clients and investors on Friday,Benzinga reports. The firm set an “outperform” rating and a $30.00 price target on the stock. Raymond James’ price target points to a potential upside of 41.38% from the company’s previous close.

CFLT has been the topic of a number of other research reports. Royal Bank of Canada boosted their price objective on Confluent from $36.00 to $41.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. Barclays boosted their price target on shares of Confluent from $35.00 to $37.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Truist Financial cut their price objective on shares of Confluent from $40.00 to $35.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Morgan Stanley lifted their target price on shares of Confluent from $30.00 to $32.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 12th. Finally, Piper Sandler increased their price target on shares of Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $34.96.

Confluent Price Performance

Shares of NASDAQ CFLT opened at $21.22 on Friday. The stock has a market capitalization of $7.09 billion, a price-to-earnings ratio of -19.65 and a beta of 1.03. Confluent has a 52 week low of $17.79 and a 52 week high of $37.90. The firm has a 50-day simple moving average of $27.79 and a 200-day simple moving average of $27.27. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14.

Confluent (NASDAQ:CFLT) last released its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. On average, equities analysts predict that Confluent will post -0.83 earnings per share for the current fiscal year.

Insider Activity at Confluent

In other news, CFO Rohan Sivaram sold 68,350 shares of the company’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $36.23, for a total transaction of $2,476,320.50. Following the completion of the transaction, the chief financial officer now directly owns 520,273 shares of the company’s stock, valued at approximately $18,849,490.79. This represents a 11.61 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Kong Phan sold 3,175 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $26.86, for a total value of $85,280.50. Following the sale, the chief accounting officer now directly owns 246,516 shares in the company, valued at $6,621,419.76. This trade represents a 1.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,200,746 shares of company stock valued at $38,505,150 over the last quarter. 13.82% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. MRA Advisory Group acquired a new stake in shares of Confluent in the 1st quarter valued at about $350,000. Rhumbline Advisers raised its position in Confluent by 2.3% in the 1st quarter. Rhumbline Advisers now owns 295,282 shares of the company’s stock valued at $6,921,000 after purchasing an additional 6,508 shares during the last quarter. GAMMA Investing LLC boosted its stake in Confluent by 2,872.0% during the 1st quarter. GAMMA Investing LLC now owns 73,320 shares of the company’s stock worth $1,719,000 after purchasing an additional 70,853 shares during the period. Versant Capital Management Inc grew its position in Confluent by 2,458.2% during the 1st quarter. Versant Capital Management Inc now owns 1,714 shares of the company’s stock worth $40,000 after purchasing an additional 1,647 shares during the last quarter. Finally, California State Teachers Retirement System increased its stake in Confluent by 0.6% in the fourth quarter. California State Teachers Retirement System now owns 223,043 shares of the company’s stock valued at $6,236,000 after purchasing an additional 1,334 shares during the period. 78.09% of the stock is owned by hedge funds and other institutional investors.

About Confluent

Confluent, Inc operates a data streaming platform in the United States and internationally. The company provides platforms that allow customers to connect their applications, systems, and data layers, such as Confluent Cloud, a managed cloud-native software-as-a-service; and Confluent Platform, an enterprise-grade self-managed software.