Confluent, Inc. (NASDAQ:CFLT) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Confluent, Inc. (NASDAQ:CFLT) have earned an average rating of “Moderate Buy” from the thirty-one research firms that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $30.28.

A number of research analysts have recently weighed in on CFLT shares. Bank of America raised their price target on Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a research report on Wednesday, February 12th. Loop Capital cut their target price on shares of Confluent from $30.00 to $22.00 and set a “hold” rating for the company in a research report on Wednesday, April 23rd. Oppenheimer reduced their price target on shares of Confluent from $35.00 to $32.00 and set an “outperform” rating on the stock in a report on Thursday, May 1st. Barclays cut their price objective on Confluent from $29.00 to $27.00 and set an “overweight” rating for the company in a research report on Thursday, May 1st. Finally, Raymond James assumed coverage on Confluent in a research report on Friday, April 11th. They set an “outperform” rating and a $30.00 price target for the company.

Confluent Stock Performance

NASDAQ:CFLT opened at $19.75 on Thursday. The firm’s fifty day simple moving average is $24.23 and its 200-day simple moving average is $27.43. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. The stock has a market cap of $6.60 billion, a PE ratio of -18.29 and a beta of 1.02. Confluent has a fifty-two week low of $17.79 and a fifty-two week high of $37.90.

Confluent (NASDAQ:CFLT) last issued its earnings results on Wednesday, April 30th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. The company had revenue of $271.12 million during the quarter, compared to analysts’ expectations of $264.45 million. Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. The firm’s quarterly revenue was up 24.8% compared to the same quarter last year. During the same period last year, the company posted $0.05 earnings per share. Analysts expect that Confluent will post -0.83 earnings per share for the current fiscal year.

Insider Activity

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $29.36, for a total value of $6,826,200.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $13,285,047.68. This trade represents a 33.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Kong Phan sold 3,175 shares of the business’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $26.86, for a total transaction of $85,280.50. Following the transaction, the chief accounting officer now directly owns 246,516 shares in the company, valued at approximately $6,621,419.76. The trade was a 1.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,200,746 shares of company stock valued at $38,505,150. Company insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cloud Capital Management LLC purchased a new stake in shares of Confluent during the first quarter worth about $26,000. Credit Industriel ET Commercial purchased a new position in shares of Confluent during the 4th quarter valued at approximately $28,000. Versant Capital Management Inc grew its position in shares of Confluent by 2,458.2% during the first quarter. Versant Capital Management Inc now owns 1,714 shares of the company’s stock worth $40,000 after buying an additional 1,647 shares in the last quarter. Blue Trust Inc. increased its stake in shares of Confluent by 354.0% in the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after buying an additional 1,607 shares during the last quarter. Finally, SBI Securities Co. Ltd. bought a new stake in shares of Confluent in the fourth quarter worth $59,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

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.