Brokerages Set Confluent, Inc. (NASDAQ:CFLT) PT at $32.93

Confluent, Inc. (NASDAQ:CFLT) has been given an average rating of “Moderate Buy” by the twenty-eight analysts that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have assigned a buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $32.93.

CFLT has been the topic of a number of research reports. Royal Bank of Canada reissued an “outperform” rating and issued a $40.00 price objective on shares of Confluent in a research note on Tuesday, June 4th. Oppenheimer initiated coverage on shares of Confluent in a research note on Friday, May 17th. They issued an “outperform” rating and a $37.00 price objective on the stock. Needham & Company LLC reissued a “buy” rating and issued a $38.00 price objective on shares of Confluent in a research note on Tuesday, June 11th. Mizuho reduced their target price on shares of Confluent from $38.00 to $36.00 and set a “buy” rating on the stock in a report on Monday, April 15th. Finally, Wells Fargo & Company upped their target price on shares of Confluent from $36.00 to $38.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th.

Insider Activity at Confluent

In related news, CTO Chad Verbowski sold 8,312 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $26.76, for a total value of $222,429.12. Following the transaction, the chief technology officer now owns 510,347 shares in the company, valued at $13,656,885.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Confluent news, Director Lara Caimi sold 5,399 shares of the stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $25.88, for a total value of $139,726.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chad Verbowski sold 8,312 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $26.76, for a total transaction of $222,429.12. Following the completion of the sale, the chief technology officer now directly owns 510,347 shares of the company’s stock, valued at approximately $13,656,885.72. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 632,725 shares of company stock worth $18,138,428. Company insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

Several large investors have recently bought and sold shares of CFLT. Hollencrest Capital Management acquired a new stake in Confluent in the first quarter valued at approximately $26,000. Rakuten Securities Inc. acquired a new stake in shares of Confluent during the fourth quarter worth approximately $31,000. Quest Partners LLC acquired a new stake in shares of Confluent during the fourth quarter worth approximately $31,000. GAMMA Investing LLC acquired a new stake in shares of Confluent during the fourth quarter worth approximately $35,000. Finally, UniSuper Management Pty Ltd grew its position in shares of Confluent by 125.0% during the first quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock worth $82,000 after buying an additional 1,500 shares in the last quarter. Institutional investors and hedge funds own 78.09% of the company’s stock.

Confluent Stock Performance

NASDAQ:CFLT opened at $27.87 on Friday. The stock has a market cap of $8.86 billion, a PE ratio of -22.30 and a beta of 0.91. Confluent has a fifty-two week low of $14.69 and a fifty-two week high of $41.22. The firm’s fifty day simple moving average is $28.70 and its 200-day simple moving average is $28.32. The company has a quick ratio of 5.07, a current ratio of 5.07 and a debt-to-equity ratio of 1.29.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). The business had revenue of $217.24 million during the quarter, compared to analyst estimates of $211.57 million. Confluent had a negative net margin of 46.73% and a negative return on equity of 40.55%. Analysts expect that Confluent will post -0.94 earnings per share for the current fiscal year.

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.