Confluent, Inc. (NASDAQ:CFLT) Receives $32.93 Average PT from Analysts

Shares of Confluent, Inc. (NASDAQ:CFLT) have earned an average recommendation of “Moderate Buy” from the twenty-nine research firms that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-two have issued a buy rating on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $31.04.

Several analysts have commented on CFLT shares. Royal Bank of Canada decreased their price target on shares of Confluent from $35.00 to $30.00 and set an “outperform” rating on the stock in a research note on Thursday. The Goldman Sachs Group upped their target price on shares of Confluent from $27.00 to $30.00 and gave the company a “neutral” rating in a research report on Thursday, May 9th. Loop Capital decreased their target price on shares of Confluent from $30.00 to $25.00 and set a “hold” rating on the stock in a research report on Friday, July 19th. Barclays upped their target price on shares of Confluent from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. Finally, Canaccord Genuity Group decreased their target price on shares of Confluent from $35.00 to $34.00 and set a “buy” rating on the stock in a research report on Thursday.

Confluent Stock Down 6.5 %

Shares of CFLT stock opened at $19.29 on Tuesday. The stock has a market cap of $6.13 billion, a P/E ratio of -15.43 and a beta of 0.91. Confluent has a 52 week low of $14.69 and a 52 week high of $38.19. The company has a quick ratio of 5.07, a current ratio of 5.07 and a debt-to-equity ratio of 1.29. The company’s fifty day simple moving average is $26.64 and its two-hundred day simple moving average is $28.50.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.04). The company had revenue of $217.24 million during the quarter, compared to analysts’ expectations of $211.57 million. Confluent had a negative return on equity of 38.46% and a negative net margin of 42.70%. Analysts predict that Confluent will post -0.94 EPS for the current fiscal year.

Insider Buying and Selling at Confluent

In other Confluent news, Director Lara Caimi sold 9,375 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $31.00, for a total value of $290,625.00. Following the completion of the sale, the director now directly owns 5,399 shares in the company, valued at $167,369. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Lara Caimi sold 9,375 shares of Confluent stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $31.00, for a total transaction of $290,625.00. Following the completion of the sale, the director now directly owns 5,399 shares in the company, valued at $167,369. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Ying Christina Liu sold 68,000 shares of Confluent stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $31.06, for a total transaction of $2,112,080.00. Following the sale, the chief accounting officer now owns 168,338 shares of the company’s stock, valued at $5,228,578.28. The disclosure for this sale can be found here. Insiders sold a total of 632,725 shares of company stock worth $18,138,428 over the last three months. Corporate insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CFLT. Hollencrest Capital Management acquired a new position in Confluent during the first quarter valued at $26,000. Rakuten Securities Inc. acquired a new position in shares of Confluent in the fourth quarter worth about $31,000. Quest Partners LLC acquired a new position in shares of Confluent in the fourth quarter worth about $31,000. GAMMA Investing LLC acquired a new position in shares of Confluent in the fourth quarter worth about $35,000. Finally, V Square Quantitative Management LLC acquired a new position in shares of Confluent in the second quarter worth about $68,000. 78.09% of the stock is currently owned by institutional investors and hedge funds.

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.