Confluent (NASDAQ:CFLT) Receives New Coverage from Analysts at Robert W. Baird

Robert W. Baird initiated coverage on shares of Confluent (NASDAQ:CFLT) in a report published on Wednesday morning, Marketbeat reports. The brokerage issued a neutral rating and a $23.00 target price on the stock.

CFLT has been the topic of a number of other reports. Scotiabank lowered their target price on shares of Confluent from $28.00 to $25.00 and set a sector perform rating on the stock in a research note on Thursday, August 1st. Citigroup lowered their price objective on shares of Confluent from $32.00 to $28.00 and set a neutral rating on the stock in a research report on Tuesday, July 30th. Stifel Nicolaus cut their target price on shares of Confluent from $40.00 to $32.00 and set a buy rating for the company in a research report on Thursday, August 1st. Barclays increased their target price on Confluent from $33.00 to $34.00 and gave the company an overweight rating in a research note on Wednesday, May 8th. Finally, DA Davidson dropped their target price on Confluent from $37.00 to $30.00 and set a buy rating for the company in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $30.69.

Confluent Trading Down 3.3 %

Confluent stock opened at $19.60 on Wednesday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 4.44 and a current ratio of 4.44. Confluent has a fifty-two week low of $14.69 and a fifty-two week high of $35.07. The stock has a market cap of $6.23 billion, a P/E ratio of -15.68 and a beta of 0.88. The firm’s fifty day moving average price is $23.25 and its 200-day moving average price is $27.50.

Confluent (NASDAQ:CFLT) last announced its earnings results on Wednesday, July 31st. The company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. The business had revenue of $234.99 million during the quarter, compared to the consensus estimate of $229.49 million. Equities research analysts forecast that Confluent will post -0.95 earnings per share for the current fiscal year.

Insider Buying and Selling at Confluent

In other news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $21.13, for a total value of $4,912,725.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at approximately $9,561,071.44. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Confluent news, CMO Stephanie Buscemi sold 3,866 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $83,814.88. Following the completion of the transaction, the chief marketing officer now owns 161,673 shares in the company, valued at $3,505,070.64. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $21.13, for a total transaction of $4,912,725.00. Following the sale, the chief executive officer now owns 452,488 shares in the company, valued at approximately $9,561,071.44. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 533,433 shares of company stock valued at $11,074,955. 13.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CFLT. Hollencrest Capital Management purchased a new stake in Confluent in the first quarter worth about $26,000. Quest Partners LLC bought a new stake in shares of Confluent in the 4th quarter worth approximately $31,000. V Square Quantitative Management LLC purchased a new position in shares of Confluent in the 2nd quarter worth about $68,000. UniSuper Management Pty Ltd grew its holdings 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 valued at $82,000 after buying an additional 1,500 shares during the last quarter. Finally, Advisors Asset Management Inc. lifted its position in Confluent by 40.3% in the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock valued at $91,000 after acquiring an additional 859 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors.

Confluent Company Profile

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.