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

Confluent, Inc. (NASDAQ:CFLT) has earned an average rating of “Moderate Buy” from the thirty ratings firms that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation, twenty-one have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $29.79.

CFLT has been the topic of a number of recent analyst reports. Wolfe Research raised shares of Confluent to a “strong-buy” rating in a research report on Wednesday, September 18th. Scotiabank decreased their price target on Confluent from $28.00 to $25.00 and set a “sector perform” rating for the company in a research note on Thursday, August 1st. JMP Securities reaffirmed a “market outperform” rating and issued a $40.00 price objective on shares of Confluent in a research report on Tuesday, September 24th. Canaccord Genuity Group reduced their target price on Confluent from $35.00 to $34.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. Finally, Loop Capital lowered their target price on shares of Confluent from $30.00 to $25.00 and set a “hold” rating for the company in a research note on Friday, July 19th.

Confluent Stock Performance

NASDAQ CFLT opened at $22.32 on Friday. The business’s 50 day moving average price is $20.68 and its 200-day moving average price is $25.16. Confluent has a fifty-two week low of $14.69 and a fifty-two week high of $35.07. The company has a market cap of $7.09 billion, a P/E ratio of -17.86 and a beta of 0.88. 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 (NASDAQ:CFLT) last posted its quarterly earnings data 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 net margin of 42.70% and a negative return on equity of 37.78%. The firm had revenue of $234.99 million for the quarter, compared to the consensus estimate of $229.49 million. Sell-side analysts predict that Confluent will post -0.95 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares in the company, valued at approximately $9,045,235.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Lara Caimi sold 9,375 shares of Confluent stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $20.01, for a total value of $187,593.75. Following the completion of the sale, the director now directly owns 7,160 shares in the company, valued at $143,271.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the transaction, the chief executive officer now owns 452,488 shares in the company, valued at $9,045,235.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 524,453 shares of company stock valued at $10,833,388. 13.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Confluent

Several institutional investors and hedge funds have recently made changes to their positions in the stock. SWS Partners purchased a new position in Confluent in the 3rd quarter worth $802,000. Creative Planning increased its holdings in shares of Confluent by 109.9% in the third quarter. Creative Planning now owns 94,939 shares of the company’s stock valued at $1,935,000 after purchasing an additional 49,699 shares during the period. Diversified Trust Co raised its stake in shares of Confluent by 110.3% in the third quarter. Diversified Trust Co now owns 60,503 shares of the company’s stock worth $1,233,000 after purchasing an additional 31,729 shares during the last quarter. Handelsbanken Fonder AB lifted its holdings in shares of Confluent by 48.1% during the third quarter. Handelsbanken Fonder AB now owns 67,692 shares of the company’s stock worth $1,380,000 after purchasing an additional 22,000 shares during the period. Finally, SG Americas Securities LLC lifted its holdings in shares of Confluent by 85.0% during the third quarter. SG Americas Securities LLC now owns 85,799 shares of the company’s stock worth $1,749,000 after purchasing an additional 39,427 shares during the period. 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.