Confluent (NASDAQ:CFLT) Issues Quarterly Earnings Results

Confluent (NASDAQ:CFLT) posted its quarterly earnings data on Wednesday. The company reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.03, reports. The firm had revenue of $250.20 million during the quarter, compared to analyst estimates of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.97%.

Confluent Stock Performance

NASDAQ CFLT opened at $26.22 on Friday. Confluent has a 52-week low of $14.69 and a 52-week high of $35.07. The company has a debt-to-equity ratio of 1.25, a quick ratio of 4.44 and a current ratio of 4.44. The company has a market capitalization of $8.46 billion, a P/E ratio of -23.62 and a beta of 0.88. The company has a fifty day moving average of $21.04 and a 200-day moving average of $24.67.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CFLT shares. Canaccord Genuity Group decreased their price target on shares of Confluent from $35.00 to $34.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. Mizuho raised their price target on shares of Confluent from $29.00 to $31.00 and gave the stock an “outperform” rating in a research note on Thursday. Piper Sandler decreased their price target on shares of Confluent from $37.00 to $32.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Wells Fargo & Company decreased their price target on shares of Confluent from $38.00 to $34.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Finally, Evercore ISI decreased their price target on shares of Confluent from $33.00 to $28.00 and set an “outperform” rating for the company in a research note on Friday, September 20th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $30.28.

Insider Transactions at Confluent

In other news, CEO Edward Jay Kreps sold 232,500 shares of Confluent 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 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 trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CMO Stephanie Buscemi sold 3,866 shares of Confluent stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $83,814.88. Following the transaction, the chief marketing officer now owns 161,673 shares in the company, valued at $3,505,070.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $21.13, for a total transaction of $4,912,725.00. Following the completion of the transaction, the chief executive officer now owns 452,488 shares in the company, valued at approximately $9,561,071.44. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 524,453 shares of company stock valued at $10,833,388. Insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

A number of large investors have recently added to or reduced their stakes in the business. Assetmark Inc. increased its position in shares of Confluent by 75,257.1% in the third quarter. Assetmark Inc. now owns 36,925 shares of the company’s stock valued at $753,000 after acquiring an additional 36,876 shares during the period. SpiderRock Advisors LLC increased its position in shares of Confluent by 323.7% during the third quarter. SpiderRock Advisors LLC now owns 264,038 shares of the company’s stock valued at $5,381,000 after buying an additional 201,721 shares during the period. Fiera Capital Corp purchased a new position in shares of Confluent during the third quarter valued at about $21,127,000. Janney Capital Management LLC boosted its stake in Confluent by 52.2% during the third quarter. Janney Capital Management LLC now owns 19,946 shares of the company’s stock worth $406,000 after acquiring an additional 6,842 shares in the last quarter. Finally, US Bancorp DE boosted its stake in Confluent by 307.7% during the third quarter. US Bancorp DE now owns 16,702 shares of the company’s stock worth $340,000 after acquiring an additional 12,605 shares in the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

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.