Confluent, Inc. (NASDAQ:CFLT) Given Consensus Rating of “Moderate Buy” by Brokerages

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

CFLT has been the subject of a number of research analyst reports. Royal Bank of Canada reiterated an “outperform” rating and set a $40.00 price objective on shares of Confluent in a report on Tuesday, June 4th. Oppenheimer initiated coverage on shares of Confluent in a report on Friday, May 17th. They set an “outperform” rating and a $37.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and set a $38.00 price objective on shares of Confluent in a report on Tuesday, June 11th. Canaccord Genuity Group upgraded shares of Confluent from a “hold” rating to a “buy” rating and lifted their price objective for the company from $28.00 to $35.00 in a report on Wednesday, May 8th. Finally, Canaccord Genuity Group upgraded shares of Confluent from a “hold” rating to a “buy” rating and set a $35.00 price objective for the company in a report on Wednesday, May 8th.

Confluent Stock Performance

Shares of NASDAQ:CFLT opened at $28.58 on Friday. Confluent has a 52 week low of $14.69 and a 52 week high of $41.22. The stock has a market capitalization of $9.08 billion, a P/E ratio of -22.86 and a beta of 0.91. The firm has a fifty day simple moving average of $28.70 and a two-hundred day simple moving average of $28.17. 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 released its quarterly earnings results on Tuesday, May 7th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). Confluent had a negative return on equity of 40.55% and a negative net margin of 46.73%. The firm had revenue of $217.24 million for the quarter, compared to analysts’ expectations of $211.57 million. On average, analysts expect that Confluent will post -0.94 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Confluent news, CTO Chad Verbowski sold 8,312 shares of the business’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 transaction of $222,429.12. Following the sale, the chief technology officer now owns 510,347 shares of the company’s stock, valued at approximately $13,656,885.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CAO Ying Christina Liu sold 68,000 shares of the company’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $31.06, for a total value of $2,112,080.00. Following the sale, the chief accounting officer now directly owns 168,338 shares of the company’s stock, valued at approximately $5,228,578.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Chad Verbowski sold 8,312 shares of the business’s stock in a transaction 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 transaction, the chief technology officer now owns 510,347 shares of the company’s stock, valued at $13,656,885.72. The disclosure for this sale can be found here. In the last quarter, insiders have sold 632,725 shares of company stock valued at $18,138,428. Insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Large investors have recently made changes to their positions in the company. Hollencrest Capital Management acquired a new position in shares of Confluent in the 1st quarter valued at $26,000. Rakuten Securities Inc. acquired a new position in Confluent during the fourth quarter worth $31,000. Quest Partners LLC acquired a new position in Confluent during the fourth quarter worth $31,000. GAMMA Investing LLC acquired a new position in Confluent during the fourth quarter worth $35,000. Finally, UniSuper Management Pty Ltd raised its position in 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 acquiring an additional 1,500 shares during the period. 78.09% of the stock is currently owned by institutional investors and hedge funds.

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.