Confluent (NASDAQ:CFLT) Stock Rating Upgraded by Baird R W

Confluent (NASDAQ:CFLT) was upgraded by stock analysts at Baird R W to a “hold” rating in a note issued to investors on Wednesday, Zacks.com reports.

Other analysts also recently issued reports about the company. Barclays increased their price target on Confluent from $33.00 to $34.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th. Wells Fargo & Company dropped their target price on Confluent from $38.00 to $34.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Piper Sandler reduced their price target on Confluent from $37.00 to $32.00 and set an “overweight” rating on the stock in a research report on Thursday, August 1st. Guggenheim reaffirmed a “buy” rating and issued a $37.00 price objective on shares of Confluent in a research report on Tuesday, June 25th. Finally, Stifel Nicolaus reduced their target price on shares of Confluent from $40.00 to $32.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $30.69.

Confluent Stock Performance

Confluent stock opened at $20.27 on Wednesday. The company has a market cap of $6.44 billion, a price-to-earnings ratio of -16.22 and a beta of 0.91. Confluent has a 12 month low of $14.69 and a 12 month high of $35.22. The company has a debt-to-equity ratio of 1.25, a current ratio of 4.44 and a quick ratio of 4.44. The stock’s 50-day moving average is $23.45 and its 200-day moving average is $27.64.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.27) EPS for the quarter, missing the consensus estimate 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 business had revenue of $234.99 million during the quarter, compared to analysts’ expectations of $229.49 million. Equities analysts anticipate that Confluent will post -0.95 earnings per share for the current year.

Insider Transactions at Confluent

In related news, CTO Chad Verbowski sold 8,312 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was 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 directly owns 510,347 shares in the company, valued at approximately $13,656,885.72. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Confluent news, CTO Chad Verbowski sold 8,312 shares of the business’s stock in a transaction dated 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 directly owns 510,347 shares of the company’s stock, valued at approximately $13,656,885.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction that occurred 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 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 300,933 shares of company stock worth $6,427,280. 13.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Sanctuary Advisors LLC bought a new stake in shares of Confluent during the second quarter valued at about $462,000. Sycomore Asset Management raised its position in shares of Confluent by 308.3% during the 2nd quarter. Sycomore Asset Management now owns 333,083 shares of the company’s stock worth $9,176,000 after buying an additional 251,507 shares in the last quarter. Truist Financial Corp lifted its stake in shares of Confluent by 5.3% in the 2nd quarter. Truist Financial Corp now owns 24,420 shares of the company’s stock worth $721,000 after acquiring an additional 1,238 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Confluent by 4.9% in the second quarter. The Manufacturers Life Insurance Company now owns 121,364 shares of the company’s stock valued at $3,584,000 after acquiring an additional 5,631 shares in the last quarter. Finally, MBB Public Markets I LLC acquired a new position in shares of Confluent during the second quarter valued at approximately $493,000. Institutional investors own 78.09% of the company’s stock.

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.