Confluent’s (CFLT) “Buy” Rating Reiterated at DA Davidson

Confluent (NASDAQ:CFLT)‘s stock had its “buy” rating reiterated by equities researchers at DA Davidson in a report released on Wednesday, Benzinga reports. They currently have a $30.00 price objective on the stock. DA Davidson’s price target points to a potential upside of 45.28% from the stock’s previous close.

A number of other research firms also recently commented on CFLT. TD Cowen dropped their price objective on shares of Confluent from $34.00 to $31.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. Citigroup dropped their price objective on shares of Confluent from $32.00 to $28.00 and set a “neutral” rating for the company in a research note on Tuesday, July 30th. Truist Financial reaffirmed a “buy” rating and set a $30.00 price objective (down previously from $36.00) on shares of Confluent in a research note on Thursday, August 1st. Bank of America decreased their target price on Confluent from $32.00 to $26.00 and set an “underperform” rating for the company in a report on Thursday, August 1st. Finally, Royal Bank of Canada decreased their target price on Confluent from $35.00 to $30.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $30.69.

Confluent Price Performance

CFLT stock traded down $0.15 during trading on Wednesday, hitting $20.65. The stock had a trading volume of 1,944,502 shares, compared to its average volume of 4,415,616. The company’s 50 day moving average price is $22.02 and its two-hundred day moving average price is $26.80. Confluent has a 1-year low of $14.69 and a 1-year high of $35.07. The stock has a market cap of $6.56 billion, a price-to-earnings ratio of -16.47 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 announced its earnings results on Wednesday, July 31st. The company reported ($0.27) earnings per share 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 firm had revenue of $234.99 million during the quarter, compared to analyst estimates of $229.49 million. On average, sell-side analysts forecast that Confluent will post -0.95 EPS for the current fiscal year.

Insider Activity at Confluent

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 sale, the chief marketing officer now directly owns 161,673 shares of the company’s stock, valued at $3,505,070.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 sale, the chief marketing officer now directly owns 161,673 shares of the company’s stock, valued at $3,505,070.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Chad Verbowski sold 8,312 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $26.76, for a total value of $222,429.12. Following the completion of the sale, the chief technology officer now directly owns 510,347 shares in the company, valued at $13,656,885.72. 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. Corporate insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Several large investors have recently added to or reduced their stakes in CFLT. Sanctuary Advisors LLC bought a new position in shares of Confluent in the second quarter worth $462,000. Sycomore Asset Management grew its stake in shares of Confluent by 308.3% in the second quarter. Sycomore Asset Management now owns 333,083 shares of the company’s stock worth $9,176,000 after purchasing an additional 251,507 shares in the last quarter. Truist Financial Corp grew its stake in shares of Confluent by 5.3% in the second quarter. Truist Financial Corp now owns 24,420 shares of the company’s stock worth $721,000 after purchasing an additional 1,238 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake 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 worth $3,584,000 after purchasing an additional 5,631 shares in the last quarter. Finally, MBB Public Markets I LLC bought a new position in shares of Confluent in the second quarter worth $493,000. 78.09% of the stock is 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.