Confluent (NASDAQ:CFLT) Stock Rating Upgraded by Wolfe Research

Confluent (NASDAQ:CFLT) was upgraded by research analysts at Wolfe Research to a “strong-buy” rating in a research report issued on Wednesday, Zacks.com reports.

A number of other research analysts have also weighed in on the company. Loop Capital cut their price objective on Confluent from $30.00 to $25.00 and set a “hold” rating on the stock in a report on Friday, July 19th. Piper Sandler cut their price objective on Confluent from $37.00 to $32.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. Mizuho cut their price objective on Confluent from $36.00 to $34.00 and set an “outperform” rating on the stock in a report on Tuesday, July 16th. Stifel Nicolaus cut their price objective on Confluent from $40.00 to $32.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. Finally, Guggenheim reaffirmed a “buy” rating and set a $37.00 target price on shares of Confluent in a report on Tuesday, June 25th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $30.31.

Confluent Trading Down 1.5 %

Shares of NASDAQ:CFLT opened at $20.36 on Wednesday. The business’s 50-day moving average is $21.83 and its 200 day moving average is $26.71. Confluent has a 1 year low of $14.69 and a 1 year high of $35.07. The firm has a market capitalization of $6.47 billion, a P/E ratio of -16.29 and a beta of 0.88. The company has a debt-to-equity ratio of 1.25, a current ratio of 4.44 and a quick ratio of 4.44.

Confluent (NASDAQ:CFLT) last announced its earnings results on Wednesday, July 31st. The company reported ($0.27) earnings per share (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 for the quarter, compared to analyst estimates of $229.49 million. On average, research analysts predict that Confluent will post -0.95 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction that occurred 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 transaction, the chief executive officer now owns 452,488 shares in the company, valued at $9,561,071.44. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s 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 sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $9,561,071.44. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CMO Stephanie Buscemi sold 3,866 shares of the firm’s 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 approximately $3,505,070.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 524,263 shares of company stock worth $10,829,566. 13.82% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Confluent

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CFLT. Dynamic Technology Lab Private Ltd grew its stake in shares of Confluent by 1.9% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 19,129 shares of the company’s stock valued at $448,000 after buying an additional 359 shares in the last quarter. Treasurer of the State of North Carolina grew its stake in shares of Confluent by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 82,082 shares of the company’s stock valued at $1,921,000 after buying an additional 800 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in shares of Confluent by 7.1% in the first quarter. Daiwa Securities Group Inc. now owns 12,100 shares of the company’s stock valued at $369,000 after buying an additional 800 shares in the last quarter. DekaBank Deutsche Girozentrale grew its stake in shares of Confluent by 8.7% in the first quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock valued at $322,000 after buying an additional 857 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its stake in shares of Confluent by 40.3% in the first quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock valued at $91,000 after buying an additional 859 shares in the last quarter. Institutional investors and hedge funds 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.