William Blair Reiterates Outperform Rating for Confluent (NASDAQ:CFLT)

Confluent (NASDAQ:CFLT)‘s stock had its “outperform” rating reaffirmed by equities research analysts at William Blair in a report released on Friday,RTT News reports.

Several other research analysts have also weighed in on CFLT. Guggenheim increased their target price on Confluent from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Piper Sandler raised their price objective on Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Mizuho raised their target price on Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Scotiabank raised their target price on Confluent from $27.00 to $35.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 12th. Finally, JPMorgan Chase & Co. raised their target price on Confluent from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $35.15.

Confluent Price Performance

Shares of NASDAQ:CFLT opened at $26.61 on Friday. The business’s fifty day moving average price is $29.93 and its two-hundred day moving average price is $26.63. The stock has a market cap of $8.89 billion, a PE ratio of -24.64 and a beta of 0.90. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99. Confluent has a one year low of $17.79 and a one year high of $37.90.

Confluent (NASDAQ:CFLT) last announced its earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. On average, analysts forecast that Confluent will post -0.83 EPS for the current fiscal year.

Insider Activity at Confluent

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $32.33, for a total transaction of $7,516,725.00. Following the completion of the transaction, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $14,628,937.04. The trade was a 33.94 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew Craig Miller sold 347,646 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $32.69, for a total transaction of $11,364,547.74. Following the transaction, the director now directly owns 22,688 shares of the company’s stock, valued at $741,670.72. This represents a 93.87 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,427,353 shares of company stock valued at $46,561,127. Insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

A number of large investors have recently modified their holdings of the stock. Fluent Financial LLC acquired a new position in shares of Confluent during the fourth quarter worth approximately $606,000. Infinitum Asset Management LLC acquired a new position in shares of Confluent during the fourth quarter worth approximately $10,485,000. Cache Advisors LLC acquired a new position in Confluent in the fourth quarter valued at approximately $1,322,000. Neo Ivy Capital Management acquired a new position in Confluent in the fourth quarter valued at approximately $2,088,000. Finally, Vident Advisory LLC acquired a new position in Confluent in the fourth quarter valued at approximately $972,000. 78.09% of the stock is currently owned by institutional investors and hedge funds.

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.