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

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

Other research analysts also recently issued reports about the company. Piper Sandler decreased their price target on Confluent from $37.00 to $32.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Bank of America decreased their target price on shares of Confluent from $32.00 to $26.00 and set an “underperform” rating for the company in a research note on Thursday, August 1st. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Confluent from $35.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. Guggenheim reissued a “buy” rating and issued a $37.00 price objective on shares of Confluent in a research report on Tuesday, June 25th. Finally, Citigroup dropped their target price on shares of Confluent from $32.00 to $28.00 and set a “neutral” rating on the stock in a report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-two have given a buy rating and one has given 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 price target of $30.31.

Confluent Stock Down 1.5 %

Shares of Confluent stock opened at $20.36 on Wednesday. Confluent has a 52-week low of $14.69 and a 52-week high of $35.07. The company has a debt-to-equity ratio of 1.25, a quick ratio of 4.44 and a current ratio of 4.44. The business’s 50 day simple moving average is $21.83 and its 200 day simple moving average is $26.71. The firm has a market cap of $6.47 billion, a PE ratio of -16.29 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. The business had revenue of $234.99 million during the quarter, compared to the consensus estimate of $229.49 million. On average, analysts predict that Confluent will post -0.95 earnings per share for the current fiscal year.

Insider Activity

In related news, CMO Stephanie Buscemi sold 3,866 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $83,814.88. Following the completion of the transaction, the chief marketing officer now directly owns 161,673 shares in the company, valued at approximately $3,505,070.64. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CMO Stephanie Buscemi sold 3,866 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $83,814.88. Following the completion of the transaction, the chief marketing officer now directly owns 161,673 shares in the company, valued at $3,505,070.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $21.13, for a total value of $4,912,725.00. Following the completion of the transaction, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $9,561,071.44. The disclosure for this sale can be found here. In the last three months, insiders have sold 524,263 shares of company stock worth $10,829,566. Corporate insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

A number of hedge funds have recently made changes to their positions in the company. Sanctuary Advisors LLC bought a new position in Confluent in the 2nd quarter valued at approximately $462,000. Sycomore Asset Management lifted its holdings in shares of Confluent by 308.3% during 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 during the period. Truist Financial Corp increased its holdings in Confluent by 5.3% in the second quarter. Truist Financial Corp now owns 24,420 shares of the company’s stock valued at $721,000 after purchasing an additional 1,238 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Confluent by 4.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 121,364 shares of the company’s stock valued at $3,584,000 after buying an additional 5,631 shares during the last quarter. Finally, MBB Public Markets I LLC acquired a new stake in shares of Confluent in the second quarter valued at about $493,000. 78.09% of the stock is 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.