Confluent (NASDAQ:CFLT) Upgraded by Wolfe Research to Strong-Buy

Wolfe Research upgraded shares of Confluent (NASDAQ:CFLT) to a strong-buy rating in a research note issued to investors on Wednesday morning, Zacks.com reports.

CFLT has been the topic of several other reports. Evercore ISI lowered their target price on shares of Confluent from $33.00 to $28.00 and set an outperform rating on the stock in a research note on Friday. Mizuho cut their target price on shares of Confluent from $36.00 to $34.00 and set an outperform rating on the stock in a report on Tuesday, July 16th. DA Davidson reissued a buy rating and issued a $30.00 target price on shares of Confluent in a research note on Wednesday. Guggenheim restated a buy rating and issued a $37.00 price objective on shares of Confluent in a report on Tuesday, June 25th. Finally, Scotiabank lowered their target price on Confluent from $28.00 to $25.00 and set a sector perform rating for the company in a research note on Thursday, August 1st. One equities 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $30.31.

Confluent Stock Down 1.5 %

Shares of NASDAQ:CFLT opened at $20.36 on Wednesday. The company has a quick ratio of 4.44, a current ratio of 4.44 and a debt-to-equity ratio of 1.25. The firm has a market cap of $6.47 billion, a P/E ratio of -16.29 and a beta of 0.88. The business has a fifty day simple moving average of $21.83 and a 200 day simple moving average of $26.71. Confluent has a 12-month low of $14.69 and a 12-month high of $35.07.

Confluent (NASDAQ:CFLT) last posted 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). The firm had revenue of $234.99 million during the quarter, compared to the consensus estimate of $229.49 million. Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. Analysts predict that Confluent will post -0.95 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Erica Schultz sold 9,556 shares of the business’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 $207,174.08. Following the completion of the sale, the insider now owns 687,483 shares of the company’s stock, valued at approximately $14,904,631.44. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CMO Stephanie Buscemi sold 3,866 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $83,814.88. Following the completion of 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Erica Schultz sold 9,556 shares of Confluent 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 $207,174.08. Following the transaction, the insider now directly owns 687,483 shares in the company, valued at approximately $14,904,631.44. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 524,263 shares of company stock valued at $10,829,566. 13.82% of the stock is owned by insiders.

Institutional Trading of Confluent

Several institutional investors and hedge funds have recently modified their holdings of CFLT. Sanctuary Advisors LLC bought a new stake in Confluent during the 2nd quarter valued at approximately $462,000. Sycomore Asset Management lifted its holdings 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 buying an additional 251,507 shares in the last quarter. Truist Financial Corp boosted its position in shares of Confluent by 5.3% during the second 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 last quarter. The Manufacturers Life Insurance Company grew its stake in Confluent by 4.9% during 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 bought a new stake in Confluent in the 2nd quarter valued at $493,000. 78.09% of the stock is currently owned by institutional investors.

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.