Confluent (NASDAQ:CFLT) Raised to “Strong-Buy” at Wolfe Research

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

Other research analysts have also issued reports about the stock. JPMorgan Chase & Co. upgraded shares of Confluent from a neutral rating to an overweight rating and set a $25.00 target price for the company in a research report on Friday, August 9th. Citigroup decreased their price objective on Confluent from $32.00 to $28.00 and set a neutral rating on the stock in a report on Tuesday, July 30th. Piper Sandler decreased their price objective on shares of Confluent from $37.00 to $32.00 and set an overweight rating on the stock in a research report on Thursday, August 1st. Deutsche Bank Aktiengesellschaft reduced their price objective 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. Finally, Canaccord Genuity Group cut their price objective on Confluent from $35.00 to $34.00 and set a buy rating on the stock in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Confluent currently 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 debt-to-equity ratio of 1.25, a current ratio of 4.44 and a quick ratio of 4.44. Confluent has a one year low of $14.69 and a one year high of $35.07. The company has a market cap of $6.47 billion, a price-to-earnings ratio of -16.29 and a beta of 0.88. The firm has a fifty day moving average price of $21.83 and a two-hundred day moving average price of $26.71.

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 company had revenue of $234.99 million for the quarter, compared to the consensus estimate of $229.49 million. Analysts anticipate that Confluent will post -0.95 EPS for the current fiscal year.

Insider Buying and Selling at Confluent

In other news, insider Erica Schultz sold 9,556 shares of Confluent stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $207,174.08. Following the sale, the insider now directly owns 687,483 shares of the company’s stock, valued at $14,904,631.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Confluent news, Director Lara Caimi sold 9,375 shares of the stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $20.01, for a total transaction of $187,593.75. Following the completion of the transaction, the director now owns 7,160 shares in the company, valued at $143,271.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Erica Schultz sold 9,556 shares of the stock in a transaction dated 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 transaction, the insider now directly owns 687,483 shares of the company’s stock, valued at approximately $14,904,631.44. The disclosure for this sale can be found here. Insiders sold 524,263 shares of company stock valued at $10,829,566 in the last 90 days. Insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Confluent by 3.5% during the first quarter. Vanguard Group Inc. now owns 19,741,320 shares of the company’s stock valued at $602,505,000 after acquiring an additional 669,675 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Confluent by 17.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock valued at $536,601,000 after purchasing an additional 2,587,169 shares during the last quarter. 1832 Asset Management L.P. raised its position in Confluent by 28.4% in the 2nd quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock worth $224,933,000 after purchasing an additional 1,684,100 shares during the period. William Blair Investment Management LLC purchased a new stake in Confluent in the 2nd quarter worth about $193,403,000. Finally, Coatue Management LLC bought a new stake in Confluent in the fourth quarter worth about $134,132,000. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

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.