Confluent (NASDAQ:CFLT) Trading 6.4% Higher

Shares of Confluent, Inc. (NASDAQ:CFLTGet Rating) traded up 6.4% during mid-day trading on Wednesday . The stock traded as high as $25.33 and last traded at $25.27. 33,688 shares were traded during trading, a decline of 98% from the average session volume of 1,854,793 shares. The stock had previously closed at $23.75.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CFLT. DA Davidson lifted their target price on Confluent from $38.00 to $44.00 in a report on Thursday, August 4th. Deutsche Bank Aktiengesellschaft lifted their target price on Confluent from $28.00 to $32.00 in a report on Thursday, August 4th. Citigroup lifted their target price on Confluent from $26.00 to $32.00 in a report on Thursday, August 4th. Cowen lifted their target price on Confluent to $39.00 in a report on Tuesday, August 9th. Finally, Barclays lifted their target price on Confluent from $28.00 to $32.00 and gave the stock an “equal weight” rating in a report on Thursday, August 4th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Confluent currently has an average rating of “Moderate Buy” and an average price target of $47.64.

Confluent Trading Down 5.9 %

The stock has a market cap of $6.43 billion, a price-to-earnings ratio of -13.99 and a beta of 1.16. The company has a quick ratio of 5.83, a current ratio of 5.83 and a debt-to-equity ratio of 1.36. The business has a 50-day moving average of $27.49 and a 200-day moving average of $28.46.

Confluent (NASDAQ:CFLTGet Rating) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.41) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.41). Confluent had a negative return on equity of 50.24% and a negative net margin of 90.30%. The company had revenue of $139.41 million during the quarter, compared to analysts’ expectations of $131.21 million. As a group, research analysts forecast that Confluent, Inc. will post -1.63 earnings per share for the current year.

Insiders Place Their Bets

In other Confluent news, major shareholder An-Yen Hu sold 24,545 shares of the business’s stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $30.85, for a total value of $757,213.25. Following the completion of the sale, the insider now owns 180,170 shares of the company’s stock, valued at $5,558,244.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, major shareholder Peter H. Fenton sold 191,100 shares of Confluent stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $30.39, for a total value of $5,807,529.00. Following the transaction, the insider now directly owns 987,678 shares in the company, valued at $30,015,534.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder An-Yen Hu sold 24,545 shares of Confluent stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $30.85, for a total value of $757,213.25. Following the completion of the transaction, the insider now owns 180,170 shares in the company, valued at $5,558,244.50. The disclosure for this sale can be found here. Insiders sold 241,490 shares of company stock valued at $7,348,575 over the last quarter. Insiders own 27.94% of the company’s stock.

Hedge Funds Weigh In On Confluent

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. UNC Management Company Inc. bought a new position in Confluent during the fourth quarter valued at about $3,728,000. Kensington Investment Counsel LLC bought a new position in Confluent during the fourth quarter valued at about $1,375,000. Acadian Asset Management LLC bought a new position in Confluent during the fourth quarter valued at about $74,000. JPMorgan Chase & Co. increased its stake in Confluent by 43.0% during the first quarter. JPMorgan Chase & Co. now owns 7,971,525 shares of the company’s stock valued at $326,833,000 after acquiring an additional 2,398,212 shares during the period. Finally, D L Carlson Investment Group Inc. bought a new position in Confluent during the fourth quarter valued at about $4,068,000. 40.65% of the stock is currently owned by institutional investors.

About Confluent

(Get Rating)

Confluent, Inc operates a data streaming platform in the United States and internationally. It offers Confluent Cloud, a managed cloud-native service for connecting and processing data; and Confluent Platform, an enterprise-grade self-managed software that connects and processes data in real-time with the foundational platform for data in motion.

Read More

Receive News & Ratings for Confluent Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Confluent and related companies with MarketBeat.com's FREE daily email newsletter.