Brokerages Set Confluent, Inc. (NASDAQ:CFLT) Price Target at $32.93

Shares of Confluent, Inc. (NASDAQ:CFLT) have earned a consensus rating of “Moderate Buy” from the twenty-eight ratings firms that are covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have issued a buy rating on the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $32.93.

A number of analysts have recently weighed in on the stock. TD Cowen increased their price objective on shares of Confluent from $34.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Needham & Company LLC reiterated a “buy” rating and issued a $38.00 price objective on shares of Confluent in a research note on Tuesday, June 11th. JMP Securities increased their price objective on shares of Confluent from $38.00 to $40.00 and gave the stock a “market outperform” rating in a research note on Wednesday, May 8th. Mizuho cut their price objective on shares of Confluent from $38.00 to $36.00 and set a “buy” rating on the stock in a research note on Monday, April 15th. Finally, The Goldman Sachs Group increased their price objective on shares of Confluent from $27.00 to $30.00 and gave the stock a “neutral” rating in a research note on Thursday, May 9th.

Insider Transactions at Confluent

In other news, CTO Chad Verbowski sold 8,312 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $26.76, for a total value of $222,429.12. Following the transaction, the chief technology officer now directly owns 510,347 shares of the company’s stock, valued at $13,656,885.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Confluent news, CTO Chad Verbowski sold 8,312 shares of Confluent stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $26.76, for a total transaction of $222,429.12. Following the transaction, the chief technology officer now directly owns 510,347 shares of the company’s stock, valued at $13,656,885.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Stephanie Buscemi sold 3,794 shares of Confluent stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $31.96, for a total transaction of $121,256.24. Following the transaction, the chief marketing officer now directly owns 165,539 shares in the company, valued at $5,290,626.44. The disclosure for this sale can be found here. Over the last three months, insiders have sold 632,725 shares of company stock valued at $18,138,428. Corporate insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

A number of institutional investors have recently bought and sold shares of the company. Dynamic Technology Lab Private Ltd increased its position in shares of Confluent by 1.9% during the fourth quarter. Dynamic Technology Lab Private Ltd now owns 19,129 shares of the company’s stock valued at $448,000 after acquiring an additional 359 shares during the last quarter. Fifth Third Bancorp increased its position in shares of Confluent by 5.0% during the fourth quarter. Fifth Third Bancorp now owns 11,703 shares of the company’s stock valued at $274,000 after acquiring an additional 556 shares during the last quarter. Daiwa Securities Group Inc. increased its position in shares of Confluent by 6.6% during the fourth quarter. Daiwa Securities Group Inc. now owns 11,300 shares of the company’s stock valued at $264,000 after acquiring an additional 700 shares during the last quarter. Treasurer of the State of North Carolina increased its position in shares of Confluent by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 82,082 shares of the company’s stock valued at $1,921,000 after acquiring an additional 800 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale increased its position in shares of Confluent by 8.7% during the first quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock valued at $322,000 after acquiring an additional 857 shares during the last quarter. 78.09% of the stock is owned by hedge funds and other institutional investors.

Confluent Trading Down 4.6 %

Shares of Confluent stock opened at $27.87 on Friday. The company has a current ratio of 5.07, a quick ratio of 5.07 and a debt-to-equity ratio of 1.29. Confluent has a 12-month low of $14.69 and a 12-month high of $41.22. The firm has a market capitalization of $8.86 billion, a price-to-earnings ratio of -22.30 and a beta of 0.91. The firm’s 50 day simple moving average is $28.70 and its two-hundred day simple moving average is $28.32.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). Confluent had a negative net margin of 46.73% and a negative return on equity of 40.55%. The company had revenue of $217.24 million for the quarter, compared to analyst estimates of $211.57 million. Analysts predict that Confluent will post -0.94 EPS for the current year.

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.