Confluent, Inc. (NASDAQ:CFLT) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Confluent, Inc. (NASDAQ:CFLT) have earned a consensus recommendation of “Moderate Buy” from the twenty-nine brokerages that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and twenty-two have given a buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $31.04.

Several research analysts recently commented on the company. Guggenheim reaffirmed a “buy” rating and issued a $37.00 target price on shares of Confluent in a research report on Tuesday, June 25th. Loop Capital reduced their target price on Confluent from $30.00 to $25.00 and set a “hold” rating for the company in a research report on Friday, July 19th. Wells Fargo & Company reduced their target price on Confluent from $38.00 to $34.00 and set an “overweight” rating for the company in a research report on Thursday. Truist Financial reissued a “buy” rating and set a $30.00 price objective (down from $36.00) on shares of Confluent in a report on Thursday. Finally, Canaccord Genuity Group cut their price objective on Confluent from $35.00 to $34.00 and set a “buy” rating for the company in a report on Thursday.

Insider Activity

In other news, CTO Chad Verbowski sold 13,413 shares of the company’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $31.96, for a total value of $428,679.48. Following the completion of the sale, the chief technology officer now directly owns 518,659 shares of the company’s stock, valued at approximately $16,576,341.64. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $26.01, for a total value of $1,657,591.29. Following the completion of the transaction, the insider now directly owns 697,039 shares in the company, valued at approximately $18,129,984.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chad Verbowski sold 13,413 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $31.96, for a total value of $428,679.48. Following the completion of the transaction, the chief technology officer now owns 518,659 shares of the company’s stock, valued at $16,576,341.64. The disclosure for this sale can be found here. Insiders sold a total of 632,725 shares of company stock valued at $18,138,428 in the last ninety days. 13.82% of the stock is owned by insiders.

Hedge Funds Weigh In On Confluent

Institutional investors and hedge funds have recently modified their holdings of the business. Panagora Asset Management Inc. acquired a new position in shares of Confluent in the 4th quarter valued at approximately $745,000. Norges Bank acquired a new position in shares of Confluent in the 4th quarter valued at approximately $37,046,000. Victory Capital Management Inc. boosted its position in Confluent by 20.2% during the 4th quarter. Victory Capital Management Inc. now owns 561,497 shares of the company’s stock worth $13,139,000 after acquiring an additional 94,405 shares during the last quarter. AGF Management Ltd. acquired a new position in Confluent during the 4th quarter worth approximately $3,537,000. Finally, Highland Capital Management LLC acquired a new position in Confluent during the 1st quarter worth approximately $1,181,000. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Confluent Stock Down 6.5 %

CFLT opened at $19.29 on Tuesday. Confluent has a 1-year low of $14.69 and a 1-year high of $38.19. The company has a current ratio of 5.07, a quick ratio of 5.07 and a debt-to-equity ratio of 1.29. The stock has a market capitalization of $6.13 billion, a price-to-earnings ratio of -15.43 and a beta of 0.91. The business has a 50 day moving average of $26.64 and a 200-day moving average of $28.50.

Confluent (NASDAQ:CFLT) last issued its earnings results on Tuesday, May 7th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.04). The firm had revenue of $217.24 million during the quarter, compared to the consensus estimate of $211.57 million. Confluent had a negative return on equity of 38.46% and a negative net margin of 42.70%. As a group, sell-side analysts anticipate that Confluent will post -0.94 earnings per share for the current year.

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.