Confluent, Inc. (NASDAQ:CFLT) Given Average Recommendation of “Moderate Buy” by Brokerages

Confluent, Inc. (NASDAQ:CFLT) has been assigned a consensus recommendation of “Moderate Buy” from the twenty-eight ratings firms that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $32.23.

CFLT has been the topic of a number of analyst reports. JPMorgan Chase & Co. upped their target price on shares of Confluent from $35.00 to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. JMP Securities reiterated a “market outperform” rating and issued a $40.00 price objective on shares of Confluent in a research note on Tuesday, October 29th. Royal Bank of Canada raised their target price on Confluent from $26.00 to $33.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Scotiabank increased their price objective on Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 31st. Finally, Stifel Nicolaus boosted their target price on shares of Confluent from $34.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th.

Insider Buying and Selling at Confluent

In other news, CAO Kong Phan sold 3,947 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $28.74, for a total value of $113,436.78. Following the completion of the sale, the chief accounting officer now directly owns 179,939 shares of the company’s stock, valued at $5,171,446.86. This represents a 2.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Matthew Craig Miller sold 53,512 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $33.64, for a total value of $1,800,143.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,584,712 shares of company stock worth $132,928,936. Company insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. William Blair Investment Management LLC bought a new position in shares of Confluent in the 2nd quarter valued at about $193,403,000. Champlain Investment Partners LLC increased its position in shares of Confluent by 72.2% during the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company’s stock worth $218,083,000 after purchasing an additional 4,486,841 shares during the last quarter. 1832 Asset Management L.P. lifted its stake 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 valued at $224,933,000 after purchasing an additional 1,684,100 shares during the last quarter. Fiera Capital Corp acquired a new position in Confluent during the third quarter worth approximately $21,127,000. Finally, Jacobs Levy Equity Management Inc. lifted its position in shares of Confluent by 46.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 2,513,426 shares of the company’s stock valued at $51,224,000 after buying an additional 802,353 shares during the last quarter. Institutional investors and hedge funds own 78.09% of the company’s stock.

Confluent Price Performance

Shares of CFLT stock opened at $30.04 on Friday. Confluent has a 12 month low of $17.79 and a 12 month high of $35.07. The company has a market capitalization of $9.85 billion, a P/E ratio of -27.06 and a beta of 0.88. The stock has a 50 day moving average of $28.38 and a two-hundred day moving average of $24.92. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17.

Confluent (NASDAQ:CFLT) last issued its earnings results on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.03. The firm had revenue of $250.20 million during the quarter, compared to analysts’ expectations of $243.98 million. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. As a group, equities analysts expect that Confluent will post -0.9 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.