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

Shares of Confluent, Inc. (NASDAQ:CFLT) have been given a consensus recommendation of “Moderate Buy” by the thirty ratings firms that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, seven have given a hold recommendation, twenty-one have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $35.15.

Several brokerages have recently issued reports on CFLT. Morgan Stanley raised their target price on shares of Confluent from $30.00 to $32.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 12th. Truist Financial lowered their target price on Confluent from $40.00 to $35.00 and set a “buy” rating for the company in a research note on Monday, March 31st. UBS Group upgraded shares of Confluent from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $34.00 to $38.00 in a report on Wednesday, February 26th. Guggenheim raised their price target on Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Finally, Bank of America upped their price objective on Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a research report on Wednesday, February 12th.

Insiders Place Their Bets

In other news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $32.33, for a total transaction of $7,516,725.00. Following the completion of the transaction, the chief executive officer now owns 452,488 shares in the company, valued at $14,628,937.04. This trade represents a 33.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Kong Phan sold 3,175 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $26.86, for a total value of $85,280.50. Following the sale, the chief accounting officer now directly owns 246,516 shares in the company, valued at $6,621,419.76. This trade represents a 1.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,200,746 shares of company stock worth $38,505,150. Corporate insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Confluent by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company’s stock worth $694,207,000 after acquiring an additional 599,582 shares during the last quarter. Champlain Investment Partners LLC boosted its stake in shares of Confluent by 1.3% during the fourth quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company’s stock valued at $302,940,000 after purchasing an additional 133,908 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Confluent by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company’s stock valued at $123,339,000 after acquiring an additional 84,163 shares during the period. Jericho Capital Asset Management L.P. raised its holdings in Confluent by 18.1% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,000,000 shares of the company’s stock worth $83,880,000 after purchasing an additional 459,000 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Confluent during the 4th quarter worth approximately $81,092,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Confluent Stock Performance

NASDAQ:CFLT opened at $20.17 on Friday. Confluent has a 1-year low of $17.79 and a 1-year high of $37.90. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24. The business has a 50 day moving average of $28.82 and a 200 day moving average of $27.28. The company has a market capitalization of $6.74 billion, a price-to-earnings ratio of -18.68 and a beta of 1.03.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. On average, sell-side analysts predict that Confluent will post -0.83 earnings per share for the current fiscal 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.