Confluent (NASDAQ:CFLT) Now Covered by Raymond James

Analysts at Raymond James started coverage on shares of Confluent (NASDAQ:CFLT) in a note issued to investors on Friday, MarketBeat Ratings reports. The firm set an “outperform” rating and a $30.00 price target on the stock. Raymond James’ target price indicates a potential upside of 39.47% from the stock’s previous close.

A number of other equities research analysts have also recently commented on the company. Truist Financial cut their price target on Confluent from $40.00 to $35.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Piper Sandler upped their target price on Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Mizuho increased their target price on Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. UBS Group raised shares of Confluent from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $34.00 to $38.00 in a report on Wednesday, February 26th. Finally, Stifel Nicolaus increased their price objective on shares of Confluent from $37.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Confluent currently has an average rating of “Moderate Buy” and an average price target of $34.96.

Confluent Trading Up 1.4 %

Confluent stock opened at $21.51 on Friday. The firm has a market cap of $7.18 billion, a PE ratio of -19.92 and a beta of 1.03. Confluent has a 12 month low of $17.79 and a 12 month high of $37.90. The stock’s 50 day simple moving average is $27.64 and its two-hundred day simple moving average is $27.28. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14.

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

Insider Transactions at Confluent

In other news, CFO Rohan Sivaram sold 68,350 shares of the company’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $36.23, for a total value of $2,476,320.50. Following the transaction, the chief financial officer now owns 520,273 shares of the company’s stock, valued at $18,849,490.79. This represents a 11.61 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $32.33, for a total value of $7,516,725.00. Following the transaction, the chief executive officer now owns 452,488 shares of the company’s stock, valued at approximately $14,628,937.04. This represents a 33.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,200,746 shares of company stock worth $38,505,150 in the last 90 days. Insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Credit Industriel ET Commercial acquired a new position in shares of Confluent in the 4th quarter worth approximately $28,000. Versant Capital Management Inc lifted its stake in Confluent by 2,458.2% during the first quarter. Versant Capital Management Inc now owns 1,714 shares of the company’s stock worth $40,000 after purchasing an additional 1,647 shares in the last quarter. Blue Trust Inc. boosted its position in shares of Confluent by 354.0% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after buying an additional 1,607 shares during the period. SBI Securities Co. Ltd. acquired a new stake in shares of Confluent in the fourth quarter valued at $59,000. Finally, GAMMA Investing LLC raised its holdings in shares of Confluent by 85.3% in the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after buying an additional 1,136 shares during the period. Hedge funds and other institutional investors own 78.09% of the company’s stock.

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.