Confluent (NASDAQ:CFLT) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of Confluent (NASDAQ:CFLTGet Rating) from a hold rating to a buy rating in a research report report published on Tuesday, Zacks.com reports. The brokerage currently has $22.00 price objective on the stock.

According to Zacks, “Confluent Inc. provides platform for data in motion. Confluent Inc. is based in MOUNTAIN VIEW, Calif. “

Several other research analysts also recently weighed in on the stock. DA Davidson upgraded shares of Confluent from a neutral rating to a buy rating and set a $76.00 price objective on the stock in a report on Tuesday, January 25th. They noted that the move was a valuation call. Credit Suisse Group lowered their target price on shares of Confluent from $100.00 to $80.00 in a report on Friday, May 6th. Morgan Stanley increased their target price on shares of Confluent from $75.00 to $80.00 and gave the company an equal weight rating in a report on Friday, February 11th. Barclays lowered their target price on shares of Confluent from $71.00 to $44.00 and set an equal weight rating for the company in a report on Tuesday, April 19th. Finally, The Goldman Sachs Group lowered their target price on shares of Confluent from $75.00 to $48.00 and set a neutral rating for the company in a report on Thursday, April 14th. Eight investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Buy and a consensus target price of $58.65.

CFLT opened at $19.72 on Tuesday. The company has a current ratio of 6.39, a quick ratio of 6.39 and a debt-to-equity ratio of 1.27. The company’s fifty day moving average price is $35.94 and its two-hundred day moving average price is $56.57. Confluent has a 1-year low of $18.26 and a 1-year high of $94.97. The company has a market cap of $5.38 billion and a price-to-earnings ratio of -10.11.

Confluent (NASDAQ:CFLTGet Rating) last released its quarterly earnings data on Thursday, May 5th. The company reported ($0.19) earnings per share for the quarter, topping the consensus estimate of ($0.42) by $0.23. Confluent had a negative net margin of 94.12% and a negative return on equity of 41.55%. The firm had revenue of $126.10 million for the quarter, compared to the consensus estimate of $118.49 million. During the same quarter in the prior year, the company posted ($0.29) earnings per share. The business’s revenue was up 63.8% on a year-over-year basis. As a group, equities analysts forecast that Confluent will post -1.57 earnings per share for the current fiscal year.

In related news, Director Neha Narkhede sold 27,400 shares of the business’s stock in a transaction that occurred on Wednesday, February 16th. The shares were sold at an average price of $58.09, for a total transaction of $1,591,666.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Brad Gerstner acquired 61,700 shares of Confluent stock in a transaction that occurred on Wednesday, March 16th. The shares were purchased at an average cost of $32.43 per share, with a total value of $2,000,931.00. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 774,583 shares of company stock valued at $29,211,858 and have sold 634,025 shares valued at $27,704,768. 27.94% of the stock is owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Nicholas Investment Partners LP grew its stake in Confluent by 972.3% in the 1st quarter. Nicholas Investment Partners LP now owns 156,967 shares of the company’s stock worth $6,436,000 after buying an additional 142,328 shares in the last quarter. TD Asset Management Inc. lifted its holdings in shares of Confluent by 275.9% in the 1st quarter. TD Asset Management Inc. now owns 1,082,884 shares of the company’s stock worth $44,398,000 after acquiring an additional 794,836 shares during the last quarter. SP Asset Management lifted its holdings in shares of Confluent by 270.0% in the 1st quarter. SP Asset Management now owns 11,840 shares of the company’s stock worth $485,000 after acquiring an additional 8,640 shares during the last quarter. Qube Research & Technologies Ltd bought a new stake in shares of Confluent in the 1st quarter worth approximately $310,000. Finally, LA Financiere DE L Echiquier lifted its holdings in shares of Confluent by 26.3% in the 1st quarter. LA Financiere DE L Echiquier now owns 663,000 shares of the company’s stock worth $27,183,000 after acquiring an additional 138,000 shares during the last quarter. 37.20% of the stock is owned by institutional investors and hedge funds.

About Confluent (Get Rating)

Confluent, Inc operates a data streaming platform in the United States and internationally. It offers Confluent Cloud, a managed cloud-native service for connecting and processing data; and Confluent Platform, an enterprise-grade self-managed software that connects and processes data in real-time with the foundational platform for data in motion.

Read More

Get a free copy of the Zacks research report on Confluent (CFLT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Confluent (NASDAQ:CFLT)

Receive News & Ratings for Confluent Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Confluent and related companies with MarketBeat.com's FREE daily email newsletter.