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

Confluent, Inc. (NASDAQ:CFLT) has been assigned an average recommendation of “Moderate Buy” from the twenty-two brokerages that are currently covering the company, Marketbeat reports. Seven investment analysts have rated the stock with a hold recommendation and fifteen have issued a buy recommendation on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $36.68.

A number of research analysts recently issued reports on the company. Morgan Stanley lifted their target price on Confluent from $30.00 to $40.00 and gave the company an “overweight” rating in a report on Thursday, August 3rd. William Blair restated an “outperform” rating on shares of Confluent in a research note on Thursday, September 28th. Citigroup raised their price target on Confluent from $36.00 to $37.00 and gave the company a “neutral” rating in a research note on Wednesday, August 2nd. Needham & Company LLC restated a “buy” rating and issued a $45.00 price target on shares of Confluent in a research note on Monday, September 25th. Finally, Canaccord Genuity Group initiated coverage on Confluent in a research report on Friday, September 1st. They set a “buy” rating and a $40.00 target price on the stock.

Confluent Price Performance

NASDAQ:CFLT opened at $27.22 on Friday. Confluent has a one year low of $16.60 and a one year high of $41.22. The company has a debt-to-equity ratio of 1.43, a quick ratio of 5.05 and a current ratio of 5.05. The stock has a market cap of $8.23 billion, a PE ratio of -16.50 and a beta of 1.03. The stock has a 50 day moving average price of $30.90 and a 200 day moving average price of $30.94.

Confluent (NASDAQ:CFLT) last posted its earnings results on Wednesday, August 2nd. The company reported ($0.32) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.33) by $0.01. The company had revenue of $189.29 million during the quarter, compared to analysts’ expectations of $182.18 million. Confluent had a negative return on equity of 54.53% and a negative net margin of 69.87%. Equities research analysts expect that Confluent will post -1.09 EPS for the current fiscal year.

Insider Buying and Selling at Confluent

In other Confluent news, CFO Rohan Sivaram sold 860 shares of Confluent stock in a transaction that occurred on Thursday, September 21st. The stock was sold at an average price of $29.80, for a total value of $25,628.00. Following the sale, the chief financial officer now owns 332,648 shares of the company’s stock, valued at approximately $9,912,910.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Jonathan Chadwick sold 16,625 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $33.79, for a total transaction of $561,758.75. Following the sale, the director now owns 14,203 shares of the company’s stock, valued at approximately $479,919.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Rohan Sivaram sold 860 shares of the business’s stock in a transaction that occurred on Thursday, September 21st. The stock was sold at an average price of $29.80, for a total value of $25,628.00. Following the sale, the chief financial officer now directly owns 332,648 shares in the company, valued at approximately $9,912,910.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 511,027 shares of company stock valued at $16,989,244. 22.08% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Confluent

Several institutional investors have recently modified their holdings of the company. Bank Julius Baer & Co. Ltd Zurich lifted its stake in Confluent by 53,625.3% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 27,388,060 shares of the company’s stock valued at $967,072,000 after buying an additional 27,337,082 shares in the last quarter. 1832 Asset Management L.P. raised its holdings in Confluent by 1,059.4% in the 2nd quarter. 1832 Asset Management L.P. now owns 6,354,800 shares of the company’s stock valued at $224,388,000 after acquiring an additional 5,806,700 shares during the last quarter. Atreides Management LP acquired a new position in Confluent in the 1st quarter valued at $92,207,000. Whale Rock Capital Management LLC acquired a new position in Confluent in the 2nd quarter valued at $105,594,000. Finally, Vanguard Group Inc. raised its holdings in Confluent by 96.6% in the 1st quarter. Vanguard Group Inc. now owns 5,063,242 shares of the company’s stock valued at $207,593,000 after acquiring an additional 2,488,471 shares during the last quarter. Hedge funds and other institutional investors own 59.30% of the company’s stock.

Confluent Company Profile

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