Confluent (NASDAQ:CFLT) Given “Buy” Rating at DA Davidson

DA Davidson reaffirmed their buy rating on shares of Confluent (NASDAQ:CFLTFree Report) in a research note issued to investors on Monday, Benzinga reports. They currently have a $37.00 price objective on the stock.

Several other equities analysts also recently commented on CFLT. Mizuho upped their price objective on shares of Confluent from $34.00 to $38.00 and gave the company a buy rating in a report on Friday, February 16th. Loop Capital initiated coverage on shares of Confluent in a report on Tuesday, January 30th. They issued a hold rating and a $23.00 price objective on the stock. Royal Bank of Canada upped their price objective on shares of Confluent from $35.00 to $37.00 and gave the company an outperform rating in a report on Wednesday, February 14th. Barclays upped their price objective on shares of Confluent from $26.00 to $33.00 and gave the company an overweight rating in a report on Thursday, February 8th. Finally, Wells Fargo & Company upped their price objective on shares of Confluent from $30.00 to $36.00 and gave the company an overweight rating in a report on Thursday, February 8th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $30.72.

View Our Latest Report on Confluent

Confluent Price Performance

Shares of CFLT opened at $29.84 on Monday. The company has a market cap of $9.33 billion, a price-to-earnings ratio of -20.30 and a beta of 0.91. Confluent has a 1-year low of $14.69 and a 1-year high of $41.22. The company’s fifty day simple moving average is $30.09 and its 200 day simple moving average is $26.48. The company has a current ratio of 4.62, a quick ratio of 4.62 and a debt-to-equity ratio of 1.34.

Confluent (NASDAQ:CFLTGet Free Report) last issued its earnings results on Wednesday, February 7th. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). The firm had revenue of $213.18 million for the quarter, compared to analyst estimates of $204.62 million. Confluent had a negative return on equity of 44.16% and a negative net margin of 56.99%. On average, research analysts forecast that Confluent will post -0.92 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Confluent news, Director Michelangelo Volpi sold 637,268 shares of the business’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $31.73, for a total transaction of $20,220,513.64. Following the completion of the transaction, the director now owns 302,306 shares of the company’s stock, valued at $9,592,169.38. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Confluent news, Director Michelangelo Volpi sold 637,268 shares of the business’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $31.73, for a total transaction of $20,220,513.64. Following the completion of the transaction, the director now owns 302,306 shares of the company’s stock, valued at $9,592,169.38. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Ying Christina Liu sold 4,109 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total value of $132,104.35. Following the transaction, the chief accounting officer now directly owns 123,497 shares of the company’s stock, valued at approximately $3,970,428.55. The disclosure for this sale can be found here. Insiders sold 1,433,170 shares of company stock valued at $46,438,029 over the last quarter. 22.08% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Coatue Management LLC acquired a new position in shares of Confluent in the fourth quarter valued at approximately $134,132,000. Price T Rowe Associates Inc. MD increased its position in Confluent by 34.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,994,745 shares of the company’s stock valued at $350,878,000 after purchasing an additional 3,870,881 shares during the period. Whale Rock Capital Management LLC acquired a new stake in Confluent during the 2nd quarter valued at approximately $105,594,000. Vanguard Group Inc. increased its position in Confluent by 96.6% during the 1st quarter. Vanguard Group Inc. now owns 5,063,242 shares of the company’s stock valued at $207,593,000 after purchasing an additional 2,488,471 shares during the period. Finally, Altimeter Capital Management LP increased its position in Confluent by 79.9% during the 1st quarter. Altimeter Capital Management LP now owns 5,306,700 shares of the company’s stock valued at $217,575,000 after purchasing an additional 2,356,700 shares during the period. Institutional investors and hedge funds own 78.09% of the company’s stock.

About Confluent

(Get Free Report)

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.

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Analyst Recommendations for Confluent (NASDAQ:CFLT)

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