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

Shares of Confluent, Inc. (NASDAQ:CFLT) have earned a consensus recommendation of “Moderate Buy” from the twenty-five ratings firms that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $30.64.

Several research analysts recently commented on the stock. Scotiabank raised their price target on shares of Confluent from $22.00 to $28.00 and gave the company a “sector perform” rating in a report on Thursday, February 8th. Barclays increased their price objective on shares of Confluent from $26.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, February 8th. UBS Group increased their price objective on shares of Confluent from $21.00 to $26.00 and gave the company a “neutral” rating in a research report on Monday, February 5th. JPMorgan Chase & Co. increased their price objective on shares of Confluent from $23.00 to $27.00 and gave the company a “neutral” rating in a research report on Thursday, February 8th. Finally, Mizuho lowered their price objective on shares of Confluent from $38.00 to $36.00 and set a “buy” rating for the company in a research report on Monday, April 15th.

Insiders Place Their Bets

In other Confluent news, insider Erica Schultz sold 63,729 shares of Confluent stock in a transaction on Friday, February 9th. The shares were sold at an average price of $31.75, for a total value of $2,023,395.75. Following the completion of the transaction, the insider now owns 479,537 shares of the company’s stock, valued at $15,225,299.75. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Confluent news, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $31.75, for a total value of $2,023,395.75. Following the sale, the insider now directly owns 479,537 shares in the company, valued at $15,225,299.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $33.65, for a total value of $7,823,625.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares in the company, valued at $15,226,221.20. The disclosure for this sale can be found here. Insiders sold a total of 1,433,170 shares of company stock valued at $46,438,029 over the last 90 days. 22.08% of the stock is owned by company insiders.

Institutional Investors Weigh In On Confluent

A number of hedge funds have recently added to or reduced their stakes in CFLT. Bank of New York Mellon Corp lifted its stake in Confluent by 720.4% in the first quarter. Bank of New York Mellon Corp now owns 272,441 shares of the company’s stock valued at $11,170,000 after buying an additional 239,232 shares during the last quarter. Bank of Montreal Can raised its stake in shares of Confluent by 3,176.6% during the first quarter. Bank of Montreal Can now owns 149,968 shares of the company’s stock valued at $6,215,000 after purchasing an additional 145,391 shares in the last quarter. Great West Life Assurance Co. Can bought a new stake in shares of Confluent during the first quarter valued at about $5,322,000. Dimensional Fund Advisors LP bought a new stake in shares of Confluent during the first quarter valued at about $507,000. Finally, Blair William & Co. IL raised its stake in shares of Confluent by 13.1% during the first quarter. Blair William & Co. IL now owns 19,335 shares of the company’s stock valued at $793,000 after purchasing an additional 2,235 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors.

Confluent Trading Down 1.9 %

NASDAQ CFLT opened at $26.89 on Friday. Confluent has a one year low of $14.69 and a one year high of $41.22. The company’s 50 day moving average price is $31.35 and its 200 day moving average price is $26.39. The company has a debt-to-equity ratio of 1.34, a quick ratio of 4.62 and a current ratio of 4.62. The firm has a market capitalization of $8.41 billion, a price-to-earnings ratio of -18.29 and a beta of 0.91.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings results on Wednesday, February 7th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.01). Confluent had a negative net margin of 56.99% and a negative return on equity of 44.16%. The business had revenue of $213.18 million during the quarter, compared to analysts’ expectations of $204.62 million. On average, sell-side analysts predict that Confluent will post -0.92 EPS for the current year.

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.