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

Confluent, Inc. (NASDAQ:CFLT) has received a consensus recommendation of “Moderate Buy” from the twenty-nine research firms that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, six have given a hold recommendation, twenty-one have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $30.11.

A number of brokerages have recently issued reports on CFLT. William Blair restated an “outperform” rating on shares of Confluent in a report on Monday, March 17th. Scotiabank cut their price target on Confluent from $35.00 to $24.00 and set a “sector perform” rating for the company in a research note on Thursday, April 24th. Robert W. Baird cut their price target on Confluent from $37.00 to $24.00 and set a “neutral” rating for the company in a research note on Thursday, May 1st. Needham & Company LLC cut their price target on Confluent from $40.00 to $26.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. Finally, Stifel Nicolaus cut their price target on Confluent from $40.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, May 1st.

Confluent Trading Down 0.2%

Shares of NASDAQ:CFLT opened at $21.84 on Monday. Confluent has a 12-month low of $17.79 and a 12-month high of $37.90. The stock has a market cap of $7.43 billion, a PE ratio of -20.22 and a beta of 1.02. The business has a 50 day moving average of $22.47 and a 200-day moving average of $27.19. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. The company had revenue of $271.12 million during the quarter, compared to analysts’ expectations of $264.45 million. During the same quarter in the previous year, the company posted $0.05 earnings per share. The business’s revenue was up 24.8% on a year-over-year basis. As a group, equities research analysts forecast that Confluent will post -0.83 earnings per share for the current year.

Insider Buying and Selling at Confluent

In other news, CFO Rohan Sivaram sold 11,000 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $31.14, for a total transaction of $342,540.00. Following the completion of the transaction, the chief financial officer now directly owns 701,403 shares in the company, valued at $21,841,689.42. This trade represents a 1.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Neha Narkhede sold 60,000 shares of the firm’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $19.96, for a total value of $1,197,600.00. Following the transaction, the director now owns 20,247 shares of the company’s stock, valued at $404,130.12. This trade represents a 74.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 732,988 shares of company stock worth $19,883,902. 13.82% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Confluent

A number of hedge funds have recently made changes to their positions in CFLT. Cloud Capital Management LLC bought a new position in shares of Confluent during the first quarter worth about $26,000. Credit Industriel ET Commercial bought a new position in shares of Confluent during the fourth quarter worth about $28,000. Versant Capital Management Inc grew 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 during the period. Banque Transatlantique SA bought a new stake in Confluent in the first quarter worth approximately $43,000. Finally, SVB Wealth LLC bought a new stake in Confluent in the first quarter worth approximately $54,000. 78.09% of the stock is currently owned by institutional investors.

Confluent Company Profile

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.