Confluent, Inc. (NASDAQ:CFLT) Given Consensus Recommendation of “Moderate Buy” by Analysts

Shares of Confluent, Inc. (NASDAQ:CFLT) have been given a consensus recommendation of “Moderate Buy” by the twenty-nine analysts that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, six have issued a hold recommendation, twenty-one have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $30.11.

A number of research analysts have weighed in on CFLT shares. UBS Group reduced their price target on Confluent from $38.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, May 1st. Truist Financial dropped their target price on Confluent from $35.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. Barclays reduced their target price on Confluent from $29.00 to $27.00 and set an “overweight” rating on the stock in a research report on Thursday, May 1st. Guggenheim lowered their price target on Confluent from $38.00 to $31.00 and set a “buy” rating for the company in a report on Thursday, May 1st. Finally, William Blair reaffirmed an “outperform” rating on shares of Confluent in a research note on Monday, March 17th.

Insider Activity at Confluent

In other news, Director Neha Narkhede sold 60,000 shares of the company’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $19.96, for a total value of $1,197,600.00. Following the completion of the transaction, the director now directly owns 20,247 shares in the company, valued at approximately $404,130.12. This represents a 74.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Edward Jay Kreps sold 23,500 shares of the firm’s stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $22.67, for a total transaction of $532,745.00. Following the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at approximately $10,257,902.96. The trade was a 4.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 541,869 shares of company stock worth $12,524,441. 9.20% of the stock is currently owned by company insiders.

Institutional Trading of Confluent

Large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in Confluent by 7.2% in the first quarter. Vanguard Group Inc. now owns 26,620,150 shares of the company’s stock valued at $623,976,000 after purchasing an additional 1,791,588 shares during the last quarter. Altimeter Capital Management LP raised its position in shares of Confluent by 11.0% in the 1st quarter. Altimeter Capital Management LP now owns 13,042,080 shares of the company’s stock valued at $305,706,000 after purchasing an additional 1,295,710 shares in the last quarter. Champlain Investment Partners LLC raised its position in shares of Confluent by 0.3% in the 1st quarter. Champlain Investment Partners LLC now owns 10,862,083 shares of the company’s stock valued at $254,607,000 after purchasing an additional 27,329 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Confluent by 13.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,510,743 shares of the company’s stock valued at $129,173,000 after buying an additional 654,827 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Confluent by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company’s stock worth $123,339,000 after buying an additional 84,163 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Confluent Trading Down 0.3%

Confluent stock opened at $23.93 on Friday. The stock has a 50-day moving average price of $22.45 and a 200 day moving average price of $26.47. Confluent has a 52 week low of $17.79 and a 52 week high of $37.90. The stock has a market cap of $8.15 billion, a PE ratio of -24.42 and a beta of 0.98. The company has a current ratio of 4.42, a quick ratio of 4.42 and a debt-to-equity ratio of 1.07.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. The business had revenue of $271.12 million during the quarter, compared to the consensus estimate of $264.45 million. Confluent had a negative net margin of 31.42% and a negative return on equity of 29.92%. The company’s quarterly revenue was up 24.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.05 earnings per share. Equities research analysts predict that Confluent will post -0.83 earnings per share for the current fiscal year.

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.