Stephens Begins Coverage on Confluent (NASDAQ:CFLT)

Research analysts at Stephens initiated coverage on shares of Confluent (NASDAQ:CFLT) in a report released on Friday, Marketbeat reports. The firm set an “overweight” rating and a $31.00 price target on the stock. Stephens’ price target indicates a potential upside of 22.14% from the stock’s previous close.

A number of other brokerages also recently issued reports on CFLT. JMP Securities reduced their price objective on Confluent from $40.00 to $36.00 and set a “market outperform” rating for the company in a research note on Thursday, May 1st. Evercore ISI cut their price target on Confluent from $29.00 to $28.00 and set an “outperform” rating for the company in a research note on Thursday, May 1st. Raymond James Financial began coverage on Confluent in a research note on Friday, April 11th. They set an “outperform” rating and a $30.00 price target for the company. Guggenheim cut their price target on Confluent from $38.00 to $31.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. Finally, Morgan Stanley cut their price target on Confluent from $32.00 to $25.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-one have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Confluent presently has an average rating of “Moderate Buy” and an average target price of $30.21.

Confluent Trading Down 0.2%

NASDAQ CFLT opened at $25.38 on Friday. The firm has a market capitalization of $8.64 billion, a P/E ratio of -25.90 and a beta of 0.99. The business has a fifty day simple moving average of $23.85 and a 200 day simple moving average of $25.61. Confluent has a 12 month low of $17.79 and a 12 month high of $37.90. 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 released its quarterly earnings results on Wednesday, April 30th. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. The business had revenue of $271.12 million during the quarter, compared to analyst estimates of $264.45 million. Confluent had a negative return on equity of 29.92% and a negative net margin of 31.42%. Confluent’s quarterly revenue was up 24.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.05 EPS. On average, analysts predict that Confluent will post -0.83 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Lara Caimi sold 2,864 shares of the company’s stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $24.10, for a total value of $69,022.40. Following the completion of the transaction, the director owned 4,296 shares of the company’s stock, valued at $103,533.60. This represents a 40.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CRO Ban Ryan Norris Mac sold 1,225 shares of the stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $23.49, for a total value of $28,775.25. Following the transaction, the executive directly owned 411,830 shares of the company’s stock, valued at approximately $9,673,886.70. The trade was a 0.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 546,669 shares of company stock valued at $12,637,193. 9.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Confluent

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CFLT. Madison Investment Advisors LLC purchased a new stake in Confluent during the fourth quarter valued at approximately $5,116,000. Commonwealth Equity Services LLC raised its position in Confluent by 4.1% during the fourth quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company’s stock valued at $323,000 after purchasing an additional 458 shares during the period. Xponance Inc. raised its position in Confluent by 6.3% during the fourth quarter. Xponance Inc. now owns 33,144 shares of the company’s stock valued at $927,000 after purchasing an additional 1,962 shares during the period. Teacher Retirement System of Texas purchased a new stake in Confluent during the fourth quarter valued at approximately $2,028,000. Finally, Virtu Financial LLC purchased a new stake in Confluent during the fourth quarter valued at approximately $579,000. 78.09% of the stock is 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.