Confluent (NASDAQ:CFLT) Cut to “Hold” at Capital One Financial

Capital One Financial cut shares of Confluent (NASDAQ:CFLT) from a strong-buy rating to a hold rating in a research note published on Wednesday,Zacks.com reports.

Several other analysts have also recently commented on the company. TD Securities reduced their target price on Confluent from $34.00 to $32.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. DA Davidson decreased their price objective on shares of Confluent from $32.00 to $24.00 and set a “buy” rating for the company in a research report on Thursday. Scotiabank lowered their target price on shares of Confluent from $35.00 to $24.00 and set a “sector perform” rating for the company in a research note on Thursday, April 24th. Wells Fargo & Company cut their price target on shares of Confluent from $30.00 to $27.00 and set an “overweight” rating on the stock in a research report on Thursday. Finally, Raymond James Financial lowered their price objective on Confluent from $30.00 to $25.00 and set an “outperform” rating for the company in a research report on Thursday. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.54.

Confluent Trading Down 3.0%

NASDAQ CFLT opened at $17.20 on Wednesday. The company has a market cap of $5.85 billion, a price-to-earnings ratio of -18.30 and a beta of 0.99. Confluent has a twelve month low of $16.56 and a twelve month high of $37.90. The company has a quick ratio of 4.42, a current ratio of 3.98 and a debt-to-equity ratio of 1.03. The business’s fifty day moving average is $24.34 and its 200 day moving average is $25.37.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. Confluent had a negative return on equity of 27.34% and a negative net margin of 29.27%. The firm had revenue of $282.29 million for the quarter, compared to analyst estimates of $278.32 million. During the same period last year, the firm posted $0.06 earnings per share. The business’s revenue for the quarter was up 20.1% on a year-over-year basis. As a group, sell-side analysts expect that Confluent will post -0.83 EPS for the current fiscal year.

Insider Transactions at Confluent

In related news, Director Eric Vishria sold 15,476 shares of the company’s stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $25.00, for a total transaction of $386,900.00. Following the completion of the sale, the director owned 1,154,400 shares in the company, valued at approximately $28,860,000. This represents a 1.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Kong Phan sold 3,575 shares of the firm’s stock in a transaction on Friday, June 20th. The shares were sold at an average price of $23.49, for a total value of $83,976.75. Following the transaction, the chief accounting officer owned 239,742 shares in the company, valued at approximately $5,631,539.58. This trade represents a 1.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 486,669 shares of company stock valued at $11,439,593. Corporate insiders own 9.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CFLT. Credit Industriel ET Commercial bought a new position in shares of Confluent during the 4th quarter worth approximately $28,000. Cloud Capital Management LLC purchased a new stake in shares of Confluent during the first quarter valued at approximately $26,000. Farther Finance Advisors LLC lifted its holdings in Confluent by 252.3% during the second quarter. Farther Finance Advisors LLC now owns 1,448 shares of the company’s stock worth $36,000 after acquiring an additional 1,037 shares during the period. Versant Capital Management Inc boosted its position in Confluent by 2,458.2% in 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 last quarter. Finally, Banque Transatlantique SA bought a new position in Confluent in the 1st quarter valued at $43,000. 78.09% of the stock is currently owned by hedge funds and other 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.