Confluent, Inc. (NASDAQ:CFLT) Receives Consensus Recommendation of “Hold” from Analysts

Confluent, Inc. (NASDAQ:CFLT) has been assigned a consensus rating of “Hold” from the thirty-five ratings firms that are presently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, twenty-eight have assigned a hold recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $28.7813.

Several research firms recently commented on CFLT. Canaccord Genuity Group lowered shares of Confluent from a “buy” rating to a “hold” rating and increased their target price for the company from $27.00 to $31.00 in a report on Monday, December 8th. Mizuho lowered shares of Confluent from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 8th. Robert W. Baird raised their price objective on Confluent from $26.00 to $31.00 and gave the company a “neutral” rating in a research note on Tuesday, December 9th. Stephens boosted their target price on Confluent from $25.00 to $29.00 and gave the company an “overweight” rating in a research note on Tuesday, October 28th. Finally, Citigroup increased their target price on Confluent from $26.00 to $31.00 and gave the company a “neutral” rating in a report on Tuesday, December 9th.

Insider Activity

In related news, Director Lara Caimi sold 1,074 shares of Confluent stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $30.00, for a total value of $32,220.00. Following the transaction, the director directly owned 11,524 shares of the company’s stock, valued at $345,720. The trade was a 8.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Eric Vishria sold 15,476 shares of the company’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $30.00, for a total transaction of $464,280.00. Following the sale, the director owned 1,061,542 shares of the company’s stock, valued at $31,846,260. This represents a 1.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 1,387,664 shares of company stock valued at $39,022,546. Corporate insiders own 9.20% of the company’s stock.

Hedge Funds Weigh In On Confluent

Hedge funds have recently modified their holdings of the company. Quarry LP purchased a new stake in shares of Confluent during the third quarter worth about $26,000. United Community Bank purchased a new stake in Confluent in the 4th quarter worth approximately $30,000. Danske Bank A S bought a new stake in shares of Confluent in the 3rd quarter worth approximately $34,000. Farther Finance Advisors LLC increased its stake in shares of Confluent by 252.3% during the second quarter. Farther Finance Advisors LLC now owns 1,448 shares of the company’s stock valued at $36,000 after buying an additional 1,037 shares during the period. Finally, True Wealth Design LLC purchased a new position in shares of Confluent during the third quarter valued at approximately $36,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Confluent Stock Down 0.1%

Shares of CFLT opened at $30.54 on Friday. Confluent has a 1 year low of $15.64 and a 1 year high of $37.90. The company has a debt-to-equity ratio of 0.98, a current ratio of 4.01 and a quick ratio of 4.01. The stock has a 50 day simple moving average of $28.67 and a two-hundred day simple moving average of $23.78. The firm has a market cap of $10.68 billion, a P/E ratio of -33.93 and a beta of 0.95.

About Confluent

Confluent, Inc (NASDAQ: CFLT) is a leading provider of an event streaming platform built on Apache Kafka. The company’s flagship offerings include Confluent Platform—a self-managed software solution—and Confluent Cloud, a fully managed service designed to simplify real-time data processing across hybrid and multi-cloud environments. These products enable enterprises to collect, process and distribute high volumes of data in real time, supporting use cases such as fraud detection, supply chain optimization and personalized customer experiences.

Founded in 2014 by Apache Kafka co-creators Jay Kreps, Neha Narkhede and Jun Rao, Confluent has driven the commercialization of Kafka technologies and extended the platform with tools for data integration, stream processing and enterprise-grade security.