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

Confluent, Inc. (NASDAQ:CFLT) has been assigned an average rating of “Hold” from the thirty-three brokerages that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, twenty-eight have issued a hold recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $28.7097.

Several research firms have recently issued reports on CFLT. Raymond James Financial lowered shares of Confluent from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 9th. Truist Financial set a $31.00 price target on Confluent in a research note on Monday, December 8th. Citigroup lifted 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. Royal Bank Of Canada downgraded Confluent from an “outperform” rating to a “sector perform” rating and boosted their target price for the stock from $30.00 to $31.00 in a report on Tuesday, December 9th. Finally, Robert W. Baird increased their target price on Confluent from $26.00 to $31.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 9th.

Insider Buying and Selling

In other Confluent news, CFO Rohan Sivaram sold 29,996 shares of Confluent stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $30.67, for a total value of $919,977.32. Following the completion of the transaction, the chief financial officer directly owned 531,971 shares of the company’s stock, valued at approximately $16,315,550.57. The trade was a 5.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eric Vishria sold 61,905 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $30.57, for a total transaction of $1,892,435.85. Following the completion of the transaction, the director owned 663,637 shares in the company, valued at approximately $20,287,383.09. This represents a 8.53% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 534,745 shares of company stock worth $16,388,405 over the last quarter. 9.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Confluent

Hedge funds have recently added to or reduced their stakes in the company. United Community Bank purchased a new stake in Confluent during the 4th quarter valued at $30,000. Los Angeles Capital Management LLC purchased a new position in shares of Confluent in the fourth quarter worth $36,000. Quarry LP purchased a new position in shares of Confluent in the third quarter worth $26,000. Leonteq Securities AG bought a new position in shares of Confluent during the fourth quarter valued at $48,000. Finally, Danske Bank A S bought a new position in shares of Confluent during the third quarter valued at $34,000. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

Confluent Price Performance

NASDAQ:CFLT opened at $30.99 on Friday. The firm’s 50-day moving average price is $30.63 and its 200-day moving average price is $26.29. The company has a market capitalization of $11.08 billion, a PE ratio of -36.03 and a beta of 0.95. The company has a debt-to-equity ratio of 0.94, a current ratio of 3.83 and a quick ratio of 3.83. Confluent has a 1-year low of $15.64 and a 1-year high of $31.00.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings results on Wednesday, February 11th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.02. Confluent had a negative net margin of 25.31% and a negative return on equity of 22.66%. The company had revenue of $314.82 million during the quarter, compared to analysts’ expectations of $308.03 million. During the same period last year, the company posted $0.09 EPS. Confluent’s revenue was up 20.5% on a year-over-year basis. On average, equities analysts predict that Confluent will post -0.83 EPS for the current fiscal year.

Confluent Company Profile

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.