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

Confluent, Inc. (NASDAQ:CFLT) has earned a consensus rating of “Moderate Buy” from the thirty brokerages that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation, twenty-one have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $35.15.

Several brokerages recently issued reports on CFLT. Evercore ISI raised their target price on shares of Confluent from $32.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Piper Sandler lifted their price objective on Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Wells Fargo & Company upped their price objective on Confluent from $40.00 to $42.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Mizuho raised their target price on Confluent from $31.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Finally, William Blair reaffirmed an “outperform” rating on shares of Confluent in a research report on Monday, March 17th.

Confluent Stock Down 7.2 %

CFLT stock opened at $21.22 on Friday. The stock has a market capitalization of $7.09 billion, a P/E ratio of -19.65 and a beta of 1.03. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24. Confluent has a 1-year low of $17.79 and a 1-year high of $37.90. The business has a fifty day moving average price of $27.79 and a 200-day moving average price of $27.27.

Confluent (NASDAQ:CFLT) last issued its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. Equities analysts forecast that Confluent will post -0.83 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Kong Phan sold 3,175 shares of the business’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $26.86, for a total value of $85,280.50. Following the sale, the chief accounting officer now directly owns 246,516 shares in the company, valued at approximately $6,621,419.76. The trade was a 1.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $32.33, for a total value of $7,516,725.00. Following the transaction, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $14,628,937.04. This represents a 33.94 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,200,746 shares of company stock worth $38,505,150. 13.82% of the stock is owned by insiders.

Hedge Funds Weigh In On Confluent

Institutional investors have recently bought and sold shares of the business. Cerity Partners LLC lifted its holdings in shares of Confluent by 28.1% in the 3rd quarter. Cerity Partners LLC now owns 35,129 shares of the company’s stock valued at $716,000 after acquiring an additional 7,705 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Confluent by 52.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,907 shares of the company’s stock valued at $874,000 after purchasing an additional 14,725 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Confluent by 873.2% in the 3rd quarter. Janus Henderson Group PLC now owns 102,600 shares of the company’s stock worth $2,092,000 after purchasing an additional 92,058 shares during the period. Stifel Financial Corp increased its position in shares of Confluent by 112.3% during the 3rd quarter. Stifel Financial Corp now owns 41,339 shares of the company’s stock valued at $842,000 after purchasing an additional 21,864 shares during the last quarter. Finally, Texas Capital Bank Wealth Management Services Inc raised its holdings in Confluent by 125.0% during the 3rd quarter. Texas Capital Bank Wealth Management Services Inc now owns 18,000 shares of the company’s stock valued at $367,000 after buying an additional 10,000 shares during the period. Institutional investors own 78.09% of the company’s stock.

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.