Confluent’s (CFLT) Buy Rating Reiterated at Truist Financial

Confluent (NASDAQ:CFLT)‘s stock had its “buy” rating reiterated by stock analysts at Truist Financial in a research note issued to investors on Thursday, Benzinga reports. They currently have a $30.00 target price on the stock, down from their previous target price of $36.00. Truist Financial’s target price indicates a potential upside of 36.36% from the company’s previous close.

Several other analysts have also commented on CFLT. TD Cowen raised their price target on shares of Confluent from $34.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Wells Fargo & Company lifted their target price on shares of Confluent from $36.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. Needham & Company LLC reiterated a “buy” rating and issued a $38.00 target price on shares of Confluent in a research report on Tuesday. The Goldman Sachs Group lifted their target price on shares of Confluent from $27.00 to $30.00 and gave the company a “neutral” rating in a research report on Thursday, May 9th. Finally, Canaccord Genuity Group upgraded shares of Confluent from a “hold” rating to a “buy” rating and lifted their target price for the company from $28.00 to $35.00 in a research report on Wednesday, May 8th. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $32.41.

Confluent Stock Down 12.1 %

CFLT stock opened at $22.00 on Thursday. The firm has a market cap of $6.99 billion, a PE ratio of -17.60 and a beta of 0.91. The company has a debt-to-equity ratio of 1.29, a quick ratio of 5.07 and a current ratio of 5.07. The firm’s fifty day moving average is $27.06 and its 200 day moving average is $28.53. Confluent has a one year low of $14.69 and a one year high of $38.19.

Confluent (NASDAQ:CFLT) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.04). The firm had revenue of $217.24 million for the quarter, compared to analyst estimates of $211.57 million. Confluent had a negative net margin of 46.73% and a negative return on equity of 40.55%. On average, research analysts forecast that Confluent will post -0.94 EPS for the current year.

Insiders Place Their Bets

In other Confluent news, Director Lara Caimi sold 5,399 shares of Confluent stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $25.88, for a total transaction of $139,726.12. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CAO Ying Christina Liu sold 7,261 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $31.96, for a total value of $232,061.56. Following the sale, the chief accounting officer now directly owns 161,077 shares of the company’s stock, valued at approximately $5,148,020.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lara Caimi sold 5,399 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $25.88, for a total transaction of $139,726.12. The disclosure for this sale can be found here. Insiders have sold 632,725 shares of company stock valued at $18,138,428 over the last ninety days. Company insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Institutional investors and hedge funds have recently made changes to their positions in the stock. Panagora Asset Management Inc. acquired a new position in shares of Confluent in the fourth quarter valued at approximately $745,000. Norges Bank acquired a new position in shares of Confluent in the fourth quarter valued at approximately $37,046,000. Victory Capital Management Inc. grew its holdings in shares of Confluent by 20.2% in the fourth quarter. Victory Capital Management Inc. now owns 561,497 shares of the company’s stock valued at $13,139,000 after purchasing an additional 94,405 shares in the last quarter. AGF Management Ltd. acquired a new position in shares of Confluent in the fourth quarter valued at approximately $3,537,000. Finally, Highland Capital Management LLC acquired a new position in shares of Confluent in the first quarter valued at approximately $1,181,000. 78.09% of the stock is 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.