Confluent (NASDAQ:CFLT) Stock Rating Reaffirmed by DA Davidson

Confluent (NASDAQ:CFLT)‘s stock had its “buy” rating reaffirmed by research analysts at DA Davidson in a report released on Wednesday, Benzinga reports. They currently have a $30.00 price target on the stock. DA Davidson’s target price indicates a potential upside of 45.21% from the company’s previous close.

CFLT has been the subject of a number of other research reports. Loop Capital cut their target price on shares of Confluent from $30.00 to $25.00 and set a “hold” rating for the company in a research report on Friday, July 19th. Scotiabank cut their price objective on Confluent from $28.00 to $25.00 and set a “sector perform” rating for the company in a research report on Thursday, August 1st. Mizuho dropped their price target on Confluent from $36.00 to $34.00 and set an “outperform” rating for the company in a research report on Tuesday, July 16th. Needham & Company LLC restated a “buy” rating and issued a $38.00 price objective on shares of Confluent in a research report on Tuesday, July 30th. Finally, Citigroup decreased their price objective on Confluent from $32.00 to $28.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat, Confluent presently has an average rating of “Moderate Buy” and an average price target of $30.69.

Confluent Price Performance

CFLT stock opened at $20.66 on Wednesday. The firm has a 50 day moving average of $21.91 and a 200-day moving average of $26.75. The company has a market cap of $6.57 billion, a price-to-earnings ratio of -16.53 and a beta of 0.88. The company has a current ratio of 4.44, a quick ratio of 4.44 and a debt-to-equity ratio of 1.25. Confluent has a 12-month low of $14.69 and a 12-month high of $35.07.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, July 31st. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.04). The firm had revenue of $234.99 million for the quarter, compared to analyst estimates of $229.49 million. Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. As a group, equities analysts expect that Confluent will post -0.95 EPS for the current fiscal year.

Insider Transactions at Confluent

In related news, Director Lara Caimi sold 9,375 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $20.01, for a total transaction of $187,593.75. Following the transaction, the director now directly owns 7,160 shares of the company’s stock, valued at approximately $143,271.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Lara Caimi sold 9,375 shares of Confluent stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $20.01, for a total transaction of $187,593.75. Following the sale, the director now owns 7,160 shares of the company’s stock, valued at approximately $143,271.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CMO Stephanie Buscemi sold 3,866 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $83,814.88. Following the completion of the transaction, the chief marketing officer now directly owns 161,673 shares of the company’s stock, valued at $3,505,070.64. The disclosure for this sale can be found here. Insiders sold 524,263 shares of company stock valued at $10,829,566 over the last quarter. Company insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Several institutional investors and hedge funds have recently made changes to their positions in CFLT. Hollencrest Capital Management acquired a new position in Confluent during the 1st quarter worth $26,000. Quest Partners LLC bought a new stake in Confluent in the fourth quarter valued at about $31,000. V Square Quantitative Management LLC bought a new stake in Confluent in the second quarter valued at about $68,000. UniSuper Management Pty Ltd raised its stake in Confluent by 125.0% during the first quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock valued at $82,000 after buying an additional 1,500 shares in the last quarter. Finally, Advisors Asset Management Inc. lifted its holdings in Confluent by 40.3% during the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after buying an additional 859 shares during the last quarter. 78.09% of the stock is currently owned by hedge funds and other institutional investors.

About Confluent

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.