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

Shares of Confluent, Inc. (NASDAQ:CFLT) have received a consensus recommendation of “Moderate Buy” from the thirty-one ratings firms that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation, twenty-two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $29.97.

Several brokerages recently weighed in on CFLT. Robert W. Baird began coverage on Confluent in a research note on Wednesday, September 4th. They set a “neutral” rating and a $23.00 target price for the company. JMP Securities reaffirmed a “market outperform” rating and set a $40.00 target price on shares of Confluent in a research note on Tuesday. JPMorgan Chase & Co. raised Confluent from a “neutral” rating to an “overweight” rating and set a $25.00 target price for the company in a research note on Friday, August 9th. Needham & Company LLC reaffirmed a “buy” rating and set a $28.00 target price on shares of Confluent in a research note on Monday. Finally, Citigroup decreased their target price on Confluent from $32.00 to $28.00 and set a “neutral” rating for the company in a research note on Tuesday, July 30th.

Insider Activity

In other news, CTO Chad Verbowski sold 13,540 shares of Confluent stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $293,547.20. Following the completion of the sale, the chief technology officer now directly owns 496,807 shares in the company, valued at approximately $10,770,775.76. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CTO Chad Verbowski sold 13,540 shares of Confluent stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $293,547.20. Following the completion of the sale, the chief technology officer now directly owns 496,807 shares in the company, valued at approximately $10,770,775.76. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $21.13, for a total value of $4,912,725.00. Following the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $9,561,071.44. The disclosure for this sale can be found here. Insiders sold a total of 524,453 shares of company stock worth $10,833,388 in the last three months. 13.82% of the stock is owned by insiders.

Institutional Investors Weigh In On Confluent

Several institutional investors have recently made changes to their positions in CFLT. Dynamic Technology Lab Private Ltd lifted its holdings in Confluent by 1.9% in the 4th quarter. Dynamic Technology Lab Private Ltd now owns 19,129 shares of the company’s stock worth $448,000 after purchasing an additional 359 shares during the last quarter. Treasurer of the State of North Carolina lifted its holdings in Confluent by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 82,082 shares of the company’s stock worth $1,921,000 after purchasing an additional 800 shares during the last quarter. Daiwa Securities Group Inc. lifted its holdings in Confluent by 7.1% in the 1st quarter. Daiwa Securities Group Inc. now owns 12,100 shares of the company’s stock worth $369,000 after purchasing an additional 800 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in Confluent by 8.7% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock worth $322,000 after purchasing an additional 857 shares during the last quarter. Finally, Advisors Asset Management Inc. lifted its holdings in Confluent by 40.3% in the 1st quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after purchasing an additional 859 shares during the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

Confluent Price Performance

Shares of CFLT opened at $19.81 on Wednesday. The firm has a market capitalization of $6.30 billion, a price-to-earnings ratio of -15.85 and a beta of 0.88. The company has a debt-to-equity ratio of 1.25, a quick ratio of 4.44 and a current ratio of 4.44. Confluent has a one year low of $14.69 and a one year high of $35.07. The stock’s fifty day moving average is $21.45 and its 200-day moving average is $26.33.

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

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.