Confluent (NASDAQ:CFLT) Stock Price Up 8.1% – What’s Next?

Confluent, Inc. (NASDAQ:CFLT) shares rose 8.1% during trading on Wednesday . The stock traded as high as $30.00 and last traded at $29.95. Approximately 2,576,986 shares traded hands during trading, a decline of 41% from the average daily volume of 4,343,759 shares. The stock had previously closed at $27.70.

Analyst Ratings Changes

Several brokerages have recently weighed in on CFLT. Needham & Company LLC increased their price target on Confluent from $28.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. DA Davidson reissued a “buy” rating and set a $30.00 target price on shares of Confluent in a research report on Wednesday, September 18th. Barclays boosted their price target on shares of Confluent from $29.00 to $32.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Stifel Nicolaus reduced their price objective on shares of Confluent from $40.00 to $32.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. Finally, Scotiabank lifted their target price on shares of Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Confluent currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.88.

Confluent Trading Down 1.6 %

The company has a debt-to-equity ratio of 1.17, a current ratio of 4.24 and a quick ratio of 4.24. The stock’s fifty day moving average is $22.24 and its two-hundred day moving average is $24.62.

Confluent (NASDAQ:CFLT) last posted its earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.03. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. The company had revenue of $250.20 million for the quarter, compared to analyst estimates of $243.98 million. Equities analysts forecast that Confluent, Inc. will post -0.9 EPS for the current fiscal year.

Insider Transactions at Confluent

In other Confluent news, Director Matthew Craig Miller sold 1,067,242 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $27.51, for a total value of $29,359,827.42. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Chad Verbowski sold 13,540 shares of the firm’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $293,547.20. Following the sale, the chief technology officer now directly owns 496,807 shares of the company’s stock, valued at approximately $10,770,775.76. This represents a 2.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,041,895 shares of company stock worth $53,318,197 in the last quarter. 13.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. DekaBank Deutsche Girozentrale lifted its stake in Confluent by 8.7% in the first quarter. DekaBank Deutsche Girozentrale now owns 10,681 shares of the company’s stock valued at $322,000 after purchasing an additional 857 shares during the last quarter. Advisors Asset Management Inc. increased 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 acquiring an additional 859 shares during the last quarter. Resolute Advisors LLC raised its stake in Confluent by 11.1% in the 1st quarter. Resolute Advisors LLC now owns 8,693 shares of the company’s stock valued at $265,000 after acquiring an additional 869 shares during the period. Fulton Bank N.A. increased its stake in shares of Confluent by 15.0% in the second quarter. Fulton Bank N.A. now owns 8,145 shares of the company’s stock worth $241,000 after purchasing an additional 1,064 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its position in shares of Confluent by 9.6% in the second quarter. Assenagon Asset Management S.A. now owns 12,680 shares of the company’s stock valued at $374,000 after purchasing an additional 1,113 shares during the period. 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.