Confluent, Inc. (NASDAQ:CFLT) Receives Average Recommendation of “Hold” from Brokerages

Confluent, Inc. (NASDAQ:CFLT) has received a consensus rating of “Hold” from the fifteen brokerages that are covering the stock, Marketbeat reports. Ten equities research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $46.99.

A number of research firms recently weighed in on CFLT. Cowen initiated coverage on shares of Confluent in a research note on Monday, July 19th. They issued an “outperform” rating and a $40.40 price objective for the company. DA Davidson initiated coverage on shares of Confluent in a research report on Wednesday, September 15th. They set a “neutral” rating and a $61.00 price target for the company. JPMorgan Chase & Co. initiated coverage on shares of Confluent in a research report on Monday, July 19th. They set a “neutral” rating and a $44.00 price target for the company. Piper Sandler initiated coverage on shares of Confluent in a research report on Monday, July 19th. They set an “overweight” rating and a $50.00 price target for the company. Finally, UBS Group initiated coverage on shares of Confluent in a research report on Monday, July 19th. They set a “buy” rating and a $46.00 price target for the company.

A number of institutional investors and hedge funds have recently made changes to their positions in CFLT. Cubist Systematic Strategies LLC purchased a new stake in shares of Confluent during the second quarter valued at approximately $38,000. Advisory Services Network LLC purchased a new stake in shares of Confluent during the second quarter valued at approximately $86,000. Legal & General Group Plc purchased a new stake in shares of Confluent during the second quarter valued at approximately $95,000. Berman Capital Advisors LLC grew its holdings in shares of Confluent by 79.7% during the third quarter. Berman Capital Advisors LLC now owns 6,290 shares of the company’s stock valued at $375,000 after buying an additional 2,790 shares during the last quarter. Finally, Qube Research & Technologies Ltd purchased a new stake in shares of Confluent during the second quarter valued at approximately $228,000. Institutional investors and hedge funds own 17.15% of the company’s stock.

NASDAQ CFLT traded up $1.08 during trading hours on Friday, hitting $67.58. The company’s stock had a trading volume of 28,504 shares, compared to its average volume of 1,054,455. Confluent has a 52 week low of $37.71 and a 52 week high of $74.25. The company’s 50-day moving average price is $59.19.

Confluent (NASDAQ:CFLT) last posted its earnings results on Thursday, August 5th. The company reported ($0.60) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.70) by $0.10. The firm had revenue of $88.34 million for the quarter, compared to the consensus estimate of $76.48 million. As a group, equities analysts predict that Confluent will post -1.95 EPS for the current fiscal year.

Confluent Company Profile

Confluent, Inc engages in developing cloud-native platform for data-in-motion that helps companies to connect their applications around real-time streams in the United States and internationally. The company offers Apache Kafka, a community distributed event streaming platform. Its products also include Confluent Cloud, a managed cloud-native service for Apache Kafka to connect and process data of user companies; Confluent platform, a self-managed platform to connect, process, and react to data in real-time for streaming data from across the organization for customer experiences and data-driven operations; ksqlDB that enables users to build real-time applications; and Confluent hub.

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Analyst Recommendations for Confluent (NASDAQ:CFLT)

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