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

Confluent, Inc. (NASDAQ:CFLT) has been given an average rating of “Moderate Buy” by the twenty-eight analysts that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have issued a buy rating on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $32.93.

A number of equities research analysts recently issued reports on the stock. Mizuho dropped their price objective on shares of Confluent from $38.00 to $36.00 and set a “buy” rating for the company in a report on Monday, April 15th. Oppenheimer started coverage on shares of Confluent in a report on Friday, May 17th. They set an “outperform” rating and a $37.00 price target for the company. Guggenheim reiterated a “buy” rating and issued a $37.00 price objective on shares of Confluent in a report on Tuesday, June 25th. TD Cowen increased their price objective on Confluent from $34.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Finally, Needham & Company LLC restated a “buy” rating and issued a $38.00 target price on shares of Confluent in a research report on Tuesday, June 11th.

Insider Buying and Selling at Confluent

In related news, CAO Ying Christina Liu sold 68,000 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $31.06, for a total transaction of $2,112,080.00. Following the sale, the chief accounting officer now directly owns 168,338 shares in the company, valued at $5,228,578.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Ying Christina Liu sold 68,000 shares of Confluent stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $31.06, for a total transaction of $2,112,080.00. Following the completion of the sale, the chief accounting officer now directly owns 168,338 shares of the company’s stock, valued at approximately $5,228,578.28. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Chad Verbowski sold 8,312 shares of the stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $26.76, for a total value of $222,429.12. Following the completion of the transaction, the chief technology officer now directly owns 510,347 shares in the company, valued at approximately $13,656,885.72. The disclosure for this sale can be found here. Insiders have sold 632,725 shares of company stock valued at $18,138,428 in the last quarter. Corporate insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hollencrest Capital Management purchased a new stake in shares of Confluent during the 1st quarter worth approximately $26,000. Rakuten Securities Inc. purchased a new stake in Confluent in the fourth quarter valued at $31,000. Quest Partners LLC acquired a new position in Confluent in the fourth quarter valued at $31,000. GAMMA Investing LLC purchased a new position in shares of Confluent during the fourth quarter worth about $35,000. Finally, UniSuper Management Pty Ltd increased its position in shares of Confluent by 125.0% during the first quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock worth $82,000 after purchasing an additional 1,500 shares in the last quarter. 78.09% of the stock is owned by institutional investors and hedge funds.

Confluent Stock Down 2.9 %

CFLT stock opened at $25.04 on Friday. The company has a current ratio of 5.07, a quick ratio of 5.07 and a debt-to-equity ratio of 1.29. The firm has a 50-day moving average of $28.59 and a two-hundred day moving average of $28.28. Confluent has a 12 month low of $14.69 and a 12 month high of $41.22. The company has a market cap of $7.96 billion, a price-to-earnings ratio of -20.03 and a beta of 0.91.

Confluent (NASDAQ:CFLT) last posted 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 company had revenue of $217.24 million during 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%. As a group, analysts forecast that Confluent will post -0.94 earnings per share for the current fiscal year.

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.