Confluent (NASDAQ:CFLT) Upgraded to Hold by Baird R W

Baird R W upgraded shares of Confluent (NASDAQ:CFLT) to a hold rating in a research note released on Wednesday morning, Zacks.com reports.

Several other research analysts have also recently commented on CFLT. Stifel Nicolaus reduced their price target on Confluent from $40.00 to $32.00 and set a buy rating for the company in a research report on Thursday, August 1st. Oppenheimer assumed coverage on Confluent in a report on Friday, May 17th. They issued an outperform rating and a $37.00 price objective for the company. Needham & Company LLC restated a buy rating and set a $38.00 target price on shares of Confluent in a report on Tuesday, July 30th. Truist Financial reiterated a buy rating and issued a $30.00 price target (down previously from $36.00) on shares of Confluent in a research note on Thursday, August 1st. Finally, Royal Bank of Canada lowered their price objective on shares of Confluent from $35.00 to $30.00 and set an outperform rating on the stock in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $30.69.

Confluent Stock Performance

Shares of CFLT stock opened at $19.60 on Wednesday. Confluent has a 12 month low of $14.69 and a 12 month high of $35.07. The company’s fifty day simple moving average is $23.25 and its 200-day simple moving average is $27.50. The firm has a market cap of $6.23 billion, a PE ratio of -15.68 and a beta of 0.88. The company has a quick ratio of 4.44, a current ratio of 4.44 and a debt-to-equity ratio of 1.25.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings results 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). Confluent had a negative net margin of 42.70% and a negative return on equity of 37.78%. The business had revenue of $234.99 million during the quarter, compared to analyst estimates of $229.49 million. Equities research analysts expect that Confluent will post -0.95 EPS for the current fiscal year.

Insider Activity at Confluent

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $21.13, for a total transaction 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Lara Caimi sold 9,375 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $20.01, for a total value of $187,593.75. Following the completion of the transaction, the director now owns 7,160 shares in the company, valued at approximately $143,271.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $21.13, for a total transaction of $4,912,725.00. Following the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at $9,561,071.44. The disclosure for this sale can be found here. Insiders sold a total of 533,433 shares of company stock valued at $11,074,955 in the last quarter. Insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Several large investors have recently modified their holdings of the business. William Blair Investment Management LLC acquired a new stake in Confluent in the second quarter valued at $193,403,000. 1832 Asset Management L.P. bought a new position in shares of Confluent during the first quarter worth about $181,075,000. Coatue Management LLC acquired a new position in shares of Confluent in the fourth quarter worth approximately $134,132,000. Champlain Investment Partners LLC bought a new stake in Confluent in the first quarter valued at approximately $144,563,000. Finally, Price T Rowe Associates Inc. MD increased its position in Confluent by 17.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock valued at $536,601,000 after purchasing an additional 2,587,169 shares during the period. Institutional investors own 78.09% of the company’s stock.

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.