Confluent (NASDAQ:CFLT) Earns Market Outperform Rating from JMP Securities

JMP Securities reiterated their market outperform rating on shares of Confluent (NASDAQ:CFLT) in a report issued on Tuesday, Benzinga reports. The firm currently has a $40.00 price target on the stock.

Other analysts have also recently issued reports about the stock. Truist Financial reiterated a buy rating and issued a $30.00 target price (down from $36.00) on shares of Confluent in a research note on Thursday, August 1st. Robert W. Baird started coverage on shares of Confluent in a research note on Wednesday, September 4th. They issued a neutral rating and a $23.00 target price on the stock. Royal Bank of Canada lowered their target price 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. Loop Capital decreased their price target on shares of Confluent from $30.00 to $25.00 and set a hold rating on the stock in a report on Friday, July 19th. Finally, Piper Sandler decreased their price target on shares of Confluent from $37.00 to $32.00 and set an overweight rating on the stock in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Confluent has an average rating of Moderate Buy and a consensus target price of $29.97.

Confluent Stock Performance

Shares of CFLT stock opened at $19.70 on Tuesday. The stock has a market capitalization of $6.26 billion, a P/E ratio of -15.76 and a beta of 0.88. The company has a current ratio of 4.44, a quick ratio of 4.44 and a debt-to-equity ratio of 1.25. The firm’s 50 day moving average is $21.13 and its 200 day moving average is $26.16. Confluent has a 12 month low of $14.69 and a 12 month high of $35.07.

Confluent (NASDAQ:CFLT) last posted its 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 return on equity of 37.78% and a negative net margin of 42.70%. The firm had revenue of $234.99 million during the quarter, compared to analysts’ expectations of $229.49 million. On average, sell-side analysts anticipate that Confluent will post -0.95 earnings per share for the current year.

Insider Buying and Selling at Confluent

In other Confluent news, CTO Chad Verbowski sold 13,540 shares of the stock in a transaction on Tuesday, August 20th. The shares were 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 owns 496,807 shares of the company’s stock, valued at approximately $10,770,775.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Edward Jay Kreps sold 232,500 shares of the firm’s 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 completion of the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at approximately $9,561,071.44. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Chad Verbowski sold 13,540 shares of the firm’s 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 of the company’s stock, valued at $10,770,775.76. The disclosure for this sale can be found here. Insiders sold 524,453 shares of company stock valued at $10,833,388 in the last quarter. Company insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Several institutional investors and hedge funds have recently modified their holdings of CFLT. Hollencrest Capital Management purchased a new stake in shares of Confluent in the 1st quarter worth about $26,000. Quest Partners LLC purchased a new stake in shares of Confluent in the 4th quarter worth about $31,000. V Square Quantitative Management LLC purchased a new stake in shares of Confluent in the 2nd quarter worth about $68,000. UniSuper Management Pty Ltd lifted its position in shares of Confluent by 125.0% in the 1st 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 during the period. Finally, Advisors Asset Management Inc. lifted its position in shares of 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 period. 78.09% of the stock is owned by hedge funds and other institutional investors.

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.