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

Confluent, Inc. (NASDAQ:CFLT) has earned an average recommendation of “Moderate Buy” from the twenty-nine brokerages that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $32.37.

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. boosted their price target on shares of Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Wells Fargo & Company increased their target price on shares of Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Royal Bank of Canada upped their price objective on Confluent from $33.00 to $36.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Morgan Stanley reissued an “equal weight” rating and set a $30.00 price objective (down from $33.00) on shares of Confluent in a report on Thursday, January 16th. Finally, Mizuho upped their price target on Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, December 13th.

Confluent Price Performance

CFLT opened at $28.74 on Tuesday. Confluent has a 1 year low of $17.79 and a 1 year high of $35.07. 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 company has a market capitalization of $9.43 billion, a price-to-earnings ratio of -25.89 and a beta of 0.91. The firm’s fifty day moving average price is $29.62 and its two-hundred day moving average price is $24.91.

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

Insider Activity

In related news, CMO Stephanie Buscemi sold 164,123 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $26.24, for a total transaction of $4,306,587.52. Following the completion of the sale, the chief marketing officer now directly owns 149,644 shares in the company, valued at $3,926,658.56. This represents a 52.31 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Kong Phan sold 2,096 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $59,170.08. Following the transaction, the chief accounting officer now owns 190,680 shares of the company’s stock, valued at approximately $5,382,896.40. This represents a 1.09 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,584,712 shares of company stock valued at $132,928,936. Corporate insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Institutional investors and hedge funds have recently made changes to their positions in the business. Blue Trust Inc. raised its stake in Confluent by 354.0% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock valued at $58,000 after buying an additional 1,607 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in Confluent in the 3rd quarter worth about $68,000. GAMMA Investing LLC grew its position in Confluent by 85.3% during the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after purchasing an additional 1,136 shares during the last quarter. Pacer Advisors Inc. increased its stake in Confluent by 36.4% during the 4th quarter. Pacer Advisors Inc. now owns 6,068 shares of the company’s stock valued at $170,000 after purchasing an additional 1,619 shares in the last quarter. Finally, DMC Group LLC purchased a new position in Confluent in the fourth quarter worth about $201,000. 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.