Confluent, Inc. (NASDAQ:CFLT) Receives $33.04 Consensus PT from Brokerages

Shares of Confluent, Inc. (NASDAQ:CFLT) have been assigned a consensus rating of “Moderate Buy” from the twenty-eight brokerages that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and twenty-one have issued a buy recommendation on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $33.11.

A number of analysts have weighed in on the stock. JMP Securities raised their target price on shares of Confluent from $38.00 to $40.00 and gave the company a “market outperform” rating in a research report on Wednesday, May 8th. Mizuho reduced their price objective on shares of Confluent from $38.00 to $36.00 and set a “buy” rating on the stock in a research note on Monday, April 15th. Oppenheimer began coverage on Confluent in a report on Friday, May 17th. They set an “outperform” rating and a $37.00 target price on the stock. Wells Fargo & Company lifted their price objective on Confluent from $36.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. Finally, Truist Financial restated a “buy” rating and issued a $36.00 price target (up previously from $33.00) on shares of Confluent in a research report on Wednesday, May 8th.

Confluent Trading Up 8.0 %

Shares of CFLT stock opened at $27.93 on Monday. The stock has a market cap of $8.88 billion, a P/E ratio of -22.34 and a beta of 0.88. Confluent has a 1 year low of $14.69 and a 1 year high of $41.22. 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 stock has a 50 day simple moving average of $28.91 and a 200 day simple moving average of $27.61.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). The firm had revenue of $217.24 million for the quarter, compared to analyst estimates of $211.57 million. Confluent had a negative return on equity of 40.55% and a negative net margin of 46.73%. On average, research analysts predict that Confluent will post -0.94 earnings per share for the current fiscal year.

Insider Activity

In other Confluent news, CTO Chad Verbowski sold 8,086 shares of Confluent stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $31.20, for a total transaction of $252,283.20. Following the completion of the sale, the chief technology officer now directly owns 532,072 shares of the company’s stock, valued at approximately $16,600,646.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Confluent news, CAO Ying Christina Liu sold 68,000 shares of the firm’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $31.06, for a total value of $2,112,080.00. Following the completion of the transaction, the chief accounting officer now owns 168,338 shares of the company’s stock, valued at $5,228,578.28. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CTO Chad Verbowski sold 8,086 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total value of $252,283.20. Following the completion of the sale, the chief technology officer now owns 532,072 shares in the company, valued at approximately $16,600,646.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 632,636 shares of company stock valued at $18,176,366. 13.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Hollencrest Capital Management acquired a new stake in shares of Confluent in the first quarter valued at approximately $26,000. UniSuper Management Pty Ltd purchased a new stake in shares of Confluent in the 3rd quarter valued at approximately $36,000. Rakuten Securities Inc. acquired a new stake in shares of Confluent during the 4th quarter worth approximately $31,000. Quest Partners LLC acquired a new stake in shares of Confluent during the 4th quarter worth approximately $31,000. Finally, GAMMA Investing LLC purchased a new stake in shares of Confluent during the 4th quarter valued at approximately $35,000. Hedge funds and other 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.