Confluent, Inc. (NASDAQ:CFLT) Given Average Rating of “Moderate Buy” by Analysts

Confluent, Inc. (NASDAQ:CFLT) has been assigned an average rating of “Moderate Buy” from the twenty-eight research firms that are covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have assigned a buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $32.93.

A number of research analysts recently issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $38.00 target price on shares of Confluent in a report on Tuesday, June 11th. DA Davidson reaffirmed a “buy” rating and set a $37.00 target price on shares of Confluent in a report on Monday, April 1st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $40.00 target price on shares of Confluent in a report on Tuesday, June 4th. Oppenheimer initiated coverage on Confluent in a report on Friday, May 17th. They set an “outperform” rating and a $37.00 target price on the stock. Finally, Canaccord Genuity Group raised Confluent from a “hold” rating to a “buy” rating and lifted their price target for the stock from $28.00 to $35.00 in a research note on Wednesday, May 8th.

Confluent Price Performance

Shares of CFLT opened at $28.58 on Friday. The firm has a market capitalization of $9.08 billion, a price-to-earnings ratio of -22.86 and a beta of 0.91. The company has a debt-to-equity ratio of 1.29, a quick ratio of 5.07 and a current ratio of 5.07. Confluent has a one year low of $14.69 and a one year high of $41.22. The stock’s fifty day moving average is $28.70 and its 200-day moving average is $28.17.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.04). The business had revenue of $217.24 million for 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%. Equities analysts anticipate that Confluent will post -0.94 EPS for the current year.

Insider Activity

In other news, CTO Chad Verbowski sold 13,413 shares of Confluent stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $31.96, for a total transaction of $428,679.48. Following the completion of the sale, the chief technology officer now directly owns 518,659 shares in the company, valued at approximately $16,576,341.64. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $26.17, for a total value of $6,084,525.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $11,841,610.96. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Chad Verbowski sold 13,413 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $31.96, for a total value of $428,679.48. Following the completion of the sale, the chief technology officer now owns 518,659 shares of the company’s stock, valued at $16,576,341.64. The disclosure for this sale can be found here. Insiders sold a total of 632,725 shares of company stock worth $18,138,428 in the last three months. 13.82% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Hollencrest Capital Management bought a new position in Confluent in the 1st quarter worth approximately $26,000. Rakuten Securities Inc. bought a new position in Confluent in the 4th quarter worth approximately $31,000. Quest Partners LLC bought a new position in Confluent in the 4th quarter worth approximately $31,000. GAMMA Investing LLC bought a new position in Confluent in the 4th quarter worth approximately $35,000. Finally, UniSuper Management Pty Ltd increased its position in 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 buying an additional 1,500 shares during the period. 78.09% of the stock is owned by institutional investors.

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.