Confluent (NASDAQ:CFLT) Coverage Initiated by Analysts at Robert W. Baird

Robert W. Baird initiated coverage on shares of Confluent (NASDAQ:CFLT) in a research note published on Wednesday morning, Marketbeat.com reports. The firm issued a neutral rating and a $23.00 target price on the stock.

A number of other analysts also recently issued reports on the stock. Guggenheim reissued a buy rating and issued a $37.00 price objective on shares of Confluent in a report on Tuesday, June 25th. Bank of America reduced their price target on Confluent from $32.00 to $26.00 and set an underperform rating on the stock in a research report on Thursday, August 1st. Oppenheimer began coverage on Confluent in a report on Friday, May 17th. They issued an outperform rating and a $37.00 price objective for the company. Canaccord Genuity Group raised Confluent from a hold rating to a buy rating and set a $35.00 target price on the stock in a report on Wednesday, May 8th. Finally, Scotiabank dropped their price target on Confluent from $28.00 to $25.00 and set a sector perform rating for the company in a research note on Thursday, August 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-three have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $30.69.

Confluent Price Performance

Confluent stock opened at $19.79 on Wednesday. The company has a market capitalization of $6.29 billion, a price-to-earnings ratio of -15.83 and a beta of 0.91. The company has a current ratio of 4.44, a quick ratio of 4.44 and a debt-to-equity ratio of 1.25. Confluent has a 12 month low of $14.69 and a 12 month high of $35.22. The stock’s 50 day moving average is $23.63 and its 200-day moving average is $27.69.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data on Wednesday, July 31st. The company reported ($0.27) earnings per share 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 for the quarter, compared to the consensus estimate of $229.49 million. Equities research analysts expect that Confluent will post -0.95 EPS for the current year.

Insider Buying and Selling at Confluent

In other news, CMO Stephanie Buscemi sold 3,866 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 $83,814.88. Following the completion of the transaction, the chief marketing officer now directly owns 161,673 shares in the company, valued at $3,505,070.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Confluent news, CTO Chad Verbowski sold 13,540 shares of the 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 in the company, valued at approximately $10,770,775.76. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CMO Stephanie Buscemi sold 3,866 shares of the stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $83,814.88. Following the sale, the chief marketing officer now owns 161,673 shares of the company’s stock, valued at $3,505,070.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 300,933 shares of company stock worth $6,427,280. Insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Sycomore Asset Management lifted its stake in Confluent by 308.3% in the second quarter. Sycomore Asset Management now owns 333,083 shares of the company’s stock valued at $9,176,000 after buying an additional 251,507 shares during the period. Truist Financial Corp grew its position in shares of Confluent by 5.3% during the 2nd quarter. Truist Financial Corp now owns 24,420 shares of the company’s stock worth $721,000 after buying an additional 1,238 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of Confluent by 4.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 121,364 shares of the company’s stock valued at $3,584,000 after acquiring an additional 5,631 shares during the period. MBB Public Markets I LLC bought a new position in Confluent during the second quarter worth $493,000. Finally, APG Asset Management N.V. boosted its stake in Confluent by 233.4% during the second quarter. APG Asset Management N.V. now owns 28,284 shares of the company’s stock worth $779,000 after acquiring an additional 19,800 shares in the last quarter. 78.09% of the stock is owned by institutional investors and hedge funds.

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.