Confluent, Inc. (NASDAQ:CFLT) Receives $30.69 Consensus PT from Analysts

Shares of Confluent, Inc. (NASDAQ:CFLT) have earned an average rating of “Moderate Buy” from the thirty-one brokerages that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation and twenty-three have issued a buy recommendation on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $30.31.

Several brokerages have recently issued reports on CFLT. Royal Bank of Canada reduced their price objective on Confluent from $35.00 to $30.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. Evercore ISI decreased their price objective on Confluent from $33.00 to $28.00 and set an “outperform” rating for the company in a research note on Friday. Mizuho lowered their price objective on Confluent from $36.00 to $34.00 and set an “outperform” rating for the company in a research report on Tuesday, July 16th. Stifel Nicolaus reduced their target price on shares of Confluent from $40.00 to $32.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. Finally, Needham & Company LLC reiterated a “buy” rating and set a $38.00 price target on shares of Confluent in a report on Tuesday, July 30th.

Confluent Stock Performance

NASDAQ CFLT opened at $20.36 on Wednesday. The company has a debt-to-equity ratio of 1.25, a current ratio of 4.44 and a quick ratio of 4.44. The company has a market cap of $6.47 billion, a P/E ratio of -16.29 and a beta of 0.88. The stock has a 50-day moving average of $21.83 and a two-hundred day moving average of $26.71. Confluent has a 1-year low of $14.69 and a 1-year high of $35.07.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data on Wednesday, July 31st. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.04). Confluent had a negative net margin of 42.70% and a negative return on equity of 37.78%. The business had revenue of $234.99 million during the quarter, compared to analysts’ expectations of $229.49 million. As a group, analysts anticipate that Confluent will post -0.95 EPS for the current year.

Insider Buying and Selling

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at approximately $9,045,235.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CMO Stephanie Buscemi sold 3,866 shares of the stock in a transaction dated Tuesday, August 20th. The shares were 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 of the company’s stock, valued at $3,505,070.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total value of $4,647,675.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares in the company, valued at approximately $9,045,235.12. The disclosure for this sale can be found here. Insiders have sold a total of 524,263 shares of company stock valued at $10,829,566 over the last quarter. 13.82% of the stock is currently owned by insiders.

Institutional Trading of Confluent

Hedge funds have recently modified their holdings of the business. Hollencrest Capital Management purchased a new stake in Confluent during the first quarter worth about $26,000. Quest Partners LLC acquired a new stake in shares of Confluent in the 4th quarter worth approximately $31,000. V Square Quantitative Management LLC purchased a new position in Confluent in the 2nd quarter valued at approximately $68,000. UniSuper Management Pty Ltd raised its holdings in Confluent by 125.0% during the first 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 last quarter. Finally, Advisors Asset Management Inc. boosted its position in Confluent by 40.3% during the first quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock worth $91,000 after purchasing an additional 859 shares in the last quarter. 78.09% of the stock is owned by institutional investors and hedge funds.

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.