Confluent (NASDAQ:CFLT) Upgraded by Wolfe Research to “Strong-Buy”

Wolfe Research upgraded shares of Confluent (NASDAQ:CFLT) to a strong-buy rating in a research report report published on Wednesday morning, Zacks.com reports.

CFLT has been the subject of several other reports. Truist Financial reiterated a buy rating and issued a $30.00 target price (down from $36.00) on shares of Confluent in a report on Thursday, August 1st. JPMorgan Chase & Co. raised shares of Confluent from a neutral rating to an overweight rating and set a $25.00 price objective for the company in a research note on Friday, August 9th. Royal Bank of Canada dropped their target price on shares of Confluent from $35.00 to $30.00 and set an outperform rating on the stock in a report on Thursday, August 1st. Loop Capital reduced their price target on shares of Confluent from $30.00 to $25.00 and set a hold rating for the company in a report on Friday, July 19th. Finally, Bank of America dropped their price objective on shares of Confluent from $32.00 to $26.00 and set an underperform rating on the stock in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Confluent has a consensus rating of Moderate Buy and a consensus target price of $30.31.

Confluent Trading Down 1.5 %

NASDAQ CFLT opened at $20.36 on Wednesday. The stock has a market cap of $6.47 billion, a PE ratio of -16.29 and a beta of 0.88. Confluent has a 12 month low of $14.69 and a 12 month high of $35.07. The company’s 50-day moving average price is $21.83 and its 200-day moving average price is $26.71. 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 (NASDAQ:CFLT) last issued its earnings results on Wednesday, July 31st. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $234.99 million during the quarter, compared to the consensus estimate of $229.49 million. Equities research analysts forecast that Confluent will post -0.95 earnings per share for the current year.

Insider Activity at Confluent

In related news, Director Lara Caimi sold 9,375 shares of the firm’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $20.01, for a total transaction of $187,593.75. Following the completion of the transaction, the director now owns 7,160 shares of the company’s stock, valued at $143,271.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CMO Stephanie Buscemi sold 3,866 shares of Confluent stock in a transaction that occurred on 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 approximately $3,505,070.64. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Lara Caimi sold 9,375 shares of the stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $20.01, for a total transaction of $187,593.75. Following the sale, the director now directly owns 7,160 shares in the company, valued at $143,271.60. The disclosure for this sale can be found here. Insiders have sold a total of 524,263 shares of company stock worth $10,829,566 over the last quarter. Insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hollencrest Capital Management acquired a new position in shares of Confluent during the 1st quarter worth approximately $26,000. Quest Partners LLC acquired a new position in Confluent during the fourth quarter worth $31,000. V Square Quantitative Management LLC purchased a new position in Confluent during the second quarter valued at $68,000. UniSuper Management Pty Ltd grew its position in shares of Confluent by 125.0% in the first quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock valued at $82,000 after purchasing an additional 1,500 shares during the period. Finally, Advisors Asset Management Inc. grew its position in shares of Confluent by 40.3% in the first quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock valued at $91,000 after purchasing an additional 859 shares during the period. Hedge funds and other institutional investors own 78.09% of the company’s stock.

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.