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

Confluent (NASDAQ:CFLT) was upgraded by equities research analysts at Wolfe Research to a “strong-buy” rating in a research report issued on Wednesday, Zacks.com reports.

A number of other brokerages also recently issued reports on CFLT. Bank of America decreased their price target on Confluent from $32.00 to $26.00 and set an “underperform” rating for the company in a report on Thursday, August 1st. Piper Sandler decreased their price target on Confluent from $37.00 to $32.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. DA Davidson reaffirmed a “buy” rating and set a $30.00 price target on shares of Confluent in a report on Wednesday. Royal Bank of Canada reduced their target price on Confluent from $35.00 to $30.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Finally, Scotiabank reduced their target price on Confluent from $28.00 to $25.00 and set a “sector perform” rating for the company in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $30.31.

Confluent Trading Down 1.5 %

NASDAQ:CFLT opened at $20.36 on Wednesday. The firm has a market cap of $6.47 billion, a PE ratio of -16.29 and a beta of 0.88. The stock has a fifty day moving average price of $21.83 and a 200 day moving average price of $26.71. Confluent has a 12-month low of $14.69 and a 12-month high of $35.07. 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 announced its quarterly earnings results on Wednesday, July 31st. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). The business had revenue of $234.99 million for the quarter, compared to analysts’ expectations of $229.49 million. Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. Sell-side analysts anticipate that Confluent will post -0.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CMO Stephanie Buscemi sold 3,866 shares of the company’s stock in a transaction that occurred on 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 approximately $3,505,070.64. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CMO Stephanie Buscemi sold 3,866 shares of the company’s stock in a transaction that occurred on 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 approximately $3,505,070.64. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Lara Caimi sold 9,375 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $20.01, for a total value of $187,593.75. Following the completion of the sale, the director now directly owns 7,160 shares in the company, valued at approximately $143,271.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 524,263 shares of company stock worth $10,829,566. Company insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CFLT. William Blair Investment Management LLC purchased a new position in shares of Confluent during the 2nd quarter worth $193,403,000. 1832 Asset Management L.P. acquired a new stake in shares of Confluent during the 1st quarter worth $181,075,000. Coatue Management LLC acquired a new stake in shares of Confluent during the 4th quarter worth $134,132,000. Champlain Investment Partners LLC acquired a new stake in shares of Confluent during the 1st quarter worth $144,563,000. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Confluent by 17.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock worth $536,601,000 after buying an additional 2,587,169 shares during the last quarter. 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.