Confluent (NASDAQ:CFLT) Earns Market Outperform Rating from JMP Securities

Confluent (NASDAQ:CFLT)‘s stock had its “market outperform” rating restated by research analysts at JMP Securities in a research report issued to clients and investors on Tuesday, Benzinga reports. They currently have a $40.00 price target on the stock. JMP Securities’ target price indicates a potential upside of 101.51% from the stock’s previous close.

Several other equities analysts also recently weighed in on CFLT. Royal Bank of Canada reduced their target price on shares of Confluent from $35.00 to $30.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Scotiabank decreased their target price on shares of Confluent from $28.00 to $25.00 and set a “sector perform” rating on the stock in a report on Thursday, August 1st. Evercore ISI cut their price target on shares of Confluent from $33.00 to $28.00 and set an “outperform” rating for the company in a report on Friday. Bank of America dropped their price objective on Confluent from $32.00 to $26.00 and set an “underperform” rating for the company in a research note on Thursday, August 1st. Finally, Canaccord Genuity Group cut their price objective on Confluent from $35.00 to $34.00 and set a “buy” 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 issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Confluent presently has an average rating of “Moderate Buy” and an average target price of $29.97.

Confluent Stock Up 0.8 %

NASDAQ CFLT traded up $0.16 on Tuesday, hitting $19.85. 123,540 shares of the company were exchanged, compared to its average volume of 4,402,277. 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. The company has a market cap of $6.31 billion, a PE ratio of -15.88 and a beta of 0.88. The stock has a fifty day moving average of $21.57 and a 200-day moving average of $26.42.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data 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). 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 for the quarter, compared to analyst estimates of $229.49 million. As a group, analysts forecast that Confluent will post -0.95 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Erica Schultz sold 9,556 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total value of $207,174.08. Following the completion of the sale, the insider now owns 687,483 shares in the company, valued at approximately $14,904,631.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Erica Schultz sold 9,556 shares of Confluent stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $207,174.08. Following the completion of the sale, the insider now directly owns 687,483 shares in the company, valued at $14,904,631.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Edward Jay Kreps sold 232,500 shares of the business’s 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 transaction, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at approximately $9,045,235.12. The disclosure for this sale can be found here. Insiders sold 524,263 shares of company stock valued at $10,829,566 over the last three months. 13.82% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CFLT. Norges Bank acquired a new stake in Confluent during the 4th quarter worth about $37,046,000. Highland Capital Management LLC purchased a new position in Confluent during the first quarter valued at approximately $1,181,000. William Blair Investment Management LLC purchased a new position in Confluent during the second quarter valued at approximately $193,403,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in Confluent by 19.6% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 15,501 shares of the company’s stock valued at $473,000 after acquiring an additional 2,542 shares during the period. Finally, Madison Asset Management LLC purchased a new stake in Confluent in the 4th quarter worth approximately $2,555,000. 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.