Confluent, Inc. (NASDAQ:CFLT) Given Consensus Rating of “Moderate Buy” by Analysts

Confluent, Inc. (NASDAQ:CFLT) has been assigned a consensus rating of “Moderate Buy” from the twenty-nine brokerages that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $35.00.

A number of equities analysts recently issued reports on the stock. UBS Group increased their target price on shares of Confluent from $26.00 to $34.00 and gave the company a “neutral” rating in a research report on Wednesday, February 12th. Stifel Nicolaus raised their price objective on shares of Confluent from $37.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Truist Financial raised their price objective on shares of Confluent from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. JMP Securities restated a “market outperform” rating and set a $40.00 price objective on shares of Confluent in a research report on Tuesday, October 29th. Finally, Wells Fargo & Company raised their price objective on shares of Confluent from $40.00 to $42.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th.

Insider Transactions at Confluent

In related news, CFO Rohan Sivaram sold 68,350 shares of the firm’s stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $36.23, for a total transaction of $2,476,320.50. Following the transaction, the chief financial officer now owns 520,273 shares of the company’s stock, valued at approximately $18,849,490.79. This trade represents a 11.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Stephanie Buscemi sold 26,047 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $32.89, for a total transaction of $856,685.83. Following the transaction, the chief marketing officer now directly owns 144,373 shares in the company, valued at approximately $4,748,427.97. The trade was a 15.28 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,140,614 shares of company stock valued at $38,017,784 over the last three months. 13.82% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Confluent

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Confluent by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 24,828,562 shares of the company’s stock valued at $694,207,000 after purchasing an additional 599,582 shares during the last quarter. Champlain Investment Partners LLC grew its holdings in Confluent by 1.3% during the fourth quarter. Champlain Investment Partners LLC now owns 10,834,754 shares of the company’s stock valued at $302,940,000 after purchasing an additional 133,908 shares during the last quarter. Geode Capital Management LLC grew its holdings in Confluent by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 4,409,872 shares of the company’s stock valued at $123,339,000 after purchasing an additional 84,163 shares during the last quarter. Jericho Capital Asset Management L.P. grew its holdings in Confluent by 18.1% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,000,000 shares of the company’s stock valued at $83,880,000 after purchasing an additional 459,000 shares during the last quarter. Finally, Norges Bank acquired a new position in Confluent during the fourth quarter valued at approximately $81,092,000. Institutional investors own 78.09% of the company’s stock.

Confluent Stock Performance

Shares of CFLT opened at $31.01 on Friday. The firm has a 50-day moving average price of $29.86 and a 200 day moving average price of $25.92. The firm has a market capitalization of $10.17 billion, a PE ratio of -28.71 and a beta of 0.92. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14. Confluent has a 52-week low of $17.79 and a 52-week high of $37.90.

Confluent (NASDAQ:CFLT) last announced its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. On average, sell-side analysts anticipate that Confluent will post -0.83 earnings per share for the current fiscal year.

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.