UBS Group Upgrades Confluent (NASDAQ:CFLT) to “Buy”

Confluent (NASDAQ:CFLT) was upgraded by UBS Group from a “neutral” rating to a “buy” rating in a note issued to investors on Wednesday,Briefing.com Automated Import reports. The brokerage presently has a $38.00 price objective on the stock, up from their previous price objective of $34.00. UBS Group’s price target indicates a potential upside of 24.84% from the company’s current price.

Other research analysts have also issued research reports about the stock. Stifel Nicolaus upped their price target on shares of Confluent from $37.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Barclays upped their target price on Confluent from $35.00 to $37.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. JMP Securities restated a “market outperform” rating and issued a $40.00 target price on shares of Confluent in a research note on Tuesday, October 29th. Bank of America boosted their price target on Confluent from $26.00 to $31.00 and gave the company an “underperform” rating in a research note on Wednesday, February 12th. Finally, Truist Financial raised their price objective on Confluent from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $35.15.

Confluent Stock Down 2.1 %

Shares of CFLT stock opened at $30.44 on Wednesday. The stock’s fifty day moving average price is $29.84 and its 200 day moving average price is $26.17. Confluent has a 1-year low of $17.79 and a 1-year high of $37.90. The company has a market cap of $9.98 billion, a price-to-earnings ratio of -28.19 and a beta of 0.92. The company has a debt-to-equity ratio of 1.14, a current ratio of 3.99 and a quick ratio of 4.24.

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

Insider Buying and Selling at Confluent

In other Confluent news, insider Erica Schultz sold 63,729 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $31.21, for a total transaction of $1,988,982.09. Following the completion of the transaction, the insider now owns 678,016 shares of the company’s stock, valued at $21,160,879.36. This represents a 8.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew Craig Miller sold 53,512 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $33.64, for a total value of $1,800,143.68. The disclosure for this sale can be found here. Insiders have sold a total of 1,394,730 shares of company stock valued at $45,827,255 over the last ninety days. Corporate insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

A number of large investors have recently modified their holdings of CFLT. Credit Industriel ET Commercial acquired a new position in Confluent during the fourth quarter worth about $28,000. Blue Trust Inc. boosted its holdings in shares of Confluent by 354.0% during the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock worth $58,000 after purchasing an additional 1,607 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Confluent during the 4th quarter worth approximately $59,000. Point72 Hong Kong Ltd acquired a new stake in shares of Confluent in the third quarter valued at approximately $68,000. Finally, GAMMA Investing LLC increased its holdings in shares of Confluent by 85.3% in the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock valued at $69,000 after purchasing an additional 1,136 shares during the last quarter. Hedge funds and other institutional investors own 78.09% of the company’s stock.

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.