Confluent (NASDAQ:CFLT) Stock Rating Reaffirmed by DA Davidson

Confluent (NASDAQ:CFLT)‘s stock had its “buy” rating reaffirmed by stock analysts at DA Davidson in a note issued to investors on Wednesday, Benzinga reports. They presently have a $30.00 price target on the stock. DA Davidson’s price target suggests a potential upside of 45.21% from the company’s current price.

Other analysts have also recently issued research reports about the stock. TD Cowen dropped their price objective on shares of Confluent from $34.00 to $31.00 and set a “buy” rating on the stock in a report on Thursday, August 1st. Royal Bank of Canada reduced their price objective on Confluent from $35.00 to $30.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Bank of America lowered their target price on Confluent from $32.00 to $26.00 and set an “underperform” rating on the stock in a research report on Thursday, August 1st. Baird R W upgraded Confluent to a “hold” rating in a research report on Wednesday, September 4th. Finally, Robert W. Baird assumed coverage on Confluent in a report on Wednesday, September 4th. They set a “neutral” rating and a $23.00 price target on the stock. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $30.69.

Confluent Stock Performance

Shares of NASDAQ CFLT opened at $20.66 on Wednesday. The company has a quick ratio of 4.44, a current ratio of 4.44 and a debt-to-equity ratio of 1.25. The firm’s 50-day moving average price is $21.91 and its two-hundred day moving average price is $26.75. Confluent has a 52-week low of $14.69 and a 52-week high of $35.07. The stock has a market capitalization of $6.57 billion, a P/E ratio of -16.53 and a beta of 0.88.

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 the consensus estimate of ($0.23) by ($0.04). The company had revenue of $234.99 million during the quarter, compared to the consensus estimate of $229.49 million. Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. As a group, sell-side analysts forecast that Confluent will post -0.95 earnings per share for the current year.

Insiders Place Their Bets

In other news, CMO Stephanie Buscemi sold 3,866 shares of the company’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $83,814.88. Following the transaction, the chief marketing officer now owns 161,673 shares in the company, valued at approximately $3,505,070.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Confluent news, CFO Rohan Sivaram sold 22,926 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $497,035.68. Following the transaction, the chief financial officer now owns 555,337 shares in the company, valued at $12,039,706.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Stephanie Buscemi sold 3,866 shares of the firm’s stock in a transaction dated 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 directly owns 161,673 shares of the company’s stock, valued at $3,505,070.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 524,263 shares of company stock worth $10,829,566. 13.82% of the stock is currently owned by company 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. increased its stake in shares of Confluent by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 19,741,320 shares of the company’s stock worth $602,505,000 after purchasing an additional 669,675 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Confluent by 17.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock valued at $536,601,000 after buying an additional 2,587,169 shares in the last quarter. 1832 Asset Management L.P. lifted its position in shares of Confluent by 28.4% in the second quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company’s stock worth $224,933,000 after buying an additional 1,684,100 shares during the last quarter. William Blair Investment Management LLC bought a new stake in shares of Confluent during the 2nd quarter worth about $193,403,000. Finally, Coatue Management LLC acquired a new position in shares of Confluent during the 4th quarter valued at about $134,132,000. 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.