Confluent, Inc. (NASDAQ:CFLT) Receives Average Rating of “Moderate Buy” from Brokerages

Confluent, Inc. (NASDAQ:CFLT) has earned an average rating of “Moderate Buy” from the thirty-one ratings firms that are presently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation, twenty-two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $29.97.

A number of brokerages have recently commented on CFLT. Wells Fargo & Company cut their price target on Confluent from $38.00 to $34.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. Bank of America lowered their price objective on Confluent from $32.00 to $26.00 and set an “underperform” rating on the stock in a research report on Thursday, August 1st. Mizuho lowered their price objective on Confluent from $36.00 to $34.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 16th. Royal Bank of Canada lowered their price objective on Confluent from $35.00 to $30.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Finally, Guggenheim restated a “buy” rating and set a $37.00 price objective on shares of Confluent in a research report on Tuesday, June 25th.

Insider Activity

In other news, Director Lara Caimi sold 9,375 shares of the company’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $20.01, for a total transaction of $187,593.75. Following the transaction, the director now owns 7,160 shares of the company’s stock, valued at $143,271.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Confluent news, CTO Chad Verbowski sold 13,540 shares of the stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $293,547.20. Following the transaction, the chief technology officer now owns 496,807 shares of the company’s stock, valued at $10,770,775.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Lara Caimi sold 9,375 shares of the stock in a transaction dated 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 transaction, 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. Insiders have sold 524,453 shares of company stock valued at $10,833,388 over the last 90 days. 13.82% of the stock is owned by company insiders.

Hedge Funds Weigh In On Confluent

Several hedge funds have recently added to or reduced their stakes in CFLT. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Confluent by 36.6% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 128,839 shares of the company’s stock valued at $2,801,000 after buying an additional 34,502 shares during the period. Panagora Asset Management Inc. bought a new stake in shares of Confluent in the fourth quarter worth about $745,000. Norges Bank bought a new stake in shares of Confluent in the fourth quarter worth about $37,046,000. Dynamic Technology Lab Private Ltd increased its holdings in shares of Confluent by 1.9% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 19,129 shares of the company’s stock worth $448,000 after acquiring an additional 359 shares in the last quarter. Finally, Clearbridge Investments LLC increased its holdings in shares of Confluent by 103.1% in the fourth quarter. Clearbridge Investments LLC now owns 888,502 shares of the company’s stock worth $20,791,000 after acquiring an additional 451,023 shares in the last quarter. Institutional investors and hedge funds own 78.09% of the company’s stock.

Confluent Stock Up 0.6 %

Shares of CFLT stock opened at $19.81 on Wednesday. Confluent has a 12 month low of $14.69 and a 12 month high of $35.07. The firm has a market cap of $6.30 billion, a PE ratio of -15.85 and a beta of 0.88. The stock has a 50 day moving average of $21.45 and a 200-day moving average of $26.33. The company has a quick ratio of 4.44, a current ratio of 4.44 and a debt-to-equity ratio of 1.25.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings results on Wednesday, July 31st. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. The business had revenue of $234.99 million for the quarter, compared to analyst estimates of $229.49 million. On average, equities analysts predict that Confluent will post -0.95 EPS for the current 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.