Confluent (NASDAQ:CFLT) Shares Up 6.4% – Time to Buy?

Confluent, Inc. (NASDAQ:CFLT)’s share price shot up 6.4% on Thursday . The company traded as high as $32.66 and last traded at $32.77. 2,180,950 shares were traded during trading, a decline of 48% from the average session volume of 4,184,715 shares. The stock had previously closed at $30.79.

Analyst Ratings Changes

Several research firms have commented on CFLT. Bank of America increased their target price on shares of Confluent from $26.00 to $31.00 and gave the stock an “underperform” rating in a research report on Wednesday, February 12th. Needham & Company LLC boosted their target price on Confluent from $31.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Mizuho increased their price target on Confluent from $31.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Wells Fargo & Company boosted their price objective on shares of Confluent from $40.00 to $42.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Finally, Royal Bank of Canada lifted their target price on shares of Confluent from $36.00 to $41.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $35.15.

Confluent Trading Up 2.9 %

The firm has a market cap of $10.39 billion, a P/E ratio of -29.34 and a beta of 0.92. The business’s 50-day moving average is $29.86 and its two-hundred day moving average is $26.21. 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 posted 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 net margin of 35.81% and a negative return on equity of 34.70%. As a group, analysts predict that Confluent, Inc. will post -0.83 earnings per share for the current fiscal year.

Insider Activity at Confluent

In related news, Director Matthew Craig Miller sold 53,512 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $33.64, for a total value of $1,800,143.68. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Erica Schultz sold 113,729 shares of the stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $30.29, for a total transaction of $3,444,851.41. Following the sale, the insider now owns 502,424 shares in the company, valued at $15,218,422.96. The trade was a 18.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,394,730 shares of company stock worth $45,827,255. Corporate insiders own 13.82% of the company’s stock.

Institutional Investors Weigh In On Confluent

Several hedge funds have recently modified their holdings of the company. Quantbot Technologies LP boosted its holdings in Confluent by 1,465.6% in the third quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock valued at $617,000 after acquiring an additional 28,360 shares during the last quarter. Pathway Capital Management LP acquired a new stake in Confluent during the third quarter worth approximately $918,000. Charles Schwab Investment Management Inc. boosted its stake in Confluent by 2.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company’s stock worth $46,549,000 after acquiring an additional 64,926 shares in the last quarter. Oppenheimer & Co. Inc. grew its stake in shares of Confluent by 152.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 68,613 shares of the company’s stock valued at $1,398,000 after buying an additional 41,431 shares during the period. Finally, XTX Topco Ltd acquired a new position in shares of Confluent during the third quarter worth approximately $868,000. Institutional investors and hedge funds 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.