William Blair Reiterates “Outperform” Rating for Confluent (NASDAQ:CFLT)

William Blair reaffirmed their outperform rating on shares of Confluent (NASDAQ:CFLT) in a report released on Monday,RTT News reports.

Several other research firms have also recently commented on CFLT. Loop Capital reduced their target price on Confluent from $34.00 to $30.00 and set a “hold” rating for the company in a research note on Monday, March 10th. Guggenheim increased their price objective on shares of Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Piper Sandler boosted their target price on shares of Confluent from $35.00 to $40.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Truist Financial upped their target price on shares of Confluent from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $40.00 price target on shares of Confluent in a research note on Friday, March 7th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $35.33.

Confluent Price Performance

Shares of CFLT stock opened at $27.25 on Monday. The company has a current ratio of 3.99, a quick ratio of 4.24 and a debt-to-equity ratio of 1.14. The firm has a fifty day simple moving average of $29.53 and a 200-day simple moving average of $26.90. The company has a market capitalization of $9.10 billion, a PE ratio of -25.23 and a beta of 0.90. Confluent has a twelve month low of $17.79 and a twelve month high of $37.90.

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

Insider Activity at Confluent

In related news, CAO Kong Phan sold 2,178 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $31.58, for a total transaction of $68,781.24. Following the completion of the transaction, the chief accounting officer now owns 177,415 shares of the company’s stock, valued at $5,602,765.70. This trade represents a 1.21 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $32.33, for a total transaction of $7,516,725.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares in the company, valued at approximately $14,628,937.04. This trade represents a 33.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,201,518 shares of company stock worth $38,533,306 over the last ninety days. 13.82% of the stock is currently owned by corporate insiders.

Institutional Trading of Confluent

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. ProShare Advisors LLC raised its holdings in Confluent by 3.1% during the 4th quarter. ProShare Advisors LLC now owns 10,774 shares of the company’s stock worth $301,000 after buying an additional 328 shares during the period. Commonwealth Equity Services LLC lifted its position in shares of Confluent by 4.1% in the 4th quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company’s stock valued at $323,000 after acquiring an additional 458 shares in the last quarter. EP Wealth Advisors LLC boosted its stake in Confluent by 3.6% in the 3rd quarter. EP Wealth Advisors LLC now owns 14,371 shares of the company’s stock worth $293,000 after purchasing an additional 503 shares during the period. Truist Financial Corp grew its position in Confluent by 2.5% during the 4th quarter. Truist Financial Corp now owns 21,081 shares of the company’s stock worth $589,000 after purchasing an additional 514 shares in the last quarter. Finally, Jasper Ridge Partners L.P. grew its position in Confluent by 4.8% during the 4th quarter. Jasper Ridge Partners L.P. now owns 14,409 shares of the company’s stock worth $403,000 after purchasing an additional 664 shares in the last quarter. 78.09% of the stock is owned by institutional investors and hedge funds.

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.