Confluent, Inc. (NASDAQ:CFLT) Given Consensus Rating of "Moderate Buy" by Analysts

Confluent, Inc. (NASDAQ:CFLT - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the twenty-eight research firms that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $32.23.

A number of brokerages have issued reports on CFLT. Stifel Nicolaus boosted their price target on Confluent from $34.00 to $37.00 and gave the stock a "buy" rating in a research report on Wednesday, December 18th. TD Cowen increased their target price on shares of Confluent from $27.00 to $31.00 and gave the company a "buy" rating in a research report on Thursday, October 31st. Scotiabank boosted their price target on shares of Confluent from $25.00 to $27.00 and gave the stock a "sector perform" rating in a research report on Thursday, October 31st. Barclays upped their price target on shares of Confluent from $32.00 to $35.00 and gave the stock an "overweight" rating in a research note on Friday, December 6th. Finally, Citigroup raised their price objective on shares of Confluent from $24.00 to $25.00 and gave the company a "neutral" rating in a research note on Tuesday, October 29th.

Confluent Stock Performance

NASDAQ:CFLT traded down $1.15 during mid-day trading on Friday, hitting $28.89. The stock had a trading volume of 1,937,229 shares, compared to its average volume of 4,313,764. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 1.17. The company has a 50 day simple moving average of $28.51 and a 200-day simple moving average of $24.94. The stock has a market capitalization of $9.48 billion, a price-to-earnings ratio of -26.03 and a beta of 0.88. Confluent has a 52 week low of $17.79 and a 52 week high of $35.07.

Confluent (NASDAQ:CFLT - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, beating analysts' consensus estimates of ($0.24) by $0.03. The company had revenue of $250.20 million for the quarter, compared to analysts' expectations of $243.98 million. Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. On average, research analysts expect that Confluent will post -0.9 earnings per share for the current fiscal year.

Insider Activity at Confluent

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $29.29, for a total transaction of $6,809,925.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares of the company's stock, valued at $13,253,373.52. This trade represents a 33.94 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Kong Phan sold 3,947 shares of the company's stock in a transaction on Friday, December 20th. The stock was sold at an average price of $28.74, for a total transaction of $113,436.78. Following the completion of the transaction, the chief accounting officer now directly owns 179,939 shares in the company, valued at $5,171,446.86. This trade represents a 2.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,584,712 shares of company stock valued at $132,928,936. Company insiders own 13.82% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CFLT. Principal Financial Group Inc. increased its stake in shares of Confluent by 10.5% during the 2nd quarter. Principal Financial Group Inc. now owns 215,464 shares of the company's stock worth $6,363,000 after purchasing an additional 20,504 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in Confluent by 17.1% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 18,148 shares of the company's stock valued at $536,000 after buying an additional 2,647 shares in the last quarter. Maryland State Retirement & Pension System raised its holdings in Confluent by 28.8% during the second quarter. Maryland State Retirement & Pension System now owns 18,831 shares of the company's stock valued at $556,000 after buying an additional 4,206 shares in the last quarter. nVerses Capital LLC acquired a new stake in shares of Confluent in the second quarter worth about $269,000. Finally, Claro Advisors LLC bought a new stake in shares of Confluent during the 2nd quarter worth about $424,000. 78.09% of the stock is owned by institutional investors and hedge funds.

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.