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

Confluent, Inc. (NASDAQ:CFLT - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the twenty-nine research firms that are currently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell recommendation, eight have issued a hold recommendation, nineteen have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $35.00.

A number of equities research analysts have commented on the stock. Canaccord Genuity Group increased their price objective on shares of Confluent from $34.00 to $38.00 and gave the company a "buy" rating in a research report on Wednesday, February 12th. Sanford C. Bernstein cut their price target on Confluent from $38.00 to $33.00 and set an "outperform" rating on the stock in a research note on Friday, October 25th. Scotiabank upped their price objective on Confluent from $27.00 to $35.00 and gave the stock a "sector perform" rating in a research report on Wednesday, February 12th. Wells Fargo & Company raised their target price on Confluent from $40.00 to $42.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Finally, TD Cowen upped their price target on Confluent from $27.00 to $31.00 and gave the company a "buy" rating in a report on Thursday, October 31st.

Confluent Trading Down 0.3 %

CFLT stock traded down $0.11 during mid-day trading on Friday, hitting $34.74. 2,408,945 shares of the company were exchanged, compared to its average volume of 5,282,271. The business has a fifty day simple moving average of $29.71 and a 200-day simple moving average of $25.63. The firm has a market capitalization of $11.39 billion, a P/E ratio of -31.45 and a beta of 0.92. Confluent has a 12-month low of $17.79 and a 12-month high of $37.90. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17.

Confluent (NASDAQ:CFLT - Get Free Report) last announced its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing analysts' consensus estimates of $0.05 by ($0.28). Confluent had a negative return on equity of 34.05% and a negative net margin of 38.35%. On average, equities research analysts predict that Confluent will post -0.9 earnings per share for the current fiscal year.

Insider Transactions at Confluent

In other news, insider Erica Schultz sold 9,467 shares of the company's stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total transaction of $267,253.41. Following the transaction, the insider now directly owns 678,016 shares of the company's stock, valued at $19,140,391.68. This represents a 1.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Kong Phan sold 3,947 shares of the firm's stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $28.74, for a total transaction of $113,436.78. Following the completion of the sale, the chief accounting officer now owns 179,939 shares of the company's stock, valued at $5,171,446.86. This trade represents a 2.15 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,444,907 shares of company stock worth $45,452,624. Company insiders own 13.82% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CFLT. Quantbot Technologies LP boosted its stake in shares of Confluent by 1,465.6% during the 3rd quarter. Quantbot Technologies LP now owns 30,295 shares of the company's stock worth $617,000 after acquiring an additional 28,360 shares in the last quarter. Pathway Capital Management LP acquired a new position in Confluent during the third quarter worth $918,000. Charles Schwab Investment Management Inc. boosted its position 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 purchasing an additional 64,926 shares in the last quarter. Creative Planning grew its holdings in Confluent by 109.9% in the third quarter. Creative Planning now owns 94,939 shares of the company's stock valued at $1,935,000 after purchasing an additional 49,699 shares during the last quarter. Finally, Oppenheimer & Co. Inc. raised its stake in shares of Confluent by 152.4% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 68,613 shares of the company's stock worth $1,398,000 after buying an additional 41,431 shares during the last quarter. 78.09% of the stock is owned by hedge funds and other institutional investors.

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.