Confluent's (CFLT) Equal Weight Rating Reiterated at Morgan Stanley

Confluent (NASDAQ:CFLT - Get Free Report)'s stock had its "equal weight" rating reissued by stock analysts at Morgan Stanley in a research report issued to clients and investors on Thursday, MarketBeat reports. They presently have a $30.00 target price on the stock, down from their previous target price of $33.00. Morgan Stanley's target price would indicate a potential upside of 10.56% from the stock's previous close.

Other research analysts have also recently issued research reports about the company. TD Cowen lifted their target price on Confluent from $27.00 to $31.00 and gave the company a "buy" rating in a research report on Thursday, October 31st. Piper Sandler lifted their price objective on shares of Confluent from $32.00 to $35.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. Royal Bank of Canada upped their target price on shares of Confluent from $33.00 to $36.00 and gave the stock an "outperform" rating in a research note on Friday, January 3rd. UBS Group increased their target price on shares of Confluent from $23.00 to $26.00 and gave the company a "neutral" rating in a report on Thursday, October 31st. Finally, JPMorgan Chase & Co. boosted their price target on shares of Confluent from $35.00 to $38.00 and gave the stock an "overweight" rating in a report on Wednesday, December 11th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $32.37.

Confluent Stock Down 2.4 %

Shares of Confluent stock traded down $0.68 during trading hours on Thursday, reaching $27.14. The company's stock had a trading volume of 5,428,621 shares, compared to its average volume of 2,850,846. The company has a market capitalization of $8.90 billion, a P/E ratio of -24.42 and a beta of 0.91. The stock's fifty day simple moving average is $29.64 and its two-hundred day simple moving average is $24.96. Confluent has a one year low of $17.79 and a one year high of $35.07. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24.

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

Insider Transactions at Confluent

In other news, Director Matthew Craig Miller sold 53,512 shares of Confluent 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 Securities & Exchange Commission, which is available through the SEC website. Also, CAO Kong Phan sold 2,096 shares of the business's stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $59,170.08. Following the sale, the chief accounting officer now owns 190,680 shares in the company, valued at approximately $5,382,896.40. The trade was a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,584,712 shares of company stock worth $132,928,936 over the last quarter. Corporate insiders own 13.82% of the company's stock.

Hedge Funds Weigh In On Confluent

A number of large investors have recently modified their holdings of the company. Champlain Investment Partners LLC increased its holdings in Confluent by 72.2% during the 3rd quarter. Champlain Investment Partners LLC now owns 10,700,846 shares of the company's stock worth $218,083,000 after acquiring an additional 4,486,841 shares during the period. 1832 Asset Management L.P. increased its holdings in shares of Confluent by 28.4% in the second quarter. 1832 Asset Management L.P. now owns 7,617,100 shares of the company's stock worth $224,933,000 after purchasing an additional 1,684,100 shares during the period. Fiera Capital Corp purchased a new stake in shares of Confluent in the third quarter worth $21,127,000. Jacobs Levy Equity Management Inc. boosted its stake in Confluent by 46.9% during the third quarter. Jacobs Levy Equity Management Inc. now owns 2,513,426 shares of the company's stock valued at $51,224,000 after buying an additional 802,353 shares during the period. Finally, Oddo BHF Asset Management Sas bought a new stake in Confluent during the third quarter valued at $7,646,000. 78.09% of the stock is currently owned by 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.