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

Confluent (NASDAQ:CFLT - Get Free Report)'s stock had its "outperform" rating restated by research analysts at William Blair in a research report issued on Monday,RTT News reports.

Several other equities research analysts have also commented on CFLT. Truist Financial boosted their price objective on Confluent from $35.00 to $40.00 and gave the stock a "buy" rating in a research note on Wednesday, February 12th. Loop Capital dropped their price target on Confluent from $34.00 to $30.00 and set a "hold" rating for the company in a research report on Monday, March 10th. Barclays increased their price objective on Confluent from $35.00 to $37.00 and gave the company an "overweight" rating in a research note on Wednesday, February 12th. Needham & Company LLC reaffirmed a "buy" rating and set a $40.00 target price on shares of Confluent in a research note on Friday, March 7th. Finally, UBS Group upgraded shares of Confluent from a "neutral" rating to a "buy" rating and increased their target price for the company from $34.00 to $38.00 in a research report on Wednesday, February 26th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $35.33.

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Confluent Price Performance

Shares of NASDAQ:CFLT traded down $0.12 during midday trading on Monday, reaching $26.50. 4,684,978 shares of the company's stock traded hands, compared to its average volume of 4,298,057. The company has a fifty day simple moving average of $29.49 and a two-hundred day simple moving average of $26.90. Confluent has a 1 year low of $17.79 and a 1 year high of $37.90. The company has a market cap of $8.85 billion, a P/E ratio of -24.54 and a beta of 0.90. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99.

Confluent (NASDAQ:CFLT - Get Free Report) last posted its quarterly earnings data 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 return on equity of 34.70% and a negative net margin of 35.81%. Equities analysts predict that Confluent will post -0.83 EPS 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 dated Thursday, March 6th. The stock was sold at an average price of $29.36, for a total value of $6,826,200.00. Following the completion of the transaction, the chief executive officer now directly owns 452,488 shares of the company's stock, valued at $13,285,047.68. The trade was a 33.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Kong Phan sold 6,346 shares of the business's stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $36.22, for a total transaction of $229,852.12. Following the sale, the chief accounting officer now owns 179,593 shares in the company, valued at $6,504,858.46. This trade represents a 3.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,197,571 shares of company stock worth $38,419,870. Insiders own 13.82% of the company's stock.

Hedge Funds Weigh In On Confluent

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Credit Industriel ET Commercial acquired a new stake in shares of Confluent in the fourth quarter valued at $28,000. Blue Trust Inc. increased its holdings in Confluent by 354.0% during the 4th quarter. Blue Trust Inc. now owns 2,061 shares of the company's stock worth $58,000 after purchasing an additional 1,607 shares during the period. SBI Securities Co. Ltd. acquired a new stake in Confluent in the 4th quarter valued at about $59,000. Point72 Hong Kong Ltd purchased a new position in shares of Confluent in the 3rd quarter valued at about $68,000. Finally, GAMMA Investing LLC grew its position in shares of Confluent by 85.3% during the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company's stock worth $69,000 after buying an additional 1,136 shares in the last quarter. Hedge funds and other institutional investors own 78.09% of the company's stock.

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.