Confluent (NASDAQ:CFLT - Get Free Report)'s stock had its "equal weight" rating reiterated by research analysts at Morgan Stanley in a research note issued to investors on Thursday, Marketbeat reports. They currently have a $30.00 target price on the stock, down from their prior target price of $33.00. Morgan Stanley's price objective indicates a potential upside of 12.36% from the company's current price.
Several other research analysts have also recently weighed in on CFLT. Evercore ISI lowered their price objective on Confluent from $33.00 to $28.00 and set an "outperform" rating on the stock in a research report on Friday, September 20th. Needham & Company LLC reiterated a "buy" rating and issued a $31.00 price objective on shares of Confluent in a research note on Friday, November 15th. Mizuho increased their target price on shares of Confluent from $31.00 to $35.00 and gave the stock an "outperform" rating in a research report on Friday, December 13th. Wolfe Research upgraded shares of Confluent to a "strong-buy" rating in a research report on Wednesday, September 18th. Finally, Robert W. Baird increased their price target on Confluent from $23.00 to $28.00 and gave the stock a "neutral" rating in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $32.37.
Get Our Latest Report on CFLT
Confluent Stock Performance
Shares of CFLT stock traded down $0.04 during midday trading on Thursday, hitting $26.70. 3,761,493 shares of the company were exchanged, compared to its average volume of 3,136,990. Confluent has a 52 week low of $17.79 and a 52 week high of $35.07. The firm has a market capitalization of $8.76 billion, a P/E ratio of -24.05 and a beta of 0.91. The firm's 50 day moving average price is $29.62 and its two-hundred day moving average price is $24.98. 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 issued its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.24) by $0.03. The company had revenue of $250.20 million during 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%. As a group, equities research analysts anticipate that Confluent will post -0.9 earnings per share for the current year.
Insider Activity at Confluent
In related news, CAO Kong Phan sold 2,096 shares of the firm's stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $28.23, for a total transaction of $59,170.08. Following the completion of the transaction, the chief accounting officer now directly owns 190,680 shares of the company's stock, valued at $5,382,896.40. This trade represents a 1.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lara Caimi sold 34,500 shares of the company's stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $31.32, for a total value of $1,080,540.00. Following the completion of the sale, the director now owns 7,160 shares in the company, valued at $224,251.20. This trade represents a 82.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,584,712 shares of company stock worth $132,928,936 in the last quarter. 13.82% of the stock is owned by insiders.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in CFLT. EP Wealth Advisors LLC boosted its stake in shares of Confluent by 3.6% in the 3rd quarter. EP Wealth Advisors LLC now owns 14,371 shares of the company's stock valued at $293,000 after purchasing an additional 503 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Confluent by 85.3% in the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company's stock valued at $69,000 after buying an additional 1,136 shares during the period. Truist Financial Corp boosted its position in Confluent by 5.3% during the second quarter. Truist Financial Corp now owns 24,420 shares of the company's stock valued at $721,000 after acquiring an additional 1,238 shares during the last quarter. Elo Mutual Pension Insurance Co grew its holdings in Confluent by 8.4% during the 2nd quarter. Elo Mutual Pension Insurance Co now owns 18,643 shares of the company's stock worth $551,000 after acquiring an additional 1,448 shares during the period. Finally, ProShare Advisors LLC lifted its stake in shares of Confluent by 16.0% in the 2nd quarter. ProShare Advisors LLC now owns 13,589 shares of the company's stock valued at $401,000 after purchasing an additional 1,870 shares during the period. Institutional investors own 78.09% of the company's stock.
Confluent Company Profile
(
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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.
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