Confluent (NASDAQ:CFLT) Upgraded at Raymond James

Raymond James upgraded shares of Confluent (NASDAQ:CFLT - Free Report) to a moderate buy rating in a research report sent to investors on Thursday morning,Zacks.com reports.

CFLT has been the subject of several other research reports. Morgan Stanley lifted their price objective on Confluent from $30.00 to $32.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 12th. Stifel Nicolaus lifted their price target on Confluent from $37.00 to $40.00 and gave the company a "buy" rating in a research report on Wednesday, February 12th. Bank of America upped their price objective on shares of Confluent from $26.00 to $31.00 and gave the stock an "underperform" rating in a research report on Wednesday, February 12th. Barclays boosted their price target on shares of Confluent from $35.00 to $37.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 12th. Finally, Guggenheim raised their price objective on shares of Confluent from $35.00 to $38.00 and gave the company a "buy" rating in a research report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $34.96.

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Confluent Price Performance

NASDAQ CFLT traded up $0.15 during trading hours on Thursday, hitting $21.65. The company had a trading volume of 3,310,331 shares, compared to its average volume of 4,487,390. The company has a debt-to-equity ratio of 1.14, a quick ratio of 4.24 and a current ratio of 3.99. The firm has a market capitalization of $7.23 billion, a price-to-earnings ratio of -20.05 and a beta of 1.03. Confluent has a 52 week low of $17.79 and a 52 week high of $37.90. The firm has a 50 day simple moving average of $27.48 and a 200 day simple moving average of $27.35.

Confluent (NASDAQ:CFLT - Get Free Report) last issued its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.28). Confluent had a negative net margin of 35.81% and a negative return on equity of 34.70%. Equities research analysts expect that Confluent will post -0.83 earnings per share for the current year.

Insider Activity at Confluent

In other news, CFO Rohan Sivaram sold 68,350 shares of Confluent stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $36.23, for a total transaction of $2,476,320.50. Following the sale, the chief financial officer now owns 520,273 shares of the company's stock, valued at approximately $18,849,490.79. The trade was a 11.61 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Kong Phan sold 6,346 shares of the business's stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $36.22, for a total transaction of $229,852.12. Following the transaction, the chief accounting officer now owns 179,593 shares in the company, valued at $6,504,858.46. This represents a 3.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,200,746 shares of company stock worth $38,505,150 over the last quarter. Corporate insiders own 13.82% of the company's stock.

Institutional Investors Weigh In On Confluent

Several hedge funds have recently made changes to their positions in the company. ProShare Advisors LLC lifted its position in Confluent by 3.1% during the fourth quarter. ProShare Advisors LLC now owns 10,774 shares of the company's stock valued at $301,000 after buying an additional 328 shares during the period. Commonwealth Equity Services LLC increased its stake in shares of Confluent by 4.1% in the 4th quarter. Commonwealth Equity Services LLC now owns 11,557 shares of the company's stock worth $323,000 after acquiring an additional 458 shares in the last quarter. EP Wealth Advisors LLC lifted its position in Confluent by 3.6% during the 3rd quarter. EP Wealth Advisors LLC now owns 14,371 shares of the company's stock valued at $293,000 after acquiring an additional 503 shares during the period. Truist Financial Corp boosted its stake in Confluent by 2.5% during the fourth quarter. Truist Financial Corp now owns 21,081 shares of the company's stock worth $589,000 after acquiring an additional 514 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in Confluent by 26.8% in the first quarter. GAMMA Investing LLC now owns 3,128 shares of the company's stock worth $73,000 after purchasing an additional 661 shares during the period. 78.09% of the stock is currently owned by institutional investors.

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.