Shares of Confluent, Inc. (NASDAQ:CFLT - Get Free Report) were down 4.4% on Wednesday . The company traded as low as $26.64 and last traded at $26.64. Approximately 3,010,994 shares were traded during trading, a decline of 32% from the average daily volume of 4,397,546 shares. The stock had previously closed at $27.87.
Wall Street Analyst Weigh In
A number of equities analysts have recently weighed in on the stock. Truist Financial reaffirmed a "buy" rating and set a $36.00 price target (up from $33.00) on shares of Confluent in a research note on Wednesday, May 8th. JMP Securities increased their target price on shares of Confluent from $38.00 to $40.00 and gave the company a "market outperform" rating in a report on Wednesday, May 8th. TD Cowen boosted their price target on Confluent from $34.00 to $37.00 and gave the stock a "buy" rating in a research note on Wednesday, May 8th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $40.00 price objective on shares of Confluent in a research note on Tuesday, June 4th. Finally, Wells Fargo & Company boosted their target price on Confluent from $36.00 to $38.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat.com, Confluent presently has an average rating of "Moderate Buy" and an average target price of $32.93.
Get Our Latest Report on CFLT
Confluent Stock Performance
The company has a market cap of $8.20 billion, a price-to-earnings ratio of -20.65 and a beta of 0.91. The company has a current ratio of 5.07, a quick ratio of 5.07 and a debt-to-equity ratio of 1.29. The stock's 50 day moving average price is $28.70 and its 200 day moving average price is $28.32.
Confluent (NASDAQ:CFLT - Get Free Report) last released its earnings results on Tuesday, May 7th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.04). The company had revenue of $217.24 million during the quarter, compared to analysts' expectations of $211.57 million. Confluent had a negative net margin of 46.73% and a negative return on equity of 40.55%. On average, analysts expect that Confluent, Inc. will post -0.94 EPS for the current fiscal year.
Insider Transactions at Confluent
In related news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $26.17, for a total value of $6,084,525.00. Following the transaction, the chief executive officer now owns 452,488 shares in the company, valued at $11,841,610.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Edward Jay Kreps sold 232,500 shares of the stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $26.17, for a total transaction of $6,084,525.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares of the company's stock, valued at approximately $11,841,610.96. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Chad Verbowski sold 8,312 shares of Confluent stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $26.76, for a total transaction of $222,429.12. Following the transaction, the chief technology officer now directly owns 510,347 shares in the company, valued at $13,656,885.72. The disclosure for this sale can be found here. Insiders sold a total of 632,725 shares of company stock worth $18,138,428 in the last ninety days. Insiders own 13.82% of the company's stock.
Institutional Trading of Confluent
Large investors have recently added to or reduced their stakes in the stock. Panagora Asset Management Inc. purchased a new stake in shares of Confluent in the fourth quarter worth about $745,000. Norges Bank acquired a new stake in Confluent in the fourth quarter valued at approximately $37,046,000. Victory Capital Management Inc. raised its stake in shares of Confluent by 20.2% during the fourth quarter. Victory Capital Management Inc. now owns 561,497 shares of the company's stock valued at $13,139,000 after purchasing an additional 94,405 shares during the period. AGF Management Ltd. acquired a new position in shares of Confluent during the fourth quarter worth $3,537,000. Finally, Triumph Capital Management boosted its stake in shares of Confluent by 146.3% in the fourth quarter. Triumph Capital Management now owns 50,500 shares of the company's stock valued at $1,182,000 after purchasing an additional 30,000 shares during the period. 78.09% of the stock is currently owned by institutional investors and hedge funds.
Confluent Company Profile
(
Get Free Report)
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.
Featured Articles
Before you consider Confluent, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Confluent wasn't on the list.
While Confluent currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Click the link below and we'll send you MarketBeat's guide to pot stock investing and which pot companies show the most promise.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.