Confluent (NASDAQ:CFLT) Trading Up 6.1%

Confluent, Inc. (NASDAQ:CFLT) was up 6.1% during mid-day trading on Thursday . The company traded as high as $29.24 and last traded at $29.23. Approximately 1,022,336 shares traded hands during trading, a decline of 77% from the average daily volume of 4,454,501 shares. The stock had previously closed at $27.55.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on CFLT shares. Evercore ISI started coverage on shares of Confluent in a report on Tuesday, June 11th. They set an “outperform” rating and a $35.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and issued a $38.00 target price on shares of Confluent in a research note on Tuesday, June 11th. JMP Securities lifted their target price on shares of Confluent from $38.00 to $40.00 and gave the stock a “market outperform” rating in a research note on Wednesday, May 8th. Canaccord Genuity Group upgraded shares of Confluent from a “hold” rating to a “buy” rating and set a $35.00 target price for the company in a research note on Wednesday, May 8th. Finally, Canaccord Genuity Group upgraded shares of Confluent from a “hold” rating to a “buy” rating and lifted their target price for the stock from $28.00 to $35.00 in a research note on Wednesday, May 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Confluent currently has an average rating of “Moderate Buy” and an average price target of $32.93.

Confluent Trading Down 0.2 %

The company has a quick ratio of 5.07, a current ratio of 5.07 and a debt-to-equity ratio of 1.29. The firm’s 50 day moving average is $28.68 and its 200 day moving average is $28.05.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data 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). Confluent had a negative net margin of 46.73% and a negative return on equity of 40.55%. The company had revenue of $217.24 million for the quarter, compared to analysts’ expectations of $211.57 million. On average, analysts anticipate that Confluent, Inc. will post -0.94 earnings per share for the current fiscal year.

Insider Transactions at Confluent

In other Confluent news, CTO Chad Verbowski sold 13,413 shares of Confluent stock in a transaction on Monday, May 20th. The stock was sold at an average price of $31.96, for a total transaction of $428,679.48. Following the completion of the transaction, the chief technology officer now owns 518,659 shares in the company, valued at $16,576,341.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CTO Chad Verbowski sold 13,413 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $31.96, for a total value of $428,679.48. Following the transaction, the chief technology officer now owns 518,659 shares in the company, valued at $16,576,341.64. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Erica Schultz sold 63,729 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $26.01, for a total transaction of $1,657,591.29. Following the sale, the insider now directly owns 697,039 shares of the company’s stock, valued at approximately $18,129,984.39. The disclosure for this sale can be found here. Insiders have sold a total of 632,725 shares of company stock valued at $18,138,428 in the last ninety days. 13.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CFLT. PNC Financial Services Group Inc. boosted its holdings in shares of Confluent by 32.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 3,533 shares of the company’s stock valued at $105,000 after acquiring an additional 864 shares during the last quarter. Acadian Asset Management LLC grew its position in Confluent by 26.8% in the 3rd quarter. Acadian Asset Management LLC now owns 10,423 shares of the company’s stock worth $306,000 after purchasing an additional 2,200 shares during the period. Northern Trust Corp raised its stake in Confluent by 45.7% during the 3rd quarter. Northern Trust Corp now owns 1,044,896 shares of the company’s stock valued at $30,939,000 after buying an additional 327,940 shares during the last quarter. Algert Global LLC bought a new position in shares of Confluent during the 3rd quarter valued at $392,000. Finally, Qube Research & Technologies Ltd purchased a new position in shares of Confluent in the 3rd quarter worth $6,925,000. 78.09% of the stock is 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.