Confluent (NASDAQ:CFLT) Earns Buy Rating from DA Davidson

DA Davidson reaffirmed their buy rating on shares of Confluent (NASDAQ:CFLT) in a research note released on Wednesday, Benzinga reports. DA Davidson currently has a $30.00 price target on the stock.

CFLT has been the topic of several other research reports. JPMorgan Chase & Co. upgraded shares of Confluent from a neutral rating to an overweight rating and set a $25.00 price target on the stock in a report on Friday, August 9th. Citigroup lowered their price target on Confluent from $32.00 to $28.00 and set a neutral rating for the company in a report on Tuesday, July 30th. Evercore ISI began coverage on Confluent in a research note on Tuesday, June 11th. They set an outperform rating and a $35.00 price objective on the stock. Piper Sandler lowered their target price on Confluent from $37.00 to $32.00 and set an overweight rating for the company in a research note on Thursday, August 1st. Finally, Wells Fargo & Company reduced their price target on Confluent from $38.00 to $34.00 and set an overweight rating on the stock in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $30.31.

Confluent Trading Down 1.5 %

CFLT stock opened at $20.36 on Wednesday. The company has a quick ratio of 4.44, a current ratio of 4.44 and a debt-to-equity ratio of 1.25. The company has a market cap of $6.47 billion, a price-to-earnings ratio of -16.29 and a beta of 0.88. The business has a fifty day simple moving average of $21.83 and a 200-day simple moving average of $26.71. Confluent has a 52 week low of $14.69 and a 52 week high of $35.07.

Confluent (NASDAQ:CFLT) last announced its quarterly earnings results on Wednesday, July 31st. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.04). The firm had revenue of $234.99 million for the quarter, compared to analyst estimates of $229.49 million. Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. On average, equities research analysts expect that Confluent will post -0.95 EPS for the current year.

Insider Buying and Selling at Confluent

In other news, CMO Stephanie Buscemi sold 3,866 shares of Confluent stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total value of $83,814.88. Following the completion of the transaction, the chief marketing officer now owns 161,673 shares in the company, valued at approximately $3,505,070.64. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Confluent news, CMO Stephanie Buscemi sold 3,866 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $21.68, for a total transaction of $83,814.88. Following the sale, the chief marketing officer now directly owns 161,673 shares of the company’s stock, valued at $3,505,070.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lara Caimi sold 9,375 shares of Confluent stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $20.01, for a total transaction of $187,593.75. Following the completion of the transaction, the director now directly owns 7,160 shares of the company’s stock, valued at $143,271.60. The disclosure for this sale can be found here. Insiders have sold 524,263 shares of company stock worth $10,829,566 over the last quarter. 13.82% of the stock is owned by corporate insiders.

Institutional Trading of Confluent

Institutional investors and hedge funds have recently made changes to their positions in the stock. Hollencrest Capital Management bought a new position in shares of Confluent during the first quarter worth about $26,000. Quest Partners LLC acquired a new position in Confluent during the 4th quarter valued at about $31,000. V Square Quantitative Management LLC bought a new position in Confluent in the 2nd quarter worth about $68,000. UniSuper Management Pty Ltd grew its position in Confluent by 125.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the company’s stock worth $82,000 after purchasing an additional 1,500 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its stake in shares of Confluent by 40.3% in the first quarter. Advisors Asset Management Inc. now owns 2,991 shares of the company’s stock valued at $91,000 after purchasing an additional 859 shares during the period. 78.09% of the stock is currently owned by institutional investors and hedge funds.

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.