Confluent (NASDAQ:CFLT) Upgraded at Wolfe Research

Wolfe Research upgraded shares of Confluent (NASDAQ:CFLT) to a strong-buy rating in a research note released on Wednesday morning, Zacks.com reports.

Several other research firms also recently commented on CFLT. Baird R W raised shares of Confluent to a hold rating in a report on Wednesday, September 4th. Scotiabank reduced their price target on shares of Confluent from $28.00 to $25.00 and set a sector perform rating on the stock in a research report on Thursday, August 1st. TD Cowen reduced their price target on shares of Confluent from $31.00 to $27.00 and set a buy rating on the stock in a research report on Friday. Guggenheim restated a buy rating and issued a $37.00 price target on shares of Confluent in a research report on Tuesday, June 25th. Finally, Needham & Company LLC restated a buy rating and issued a $38.00 price target on shares of Confluent in a research report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Confluent presently has a consensus rating of Moderate Buy and an average price target of $30.31.

Confluent Price Performance

CFLT stock opened at $20.36 on Wednesday. Confluent has a one year low of $14.69 and a one year high of $35.07. The company’s fifty day moving average price is $21.71 and its 200-day moving average price is $26.61. The company has a debt-to-equity ratio of 1.25, a quick ratio of 4.44 and a current ratio of 4.44. The company has a market capitalization of $6.47 billion, a PE ratio of -16.29 and a beta of 0.88.

Confluent (NASDAQ:CFLT) last released its 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). Confluent had a negative return on equity of 37.78% and a negative net margin of 42.70%. The company had revenue of $234.99 million during the quarter, compared to analysts’ expectations of $229.49 million. On average, equities analysts anticipate that Confluent will post -0.95 EPS for the current fiscal year.

Insider Transactions at Confluent

In related news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total value of $4,647,675.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $9,045,235.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Edward Jay Kreps sold 232,500 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $19.99, for a total value of $4,647,675.00. Following the completion of the sale, the chief executive officer now directly owns 452,488 shares of the company’s stock, valued at $9,045,235.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Chad Verbowski sold 13,540 shares of the company’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction of $293,547.20. Following the completion of the sale, the chief technology officer now directly owns 496,807 shares of the company’s stock, valued at $10,770,775.76. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 524,263 shares of company stock worth $10,829,566. Insiders own 13.82% of the company’s stock.

Institutional Trading of Confluent

Several hedge funds have recently modified their holdings of CFLT. William Blair Investment Management LLC purchased a new stake in shares of Confluent during the second quarter valued at about $193,403,000. 1832 Asset Management L.P. purchased a new stake in shares of Confluent during the first quarter valued at about $181,075,000. Coatue Management LLC purchased a new stake in shares of Confluent during the fourth quarter valued at about $134,132,000. Champlain Investment Partners LLC acquired a new position in shares of Confluent during the first quarter valued at about $144,563,000. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Confluent by 17.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,581,914 shares of the company’s stock valued at $536,601,000 after acquiring an additional 2,587,169 shares in the last quarter. 78.09% of the stock is owned by hedge funds and other 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.