JMP Securities Reaffirms Market Outperform Rating for Confluent (NASDAQ:CFLT)

JMP Securities restated their market outperform rating on shares of Confluent (NASDAQ:CFLT) in a report released on Tuesday morning, Benzinga reports. JMP Securities currently has a $40.00 price objective on the stock.

A number of other analysts have also weighed in on CFLT. Mizuho reduced their target price on Confluent from $36.00 to $34.00 and set an outperform rating on the stock in a research note on Tuesday, July 16th. Royal Bank of Canada lowered their target price on Confluent from $35.00 to $30.00 and set an outperform rating for the company in a report on Thursday, August 1st. Scotiabank cut their price target on Confluent from $28.00 to $25.00 and set a sector perform rating on the stock in a research note on Thursday, August 1st. Baird R W upgraded Confluent to a hold rating in a report on Wednesday, September 4th. Finally, Truist Financial reiterated a buy rating and set a $30.00 target price (down from $36.00) on shares of Confluent in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Confluent has an average rating of Moderate Buy and an average price target of $29.97.

Confluent Stock Down 0.4 %

Shares of NASDAQ CFLT opened at $19.69 on Tuesday. The stock has a market capitalization of $6.26 billion, a price-to-earnings ratio of -15.75 and a beta of 0.88. Confluent has a 12-month low of $14.69 and a 12-month high of $35.07. The company has a current ratio of 4.44, a quick ratio of 4.44 and a debt-to-equity ratio of 1.25. The firm’s 50-day moving average price is $21.23 and its 200-day moving average price is $26.24.

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

Insider Buying and Selling

In other Confluent news, CEO Edward Jay Kreps sold 232,500 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the sale, the chief executive officer now owns 452,488 shares in the company, valued at approximately $9,045,235.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Edward Jay Kreps sold 232,500 shares of Confluent stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $19.99, for a total transaction of $4,647,675.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares of the company’s stock, valued at $9,045,235.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Stephanie Buscemi sold 3,866 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $21.68, for a total transaction 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 disclosure for this sale can be found here. Insiders sold 524,453 shares of company stock worth $10,833,388 in the last 90 days. Insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CFLT. Centaurus Financial Inc. grew its position in Confluent by 109.2% during the 2nd quarter. Centaurus Financial Inc. now owns 7,320 shares of the company’s stock worth $216,000 after purchasing an additional 3,821 shares during the period. Sanctuary Advisors LLC acquired a new stake in Confluent during the second quarter worth about $462,000. Sycomore Asset Management raised its position in Confluent by 308.3% during the second quarter. Sycomore Asset Management now owns 333,083 shares of the company’s stock valued at $9,176,000 after acquiring an additional 251,507 shares in the last quarter. Truist Financial Corp lifted its holdings in Confluent by 5.3% in the second quarter. Truist Financial Corp now owns 24,420 shares of the company’s stock valued at $721,000 after acquiring an additional 1,238 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in Confluent by 4.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 121,364 shares of the company’s stock worth $3,584,000 after purchasing an additional 5,631 shares in the last quarter. 78.09% of the stock is currently owned by institutional investors and hedge funds.

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.