Confluent, Inc. (NASDAQ:CFLT) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Confluent, Inc. (NASDAQ:CFLT) has been given a consensus rating of “Moderate Buy” by the twenty-nine ratings firms that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $32.37.

A number of research firms have weighed in on CFLT. Wells Fargo & Company increased their target price on Confluent from $35.00 to $40.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Robert W. Baird raised their price objective on shares of Confluent from $23.00 to $28.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Needham & Company LLC reaffirmed a “buy” rating and set a $31.00 target price on shares of Confluent in a report on Friday, November 15th. Stifel Nicolaus lifted their price target on shares of Confluent from $34.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. Finally, Scotiabank upped their price objective on Confluent from $25.00 to $27.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 31st.

Insider Buying and Selling

In other Confluent news, CTO Chad Verbowski sold 13,414 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $28.23, for a total value of $378,677.22. Following the transaction, the chief technology officer now directly owns 483,393 shares in the company, valued at $13,646,184.39. This represents a 2.70 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CMO Stephanie Buscemi sold 164,123 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $26.24, for a total value of $4,306,587.52. Following the completion of the sale, the chief marketing officer now owns 149,644 shares of the company’s stock, valued at $3,926,658.56. The trade was a 52.31 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 4,584,712 shares of company stock valued at $132,928,936. Insiders own 13.82% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CFLT. Blue Trust Inc. increased its holdings in Confluent by 354.0% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company’s stock valued at $58,000 after buying an additional 1,607 shares during the period. GAMMA Investing LLC raised its position in shares of Confluent by 85.3% in the 4th quarter. GAMMA Investing LLC now owns 2,467 shares of the company’s stock worth $69,000 after acquiring an additional 1,136 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in Confluent during the third quarter valued at about $68,000. Pacer Advisors Inc. grew its stake in Confluent by 36.4% in the fourth quarter. Pacer Advisors Inc. now owns 6,068 shares of the company’s stock valued at $170,000 after purchasing an additional 1,619 shares during the last quarter. Finally, DMC Group LLC purchased a new stake in shares of Confluent during the fourth quarter valued at about $201,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Confluent Price Performance

NASDAQ CFLT opened at $28.74 on Tuesday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 4.24 and a current ratio of 4.24. The company has a market capitalization of $9.43 billion, a price-to-earnings ratio of -25.89 and a beta of 0.91. The stock has a 50-day moving average of $29.62 and a 200 day moving average of $24.91. Confluent has a one year low of $17.79 and a one year high of $35.07.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($0.21) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.03. The company had revenue of $250.20 million for the quarter, compared to the consensus estimate of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%. On average, sell-side analysts forecast that Confluent will post -0.9 EPS for the current year.

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.