Scotiabank Initiates Coverage on Confluent (NASDAQ:CFLT)

Investment analysts at Scotiabank started coverage on shares of Confluent (NASDAQ:CFLT – Get Rating) in a note issued to investors on Wednesday, The Fly reports. The firm set an “outperform” rating on the stock.

Several other brokerages also recently commented on CFLT. Wells Fargo & Company dropped their price objective on shares of Confluent from $45.00 to $35.00 and set an “overweight” rating for the company in a research note on Wednesday, May 18th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Confluent from $63.00 to $28.00 in a research report on Friday, May 6th. The Goldman Sachs Group decreased their price target on shares of Confluent from $75.00 to $48.00 and set a “neutral” rating for the company in a research report on Thursday, April 14th. Morgan Stanley upped their price target on shares of Confluent from $75.00 to $80.00 and gave the company an “equal weight” rating in a research report on Friday, February 11th. Finally, Credit Suisse Group decreased their price target on shares of Confluent from $100.00 to $80.00 in a research report on Friday, May 6th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Confluent currently has a consensus rating of “Hold” and a consensus target price of $57.40.

Shares of Confluent stock traded up $0.56 on Wednesday, reaching $23.00. 2,073,361 shares of the stock were exchanged, compared to its average volume of 3,343,962. The firm’s 50 day moving average is $29.29 and its 200-day moving average is $48.41. Confluent has a one year low of $16.48 and a one year high of $94.97. The company has a debt-to-equity ratio of 1.29, a quick ratio of 6.64 and a current ratio of 6.64. The firm has a market cap of $6.40 billion and a PE ratio of -11.79.

Confluent (NASDAQ:CFLT – Get Rating) last issued its quarterly earnings data on Thursday, May 5th. The company reported ($0.19) EPS for the quarter, beating the consensus estimate of ($0.42) by $0.23. The business had revenue of $126.10 million during the quarter, compared to the consensus estimate of $118.49 million. Confluent had a negative net margin of 94.12% and a negative return on equity of 42.75%. The firm’s revenue was up 63.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.29) EPS. On average, equities research analysts expect that Confluent will post -1.6 EPS for the current fiscal year.

In other Confluent news, Director Jonathan Chadwick sold 16,625 shares of the firm’s stock in a transaction on Thursday, March 10th. The shares were sold at an average price of $34.60, for a total value of $575,225.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Ventures Vii (Jersey) L. Index sold 4,797 shares of the firm’s stock in a transaction on Wednesday, May 18th. The shares were sold at an average price of $18.28, for a total transaction of $87,689.16. The disclosure for this sale can be found here. Over the last three months, insiders have purchased 873,083 shares of company stock worth $31,209,438 and have sold 43,172 shares worth $1,060,470. 27.94% of the stock is owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its stake in shares of Confluent by 43.0% in the first quarter. JPMorgan Chase & Co. now owns 7,971,525 shares of the company’s stock valued at $326,833,000 after buying an additional 2,398,212 shares in the last quarter. Durable Capital Partners LP lifted its position in shares of Confluent by 6.8% during the first quarter. Durable Capital Partners LP now owns 7,329,173 shares of the company’s stock valued at $300,496,000 after purchasing an additional 465,214 shares in the last quarter. Altimeter Capital Management LP lifted its position in shares of Confluent by 79.9% during the first quarter. Altimeter Capital Management LP now owns 5,306,700 shares of the company’s stock valued at $217,575,000 after purchasing an additional 2,356,700 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Confluent by 96.6% during the first quarter. Vanguard Group Inc. now owns 5,063,242 shares of the company’s stock valued at $207,593,000 after purchasing an additional 2,488,471 shares in the last quarter. Finally, Lone Pine Capital LLC lifted its position in shares of Confluent by 215.4% during the fourth quarter. Lone Pine Capital LLC now owns 4,398,572 shares of the company’s stock valued at $335,347,000 after purchasing an additional 3,003,928 shares in the last quarter. 37.20% of the stock is currently owned by hedge funds and other institutional investors.

About Confluent (Get Rating)

Confluent, Inc operates a data streaming platform in the United States and internationally. It offers Confluent Cloud, a managed cloud-native service for connecting and processing data; and Confluent Platform, an enterprise-grade self-managed software that connects and processes data in real-time with the foundational platform for data in motion.

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