Confluent, Inc. (NASDAQ:CFLT) Receives $30.64 Average PT from Analysts

Shares of Confluent, Inc. (NASDAQ:CFLT) have been given a consensus rating of “Moderate Buy” by the twenty-five brokerages that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $30.64.

A number of equities analysts recently issued reports on the company. UBS Group raised their target price on Confluent from $21.00 to $26.00 and gave the stock a “neutral” rating in a research note on Monday, February 5th. The Goldman Sachs Group raised their target price on Confluent from $24.00 to $27.00 and gave the stock a “neutral” rating in a research note on Thursday, February 8th. Barclays raised their target price on Confluent from $26.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, February 8th. JPMorgan Chase & Co. raised their target price on Confluent from $23.00 to $27.00 and gave the stock a “neutral” rating in a research note on Thursday, February 8th. Finally, Needham & Company LLC lifted their price objective on Confluent from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Friday, March 22nd.

Confluent Stock Performance

Shares of CFLT opened at $28.53 on Friday. Confluent has a 12 month low of $14.69 and a 12 month high of $41.22. The stock has a fifty day moving average price of $31.20 and a 200-day moving average price of $26.36. The company has a current ratio of 4.62, a quick ratio of 4.62 and a debt-to-equity ratio of 1.34. The firm has a market cap of $8.92 billion, a PE ratio of -19.41 and a beta of 0.91.

Confluent (NASDAQ:CFLT) last issued its quarterly earnings data on Wednesday, February 7th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.01). Confluent had a negative net margin of 56.99% and a negative return on equity of 44.16%. The business had revenue of $213.18 million for the quarter, compared to analysts’ expectations of $204.62 million. Equities research analysts predict that Confluent will post -0.92 earnings per share for the current fiscal year.

Insider Buying and Selling at Confluent

In other Confluent news, Director Michelangelo Volpi sold 637,268 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $31.73, for a total value of $20,220,513.64. Following the sale, the director now owns 302,306 shares of the company’s stock, valued at $9,592,169.38. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Confluent news, Director Michelangelo Volpi sold 637,268 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $31.73, for a total value of $20,220,513.64. Following the sale, the director now owns 302,306 shares of the company’s stock, valued at $9,592,169.38. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Chad Verbowski sold 8,086 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total value of $252,283.20. Following the completion of the sale, the chief technology officer now directly owns 532,072 shares in the company, valued at approximately $16,600,646.40. The disclosure for this sale can be found here. Insiders have sold a total of 1,433,170 shares of company stock valued at $46,438,029 over the last quarter. 22.08% of the stock is owned by company insiders.

Hedge Funds Weigh In On Confluent

Several institutional investors have recently modified their holdings of the business. Dynamic Technology Lab Private Ltd grew its stake in shares of Confluent by 1.9% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 19,129 shares of the company’s stock worth $448,000 after acquiring an additional 359 shares in the last quarter. Avestar Capital LLC grew its stake in shares of Confluent by 3.3% in the third quarter. Avestar Capital LLC now owns 11,466 shares of the company’s stock worth $340,000 after acquiring an additional 370 shares in the last quarter. Xponance Inc. grew its stake in shares of Confluent by 1.7% in the third quarter. Xponance Inc. now owns 26,427 shares of the company’s stock worth $783,000 after acquiring an additional 440 shares in the last quarter. Fifth Third Bancorp grew its stake in shares of Confluent by 5.0% in the fourth quarter. Fifth Third Bancorp now owns 11,703 shares of the company’s stock worth $274,000 after acquiring an additional 556 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in shares of Confluent by 0.3% in the third quarter. Rhumbline Advisers now owns 243,828 shares of the company’s stock worth $7,220,000 after acquiring an additional 629 shares in the last quarter. Institutional investors and hedge funds own 78.09% of the company’s stock.

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.