Confluent, Inc. (NASDAQ:CFLT – Free Report) – Analysts at Scotiabank issued their FY2024 earnings per share estimates for shares of Confluent in a research note issued to investors on Wednesday, January 8th. Scotiabank analyst N. Altmann anticipates that the company will earn ($0.91) per share for the year. Scotiabank currently has a “Sector Perform” rating and a $27.00 target price on the stock. The consensus estimate for Confluent’s current full-year earnings is ($0.90) per share. Scotiabank also issued estimates for Confluent’s FY2025 earnings at ($0.85) EPS.
A number of other research firms have also weighed in on CFLT. Barclays boosted their target price on Confluent from $32.00 to $35.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. DA Davidson restated a “buy” rating and issued a $30.00 price objective on shares of Confluent in a research report on Wednesday, September 18th. Needham & Company LLC reiterated a “buy” rating and set a $31.00 target price on shares of Confluent in a report on Friday, November 15th. Truist Financial upped their price target on Confluent from $32.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Finally, JPMorgan Chase & Co. lifted their price objective on Confluent from $35.00 to $38.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. One analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $32.46.
Confluent Price Performance
Shares of NASDAQ:CFLT opened at $26.95 on Monday. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 1.17. The stock has a market cap of $8.84 billion, a PE ratio of -24.28 and a beta of 0.91. The company’s fifty day moving average is $29.61 and its 200 day moving average is $24.96. Confluent has a 52 week low of $17.79 and a 52 week high of $35.07.
Confluent (NASDAQ:CFLT – Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.21) EPS for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.03. The business had revenue of $250.20 million for the quarter, compared to analysts’ expectations of $243.98 million. Confluent had a negative net margin of 38.35% and a negative return on equity of 34.05%.
Hedge Funds Weigh In On Confluent
Institutional investors and hedge funds have recently bought and sold shares of the stock. Diversified Trust Co lifted its position in shares of Confluent by 110.3% during the 3rd quarter. Diversified Trust Co now owns 60,503 shares of the company’s stock valued at $1,233,000 after buying an additional 31,729 shares in the last quarter. Sycomore Asset Management boosted its position in shares of Confluent by 308.3% in the second quarter. Sycomore Asset Management now owns 333,083 shares of the company’s stock worth $9,176,000 after purchasing an additional 251,507 shares during the period. Quantbot Technologies LP increased its stake in Confluent by 1,465.6% in the 3rd quarter. Quantbot Technologies LP now owns 30,295 shares of the company’s stock worth $617,000 after buying an additional 28,360 shares in the last quarter. Pathway Capital Management LP bought a new stake in Confluent during the 3rd quarter valued at approximately $918,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in Confluent by 2.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,284,037 shares of the company’s stock valued at $46,549,000 after acquiring an additional 64,926 shares during the last quarter. 78.09% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at Confluent
In related news, Director Michelangelo Volpi sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $25.92, for a total transaction of $1,296,000.00. Following the completion of the sale, the director now directly owns 280,200 shares in the company, valued at approximately $7,262,784. The trade was a 15.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Erica Schultz sold 63,729 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $27.40, for a total transaction of $1,746,174.60. Following the sale, the insider now directly owns 687,483 shares of the company’s stock, valued at approximately $18,837,034.20. The trade was a 8.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,584,712 shares of company stock valued at $132,928,936 in the last 90 days. Corporate insiders own 13.82% 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.
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