Confluent, Inc. (NASDAQ:CFLT) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Confluent, Inc. (NASDAQ:CFLT – Get Rating) have been assigned an average rating of “Moderate Buy” from the seventeen research firms that are presently covering the stock, Marketbeat.com reports. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $57.71.

A number of analysts have recently issued reports on CFLT shares. Barclays lowered their target price on shares of Confluent from $71.00 to $44.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 19th. Wells Fargo & Company lowered their target price 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. Credit Suisse Group decreased their price objective on Confluent from $100.00 to $80.00 in a report on Friday, May 6th. Scotiabank initiated coverage on Confluent in a report on Wednesday, June 8th. They issued an “outperform” rating and a $27.00 price objective for the company. Finally, The Goldman Sachs Group decreased their price objective on Confluent from $75.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday, April 14th.

In related news, major shareholder Brad Gerstner acquired 135,000 shares of the business’s stock in a transaction dated Friday, April 8th. The shares were purchased at an average price of $38.58 per share, for a total transaction of $5,208,300.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michelangelo Volpi sold 21,058 shares of the company’s stock in a transaction that occurred on Wednesday, May 18th. The shares were sold at an average price of $18.28, for a total value of $384,940.24. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 529,236 shares of company stock worth $18,030,379 and have sold 26,547 shares worth $485,245. Corporate insiders own 27.94% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Fifth Third Bancorp purchased a new stake in Confluent in the 4th quarter worth approximately $29,000. Byrne Asset Management LLC purchased a new stake in Confluent in the 4th quarter worth approximately $31,000. HM Payson & Co. purchased a new stake in Confluent in the 4th quarter worth approximately $46,000. Penserra Capital Management LLC boosted its position in Confluent by 50.0% in the 1st quarter. Penserra Capital Management LLC now owns 1,926 shares of the company’s stock worth $78,000 after purchasing an additional 642 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its position in Confluent by 6.6% in the 4th quarter. CIBC Asset Management Inc now owns 10,894 shares of the company’s stock worth $831,000 after purchasing an additional 670 shares in the last quarter. Hedge funds and other institutional investors own 37.20% of the company’s stock.

Shares of CFLT opened at $21.62 on Thursday. The firm has a market capitalization of $6.02 billion and a P/E ratio of -11.09. Confluent has a 12-month low of $16.48 and a 12-month high of $94.97. The company has a current ratio of 6.64, a quick ratio of 6.64 and a debt-to-equity ratio of 1.29. The firm has a fifty day moving average price of $24.85 and a 200-day moving average price of $44.23.

Confluent (NASDAQ:CFLT – Get Rating) last issued its earnings results on Thursday, May 5th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.23. The firm had revenue of $126.10 million during the quarter, compared to analyst estimates of $118.49 million. Confluent had a negative net margin of 94.12% and a negative return on equity of 42.75%. The business’s revenue was up 63.8% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.29) earnings per share. Analysts predict that Confluent will post -1.64 earnings per share for the current year.

Confluent Company Profile (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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