Confluent (NASDAQ:CFLT) Given “Buy” Rating at Truist Financial

Confluent (NASDAQ:CFLT)‘s stock had its “buy” rating reiterated by equities researchers at Truist Financial in a note issued to investors on Wednesday, Benzinga reports. They currently have a $36.00 price objective on the stock, up from their prior price objective of $33.00. Truist Financial’s target price indicates a potential upside of 29.36% from the stock’s current price.

Other research analysts also recently issued research reports about the company. Mizuho cut their price target on Confluent from $38.00 to $36.00 and set a “buy” rating for the company in a research note on Monday, April 15th. JMP Securities raised their target price on shares of Confluent from $25.00 to $38.00 and gave the stock a “market outperform” rating in a research report on Thursday, February 8th. Wells Fargo & Company increased their price target on Confluent from $30.00 to $36.00 and gave the stock an “overweight” rating in a research note on Thursday, February 8th. DA Davidson restated a “buy” rating and set a $37.00 price target on shares of Confluent in a research note on Monday, April 1st. Finally, Canaccord Genuity Group raised shares of Confluent from a “hold” rating to a “buy” rating and upped their price target for the stock from $28.00 to $35.00 in a research report on Wednesday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $31.72.

Confluent Trading Down 2.8 %

Shares of CFLT stock opened at $27.83 on Wednesday. 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 business’s 50 day moving average is $30.23 and its two-hundred day moving average is $26.24. Confluent has a twelve month low of $14.69 and a twelve month high of $41.22. The company has a market capitalization of $8.70 billion, a P/E ratio of -18.93 and a beta of 0.93.

Confluent (NASDAQ:CFLT) last released its earnings results 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 return on equity of 44.16% and a negative net margin of 56.99%. The firm had revenue of $213.18 million during the quarter, compared to analyst estimates of $204.62 million. Equities analysts forecast that Confluent will post -0.92 EPS for the current year.

Insider Activity

In other news, CAO Ying Christina Liu sold 4,109 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $32.15, for a total value of $132,104.35. Following the completion of the transaction, the chief accounting officer now owns 123,497 shares in the company, valued at approximately $3,970,428.55. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, CAO Ying Christina Liu sold 4,109 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $32.15, for a total transaction of $132,104.35. Following the sale, the chief accounting officer now directly owns 123,497 shares in the company, valued at approximately $3,970,428.55. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CTO Chad Verbowski sold 8,086 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $31.20, for a total transaction of $252,283.20. Following the completion of the sale, the chief technology officer now owns 532,072 shares of the company’s stock, valued at approximately $16,600,646.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,433,170 shares of company stock valued at $46,438,029. Insiders own 13.82% of the company’s stock.

Hedge Funds Weigh In On Confluent

Institutional investors and hedge funds have recently made changes to their positions in the company. Hollencrest Capital Management bought a new stake in shares of Confluent during the first quarter worth $26,000. Rakuten Securities Inc. acquired a new stake in shares of Confluent in the fourth quarter valued at about $31,000. Quest Partners LLC bought a new stake in shares of Confluent during the 4th quarter worth approximately $31,000. GAMMA Investing LLC bought a new position in shares of Confluent in the 4th quarter valued at about $35,000. Finally, UniSuper Management Pty Ltd acquired a new position in Confluent during the third quarter worth approximately $36,000. Institutional investors and hedge funds own 78.09% of the company’s stock.

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.