Confluent, Inc. (NASDAQ:CFLT) Receives $28.71 Average Target Price from Analysts

Confluent, Inc. (NASDAQ:CFLT) has received a consensus recommendation of “Hold” from the thirty-three research firms that are covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, twenty-eight have assigned a hold recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $28.7097.

Several research firms recently commented on CFLT. Citigroup lifted their target price on shares of Confluent from $26.00 to $31.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 9th. Robert W. Baird lifted their price target on shares of Confluent from $26.00 to $31.00 and gave the stock a “neutral” rating in a report on Tuesday, December 9th. Truist Financial set a $31.00 price objective on Confluent in a report on Monday, December 8th. DA Davidson reaffirmed a “neutral” rating and set a $31.00 target price (up from $29.00) on shares of Confluent in a report on Monday, December 8th. Finally, William Blair cut Confluent from an “outperform” rating to a “market perform” rating in a research note on Monday, December 8th.

Confluent Trading Up 0.1%

Shares of CFLT stock opened at $30.67 on Wednesday. The firm has a market capitalization of $10.97 billion, a P/E ratio of -35.66 and a beta of 0.95. Confluent has a twelve month low of $15.64 and a twelve month high of $32.63. The company has a quick ratio of 3.83, a current ratio of 3.83 and a debt-to-equity ratio of 0.94. The stock’s fifty day simple moving average is $30.43 and its 200 day simple moving average is $24.92.

Confluent (NASDAQ:CFLT) last posted its earnings results on Wednesday, February 11th. The company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.10 by $0.02. The firm had revenue of $314.82 million during the quarter, compared to the consensus estimate of $308.03 million. Confluent had a negative return on equity of 22.66% and a negative net margin of 25.31%.The business’s quarterly revenue was up 20.5% on a year-over-year basis. During the same period last year, the company earned $0.09 earnings per share. As a group, sell-side analysts predict that Confluent will post -0.83 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Kong Phan sold 2,277 shares of the business’s stock in a transaction on Friday, February 20th. The shares were sold at an average price of $30.70, for a total value of $69,903.90. Following the transaction, the chief accounting officer owned 218,228 shares in the company, valued at $6,699,599.60. The trade was a 1.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Edward Jay Kreps sold 270,207 shares of the stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $30.70, for a total value of $8,295,354.90. Following the sale, the chief executive officer owned 301,660 shares of the company’s stock, valued at approximately $9,260,962. The trade was a 47.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 1,539,830 shares of company stock worth $46,231,391. Corporate insiders own 9.20% of the company’s stock.

Institutional Investors Weigh In On Confluent

A number of hedge funds have recently added to or reduced their stakes in the business. Pacer Advisors Inc. boosted its holdings in shares of Confluent by 74.9% during the 4th quarter. Pacer Advisors Inc. now owns 29,584 shares of the company’s stock worth $895,000 after buying an additional 12,670 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its position in shares of Confluent by 2,048.7% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 1,289,720 shares of the company’s stock valued at $39,001,000 after acquiring an additional 1,229,696 shares during the period. EP Wealth Advisors LLC bought a new position in Confluent during the fourth quarter worth $513,000. Fuller & Thaler Asset Management Inc. acquired a new stake in Confluent in the fourth quarter worth $457,000. Finally, XTX Topco Ltd acquired a new stake in Confluent in the fourth quarter worth $2,501,000. 78.09% of the stock is currently owned by institutional investors.

Confluent Company Profile

Confluent, Inc (NASDAQ: CFLT) is a leading provider of an event streaming platform built on Apache Kafka. The company’s flagship offerings include Confluent Platform—a self-managed software solution—and Confluent Cloud, a fully managed service designed to simplify real-time data processing across hybrid and multi-cloud environments. These products enable enterprises to collect, process and distribute high volumes of data in real time, supporting use cases such as fraud detection, supply chain optimization and personalized customer experiences.

Founded in 2014 by Apache Kafka co-creators Jay Kreps, Neha Narkhede and Jun Rao, Confluent has driven the commercialization of Kafka technologies and extended the platform with tools for data integration, stream processing and enterprise-grade security.