Confluent, Inc. (NASDAQ:CFLT) Given Average Rating of “Hold” by Brokerages

Confluent, Inc. (NASDAQ:CFLT) has earned an average rating of “Hold” from the thirty-three brokerages that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, twenty-eight have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $28.7097.

CFLT has been the subject of a number of research reports. Citigroup upped their target price on shares of Confluent from $26.00 to $31.00 and gave the stock a “neutral” rating in a report on Tuesday, December 9th. DA Davidson restated a “neutral” rating and set a $31.00 price target (up from $29.00) on shares of Confluent in a research report on Monday, December 8th. Oppenheimer cut shares of Confluent from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 9th. Mizuho downgraded shares of Confluent from a “strong-buy” rating to a “hold” rating in a report on Monday, December 8th. Finally, UBS Group lowered shares of Confluent from a “buy” rating to a “neutral” rating and raised their target price for the stock from $29.00 to $31.00 in a research note on Tuesday, December 9th.

Insider Transactions at Confluent

In related news, CFO Rohan Sivaram sold 29,996 shares of Confluent stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $30.67, for a total transaction of $919,977.32. Following the transaction, the chief financial officer owned 531,971 shares in the company, valued at approximately $16,315,550.57. This trade represents a 5.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Kong Phan sold 2,277 shares of the business’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $30.70, for a total value of $69,903.90. Following the transaction, the chief accounting officer directly owned 218,228 shares in the company, valued at $6,699,599.60. This trade represents a 1.03% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 525,929 shares of company stock valued at $16,124,278. 9.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CFLT. Vanguard Group Inc. grew its holdings in shares of Confluent by 10.5% in the third quarter. Vanguard Group Inc. now owns 31,347,214 shares of the company’s stock valued at $620,675,000 after purchasing an additional 2,970,708 shares during the period. HBK Investments L P purchased a new position in Confluent during the fourth quarter worth about $453,600,000. Champlain Investment Partners LLC boosted its holdings in Confluent by 6.7% in the 2nd quarter. Champlain Investment Partners LLC now owns 11,590,026 shares of the company’s stock valued at $288,939,000 after purchasing an additional 727,943 shares during the last quarter. Jericho Capital Asset Management L.P. boosted its holdings in Confluent by 34.2% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 11,094,000 shares of the company’s stock valued at $335,483,000 after purchasing an additional 2,828,000 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Confluent in the 4th quarter valued at approximately $265,669,000. Hedge funds and other institutional investors own 78.09% of the company’s stock.

Confluent Stock Performance

Shares of NASDAQ:CFLT opened at $30.99 on Friday. The company has a debt-to-equity ratio of 0.94, a current ratio of 3.83 and a quick ratio of 3.83. Confluent has a 1 year low of $15.64 and a 1 year high of $31.00. The firm has a market capitalization of $11.08 billion, a PE ratio of -36.03 and a beta of 0.95. The business’s 50 day moving average price is $30.68 and its 200-day moving average price is $26.70.

Confluent (NASDAQ:CFLT) last posted its quarterly earnings data 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 firm’s revenue was up 20.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.09 EPS. As a group, equities research analysts expect that Confluent will post -0.83 earnings per share for the current fiscal year.

About Confluent

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.